Document:

Exhibit 10.1 

 

EXCHANGE
AGREEMENT

 

Dated
as of February 20, 2019

 

This
Exchange Agreement, (the “Agreement”) is entered into as of the date first set forth above (the “Effective
Date”), by and among (i) One Horizon Group, Inc., a Delaware corporation (“OHGI”); (ii) MAHAM LLC,
a Florida limited liability company (“Company”), (iii) all of the members of the Company (“Members”);
and Skylar Hauswirth as the representative of the Members (the “Members’ Representative”). Each of OHGI,
the Company, each Member and the Members’ Representative may be referred to herein collectively as the “Parties”
and separately as a “Party.”

 

Preliminary
Statements

 

WHEREAS,
OHGI is a publicly traded corporation whose shares of common stock, par value $0.0001 per share (“OHGI Common Stock”),
are listed on the NASDAQ Capital Market (“NASDAQ”) and registered under Section 12(b) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”);

 

WHEREAS,
the Members own all of the outstanding membership interests in the Company (the “Company Member Interests”);

 

WHEREAS,
OHGI desires to acquire from each Member, and each Member desires to sell and transfer to OHGI, a number of Company Member Interests
representing fifty-one percent (51%) of the fully diluted Company Member Interests held by such Member, so as to be a total of
fifty-one percent (51%) of all of the Company Member Interests, in exchange for the issuance to the Members of shares of OHGI
Common Stock as set forth in Section 4.01, on the terms and subject to the conditions set forth herein (the “Exchange”
and, together with the other transactions contemplated herein, the “Transactions”);

 

WHEREAS,
the board of directors of OHGI (“Board of OHGI”) and the Managers of the Company (“Board of the Company”)
have determined that the Transactions are desirable and in the best interests of OHGI and its shareholders and the Company and
the Members; and

 

WHEREAS,
this Agreement is being entered into for the purpose of setting forth the terms and conditions of the Exchange;

 

NOW
THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and
the mutual benefits to the Parties to be derived here from, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

 

     

     

    

 

Article
I. REPRESENTATIONS, COVENANTS, AND WARRANTIES OF THE COMPANY

 

As
an inducement to the consummation of the Exchange, the Company and the Members (collectively, the “Company Parties”),
jointly and severally, represent and warrant to OHGI, except as set forth in the schedules of exceptions to the representations
of the Company Parties annexed hereto (“Company Disclosure Schedules”), as of the date hereof and the Closing
Date (as defined in Section 4.02), as follows:

 

Section
1.01   Organization and Qualification.

 

		(a)	The
                                         Company is duly organized, validly existing, and in good standing under the laws of the
                                         State of Florida and has the power and is duly authorized under all applicable laws,
                                         regulations, ordinances and orders of public authorities, to carry on its business in
                                         all material respects as it is now being conducted. The Company has not qualified to
                                         do business in any State other than Florida. To the knowledge of the Company, no proceeding
                                         has been instituted in any jurisdiction revoking, limiting or curtailing or seeking to
                                         revoke, limit or curtail the power and authority or qualification of the Company within
                                         such jurisdiction.

 

		(b)	The
                                         execution and delivery of this Agreement does not, and the consummation of Transactions
                                         will not, violate any provision of Company Charter Documents (as defined below). The
                                         Company has taken all actions required by law, the Company Charter Documents, or otherwise
                                         to authorize the execution and delivery of this Agreement. The Company has full power,
                                         authority, and legal capacity to consummate the transactions herein contemplated.

 

Section
1.02   Power and Authority. The Company has all requisite power and authority to execute, deliver and perform
its obligations under this Agreement and to consummate Transactions.

 

Section
1.03   Authorization of Agreement; Due Execution and Delivery; Binding Agreement. The execution, delivery
and performance of this Agreement by the Company, and the consummation of Transactions, have been duly authorized by the Members
of the Company, and the Company has recommended that the Members accept the Exchange. This Agreement has been duly executed and
delivered on behalf of the Company. This Agreement constitutes a valid and binding obligation of the Company and the Members,
enforceable in accordance with its terms, except that such enforcement may be limited by bankruptcy, insolvency or other similar
laws affecting the enforcement of creditors, rights generally, and subject to the qualification that the availability of equitable
remedies is subject to the discretion of the court before which any proceeding therefore may be brought.

 

Section
1.04   No Conflict. The execution of this Agreement and the consummation of the Transactions (i) will not
violate any provision of the Company Charter Documents; (ii) will not, with or without notice, lapse of time or both, result in
the breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of any indenture,
mortgage, deed of trust, or other material agreement, or instrument to which the Company is a party or to which any of its assets,
properties or operations are subject; (iii) violate any provision of law, statute, rule, regulation or executive order to which
the Company is subject; or (iv) violate any judgment, order, writ or decree of any court applicable to the Company.

 

Section
1.05   Company Member Interests. As of the date hereof, the only Company Member Interests issued and outstanding
are those owned by the Members party hereto, all of which are owned by the Members in the amounts and percentages set forth on
the capitalization table as provided by the Company to OHGI on the Effective Date (the “Capitalization Table”). None
of the outstanding Company Member Interests were issued in violation of the preemptive or other rights of any Members or other
person or entity.

 

     

     

    

 

Section
1.06   Derivative Securities. There are no existing options, warrants, calls, or commitments of any character
giving any person or entity the right to acquire any Company Member Interests.

 

Section
1.07   Liabilities. Section 1.07 of the Company Disclosure Schedules sets forth, as of the Effective Date,
separately, (i) a true, correct and complete list of all outstanding loans, lines of credit and other indebtedness incurred by
the Company, inclusive of any outstanding loans, lines of credit and other indebtedness incurred by the Company, the repayment
obligations for which are secured by any of the Company’s assets; (ii) with respect to each loan described in the foregoing
clause, the remaining amounts due thereunder as of the date hereof and (iii) any other Liabilities of the Company. For purposes
herein, “Liabilities” means any liabilities, obligations or commitments of any nature whatsoever, asserted
or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise, including without
limitation any penalties, interest and/or excise tax as may be applicable.

 

Section
1.08   Litigation and Proceedings. There are no actions, suits, proceedings, or investigations pending or,
to the knowledge of the Company after reasonable investigation, threatened, by or against the Company or affecting the Company
or its properties, at law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign,
or before any arbitrator of any kind. The Company does not have any knowledge of any material default on its part with respect
to any judgment, order, injunction, decree, award, rule, or regulation of any court, arbitrator, or governmental agency or instrumentality
or of any circumstances which, after reasonable investigation, would result in the discovery of such a default.

 

Section
1.09   Compliance. The Company to its knowledge is not: (i) in default under or in violation of (and no
event has occurred that has not been waived that, with notice, lapse of time or both, would result in a default by the Company
under), nor has the Company received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived); (ii) in violation of any judgment, decree or order of any court,
arbitrator or other governmental authority; or (iii) or has not been, in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, registration
as a charitable organization, and employment and labor matters, except in each case as could not have or reasonably be expected
to result in a material adverse effect: (A) on the legality, validity or enforceability of this Agreement; (B) on the results
of operations, assets, business, prospects or condition (financial or otherwise) of the Company; or (C) on the ability of the
Company or the Members to perform in any material respect on a timely basis, his, her or its obligations under this Agreement
(any of (i), (ii) or (iii), a “Material Adverse Effect”).

 

Section
1.10  Regulatory Permits. The Company possess all certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct its businesses as presently conducted, except as
set forth in Section 1.01 and where the failure to possess such permits could not reasonably be expected to result in a Material
Adverse Effect (“Material Permits”), and the Company has not received any notice of proceedings relating to
the revocation or modification of any Material Permit.

 

     

     

    

 

Section
1.11  Contracts.

 

		(a)	Section
                                         1.11(a) of the Company Disclosure Schedules contains a list of all contracts, agreements,
                                         franchises, license agreements, debt instruments or other commitments to which the Company
                                         is a party or by which it or any of its assets, products, technology, or properties are
                                         bound other than those incurred in the ordinary course of business. In the case of oral
                                         agreements, Section 1.11(a) of the Company Disclosure Schedules contains a description
                                         thereof.

 

		(b)	All
                                         contracts, agreements, franchises, license agreements, and other commitments to which
                                         the Company is a party or by which its properties are bound and which are material to
                                         the operations of the Company taken as a whole are valid and enforceable by the Company
                                         in all respects, except as limited by bankruptcy and insolvency laws and by other laws
                                         affecting the rights of creditors generally;

 

		(c)	The
                                         Company owns, licenses or has rights to use any and all intellectual property and technology
                                         used in the Company’s business, and to its knowledge the Company’s use of
                                         such intellectual property or technology does not infringe upon the intellectual property
                                         rights of any third party; and

 

		(d)	Except
                                         as included or described in Section 1.11(a) of the Company Disclosure Schedules, the
                                         Company is not a party to any oral or written (i) contract for the employment of any
                                         officer or employee; (ii) profit sharing, bonus, deferred compensation, stock option,
                                         severance pay, pension benefit or retirement plan; (iii) agreement, contract, or indenture
                                         relating to the borrowing of money; (iv) guaranty of any obligation; (vi) collective
                                         bargaining agreement; or (vii) agreement with any present or former officer or manager
                                         of the Company, which, in each case cannot be terminated by the Company on notice of
                                         no more than thirty (30) days at a cost of no more than $30,000.

 

Section
1.12  Bank Accounts; Power of Attorney. Section 1.12 of the Company Disclosure Schedules sets forth a true and
complete list of (i) all accounts with banks, money market mutual funds or securities or other financial institutions maintained
by the Company within the past twelve (12) months, the account numbers thereof, and all persons authorized to sign or act on behalf
of the Company; (ii) all safe deposit boxes and other similar custodial arrangements maintained by the Company within the past
twelve (12) months; (iii) the check ledger for the last twelve (12) months, and (iv) the names of all persons holding powers of
attorney from the Company or who are otherwise authorized to act on behalf of the Company with respect to any matter, other than
its officers and managers, and a summary of the terms of such powers or authorizations.

 

Section
1.13  No Brokers. Except as disclosed to OHGI, the Company has not retained any broker or finder in connection
with any of the Transactions, and has not incurred or agreed to pay, or taken any other action that would entitle any person to
receive, any brokerage fee, finder’s fee or other similar fee or commission with respect to any of the Transactions.

 

     

     

    

 

Section
1.14  Disclosure. All disclosure provided to OHGI regarding the Company, its business and Transactions, including
the Company Disclosure Schedules to this Agreement, furnished by or on behalf of the Company with respect to the representations
and warranties made herein are true and correct with respect to such representations and warranties and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading. In the event that the Company Disclosure Schedules are not delivered
contemporaneously with the execution of this Agreement, they shall be delivered prior to the Closing Date. The Company acknowledges
and agrees that OHGI has not made, nor is OHGI making, any representations or warranties with respect to Transactions other than
those specifically set forth herein.

 

Article
II. REPRESENTATIONS AND WARRANTIES OF THE MEMBERS

 

Each
Member hereby represents and warrants to OHGI, severally and not jointly and severally, and solely with respect to the Exchanged
Interests being exchanged by such Member and the Exchange Shares to be received by such Member, as follows.

 

Section
2.01  Good Title. Such Member is the record and beneficial owner, and has good title to the Company Member Interests
set forth opposite his, her or its name on the Capitalization Table, with the right and authority to sell and deliver such Company
Member Interests, free and clear of all liens, claims, charges, encumbrances, pledges, mortgages, security interests, options,
rights to acquire, proxies, voting trusts or similar agreements, restrictions on transfer or adverse claims of any nature whatsoever
(collectively. “Liens”). None of the Company Member Interest held by such Member is subject to pre-emptive or similar
rights, either pursuant to any Company Charter Document, requirement of law or any contract, and such Member does not have any
pre-emptive rights or similar rights to purchase or receive any Company Member Interest or other interests in the Company. Such
Member has the power and authority to transfer the Company Member Interests set forth opposite his, her or its name on the Capitalization
Table to the Company as contemplated pursuant to the terms of this Agreement and upon delivery of any certificate or certificates
duly assigned, representing the same as herein contemplated and/or upon registering OHGI or its designee as the new owner of such
Company Member Interests in the records maintained by the Company listing the names of Members and their respective ownership
of Company Member Interests, OHGI or its designee will receive good title to such Company Member Interests, free and clear of
all Liens.

 

Section
2.02  Existence and Power. Such Member is a natural person or is an entity duly organized, validly existing,
and in good standing under the laws of the state of its organization, and has the full power and is duly authorized under all
applicable laws, regulations, ordinances, and orders of public authorities to carry on its business in all material respects as
it is now being conducted and to enter into this Agreement and fulfill its obligations herein.

 

Section
2.03  Power and Authority. Such Member has the legal power, capacity and authority to execute and deliver this
Agreement, to consummate the Transactions, and to perform such Member’s obligations under this Agreement. This Agreement
constitutes a legal, valid and binding obligation of the Member, enforceable against the Member in accordance with the terms hereof.

 

     

     

    

 

Section
2.04  No Conflicts. The execution and delivery of this Agreement by the Member and the performance by the Member
of his, her or its obligations hereunder in accordance with the terms hereof (i) will not require the consent of any third party
or governmental entity under any applicable laws; (ii) will not violate any laws applicable to the Member and (iii) will not violate
or breach any contractual obligation to which the Member is a party, including without limitation, the Operating Agreement.

 

Section
2.05  Member is Acquiring Exchange Shares for Investment and is an Accredited Investor.

 

		(a)	The
                                         Member is acquiring the Exchange Shares (as defined below) for investment for such Member’s
                                         own account and not as a nominee or agent, and not with a view to the resale or distribution
                                         of any part thereof, and such Member has no present intention of selling, granting any
                                         participation in, or otherwise distributing the same. The Member further represents that
                                         he, she or it does not have any contract, undertaking, agreement or arrangement with
                                         any person to sell, transfer or grant participation to such person or to any third person,
                                         with respect to any of the Company Member Interests.

 

		(b)	The
                                         Member represents and warrants that such Member (i) can bear the economic risk of such
                                         Member’s respective investments, and (ii) possesses such knowledge and experience
                                         in financial and business matters that such Member is capable of evaluating the merits
                                         and risks of the investment in OHGI and OHGI Common Stock.

 

		(c)	The
                                         Member represents that he, she or it is an “accredited investor” (an “Accredited
                                         Investor”) as that term is defined in Rule 501 of Regulation D (“Regulation
                                         D”) promulgated by the Securities and Exchange Commission (“SEC”) under
                                         Section 4(a)(2) of the Securities Act of 1933, as amended (“Securities Act”),
                                         and that such Member understands and acknowledges that OHGI is relying upon such representation
                                         to qualify for the exemption from the registration requirements of the Securities Act
                                         pursuant to Rule 506 of Regulation D, and that each certificate representing the Exchange
                                         Shares shall be endorsed with the following legends, in addition to any other legend
                                         required to be placed thereon by applicable federal or state securities laws:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (TOGETHER
WITH THE RULES AND REGULATIONS THEREUNDER, THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.”

 

		(d)	The
                                         Member acknowledges that neither the SEC nor the securities regulatory body of any other
                                         jurisdiction, has received, considered or passed upon the accuracy or adequacy of the
                                         information and representations made in this Agreement.

 

     

     

    

 

		(e)	The
                                         Member acknowledges that he, she or it has carefully reviewed such information as such
                                         Member has deemed necessary to evaluate an investment in OHGI and the OHGI Common Stock.
                                         The Member acknowledges that such Member has been furnished all materials that he, she
                                         or it has requested relating to OHGI and the issuance of the Exchange Shares hereunder,
                                         and that such Member has been afforded the opportunity to ask questions of OHGI’s
                                         representatives to obtain any information necessary to verify the accuracy of any representations
                                         or information made or given to the Members. Notwithstanding the foregoing, nothing herein
                                         shall derogate from or otherwise modify the representations and warranties of OHGI set
                                         forth in this Agreement, on which each of the Members has relied in making an exchange
                                         of his, her or its Company Member Interests for the Exchange Shares.

 

		(f)	The
                                         Member understands that the Exchange Shares may not be sold, transferred, or otherwise
                                         disposed of without registration under the Securities Act or an exemption therefrom,
                                         and that in the absence of an effective registration statement covering the Exchange
                                         Shares or any available exemption from registration under the Securities Act, the Exchange
                                         Shares may have to be held indefinitely. Such Member understands that (i) the sale or
                                         re-sale of the Exchange Shares has not been and is not being registered under the Securities
                                         Act or any applicable state securities laws, and the Exchange Shares may not be transferred
                                         unless (a) the Exchange Shares are sold pursuant to an effective registration statement
                                         under the Securities Act, (b) such Member shall have delivered to OHGI, at the cost of
                                         such Member, an opinion of counsel that shall be in form, substance and scope customary
                                         for opinions of counsel in comparable transactions to the effect that the Exchange Shares
                                         to be sold or transferred may be sold or transferred pursuant to an exemption from such
                                         registration, which opinion shall be accepted by OHGI, (c) the Exchange Shares are sold
                                         or transferred to an “affiliate” (as defined in Rule 144 promulgated under
                                         the Securities Act (or a successor rule) (“Rule 144”)) of such Member
                                         who agree to sell or otherwise transfer the Exchange Shares only in accordance with this
                                         Section 2.05 and who is an Accredited Investor, (d) the Exchange Shares are sold pursuant
                                         to Rule 144, or (e) the Exchange Shares are sold pursuant to Regulation S under the Securities
                                         Act (or a successor rule) (“Regulation S”), and such Member shall
                                         have delivered to OHGI, at the cost of such Member, an opinion of counsel that shall
                                         be in form, substance and scope customary for opinions of counsel in corporate transactions,
                                         which opinion shall be accepted by OHGI; (ii) any sale of such Exchange Shares made in
                                         reliance on Rule 144 may be made only in accordance with the terms of said Rule and further,
                                         if said Rule is not applicable, any re-sale of such Exchange Shares under circumstances
                                         in which the seller (or the person through whom the sale is made) may be deemed to be
                                         an underwriter (as that term is defined in the Securities Act) may require compliance
                                         with some other exemption under the Securities Act or the rules and regulations of the
                                         SEC thereunder; and (iii) neither OHGI nor any other person is under any obligation to
                                         register such Exchange Shares under the Securities Act or any state securities Laws or
                                         to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding
                                         the foregoing or anything else contained herein to the contrary, the Exchange Shares
                                         may be pledged as collateral in connection with a bona fide margin account or other lending
                                         arrangement.

 

		(g)	Such
                                         Member agrees that, notwithstanding anything contained herein to the contrary, the warranties,
                                         representations, agreements and covenants of such Member under this Section 2.05 shall
                                         survive the Closing for the period set forth in Section 10.01.

 

     

     

    

 

Section
2.06  Brokers. Except as disclosed to OHGI, such Member has not retained any broker or finder in connection with
any of the Transactions, and such Member has not incurred or agreed to pay, or taken any other action that would entitle any person
to receive, any brokerage fee, finder’s fee or other similar fee or commission with respect to any of the Transactions.

 

Section
2.07  Disclosure. All disclosure provided to OHGI regarding such Member and Transactions is true and correct
with respect to such representations and warranties and do not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were
made, not misleading. Such Member acknowledges and agrees that OHGI has not made, nor is OHGI making, any representations or warranties
with respect to Transactions other than those specifically set forth herein.

 

Article
III. REPRESENTATIONS, COVENANTS, AND WARRANTIES OF OHGI

 

As
an inducement to, and to obtain the reliance of the Company and the Members, except as set forth in the schedules of exceptions
to the representations of OHGI annexed hereto (“OHGI Disclosure Schedules”), OHGI represents and warrants,
as of the date hereof and as of the Closing Date, as follows:

 

Section
3.01  Organization. OHGI is a corporation duly incorporated, validly existing, and in good standing under the
laws of Delaware and has the corporate power and is duly authorized under all applicable laws, regulations, ordinances, and orders
of public authorities to carry on its business in all material respects as it is now being conducted. OHGI has made available
to the Company or there has been available on EDGAR complete and correct copies of the certificate of incorporation and bylaws
of OHGI as in effect on the date hereof. The execution and delivery of this Agreement does not, and the consummation of Transactions
will not, violate any provision of OHGI’s certificate of incorporation or by-laws. OHGI has taken all action required by
law, its certificate of incorporation and by-laws, or otherwise to authorize the execution and delivery of this Agreement, and
OHGI has full power, authority, and legal right and has taken all action required by law, its certificate of incorporation and
by-laws, or otherwise to consummate the transactions herein contemplated, except that if the issuance of the OHGI Common Stock
exceeds Nineteen and Nine-Tenths percent (19.9%) of the outstanding shares of OHGI outstanding on the Closing Date or the date
of issuance, the issuance of OHGI Common Stock will require the consent of shareholders holding at least a majority of the voting
power of OHGI’s then outstanding capital stock.

 

Section
3.02  Capitalization. 

 

		(a)	OHGI’s
                                         authorized capitalization consists of 200,000,000 shares of OHGI Common Stock, of which
                                         not more than 90,000,000 shares are issued and outstanding as of the Effective Date,
                                         and 50,000,000 shares of preferred stock, par value $0.0001 per share, of which no shares
                                         are issued and outstanding as of the Effective Date. All issued and outstanding shares
                                         are legally issued, fully paid, and non-assessable and not issued in violation of the
                                         preemptive or other rights of any person. All outstanding shares OHGI Common Stock have
                                         been issued and granted in compliance with all applicable securities laws and (in all
                                         material respects) other applicable laws and regulations.

 

     

     

    

 

		(b)	Except
                                         as contemplated by this Agreement, and as have or will be disclosed in the SEC Reports
                                         (as defined in Section 3.04) and except as set forth in Section 3.02(b) of the OHGI Disclosure
                                         Schedules, there is no voting trust, proxy, rights plan, anti-takeover plan or other
                                         agreement or understanding to which OHGI is a party or by which it is bound with respect
                                         to any equity security of any class of OHGI, and there are no agreements to which OHGI
                                         is a party, or which OHGI has knowledge of, that conflict with this Agreement or the
                                         Transactions or otherwise prohibit the consummation of the Transactions.

 

		(c)	Except
                                         as contemplated by this Agreement, and as have or will be disclosed in the SEC Reports
                                         and except as set forth in Section 3.02(c) of the OHGI Disclosure Schedules, there are
                                         no registration rights agreements to which OHGI is a party, or which OHGI has knowledge
                                         of, which conflict with this Agreement or the Transactions or otherwise prohibit the
                                         consummation of the Transactions.

 

Section
3.03  Subsidiaries and Predecessor Corporations. Except as disclosed in the SEC Reports, OHGI does not have any
predecessor corporation, no subsidiaries, and does not own, beneficially or of record, any shares of any other corporation.

 

Section
3.04  SEC Filings; Financial Statements.

 

		(a)	OHGI
                                         has made available to the Company and the Members, or there has been available on EDGAR,
                                         correct and complete copies of each report, registration statement and definitive proxy
                                         statement filed by OHGI with the SEC since January 1, 2015 (“SEC Reports”).
                                         As of their respective dates, the SEC Reports: (i) were prepared in accordance and complied
                                         in all material respects with the requirements of the Securities Act or the Exchange
                                         Act, as the case may be, and the rules and regulations of the SEC thereunder applicable
                                         to such SEC Reports; and (ii) did not at the time they were filed (and if amended or
                                         superseded by a filing prior to the date of this Agreement then on the date of such filing
                                         and as so amended or superseded) contain any untrue statement of a material fact or omit
                                         to state a material fact required to be stated therein or necessary in order to make
                                         the statements therein, in light of the circumstances under which they were made, not
                                         misleading.

 

		(b)	Included
                                         in the SEC Reports are the audited consolidated balance sheets of OHGI as of December
                                         31, 2017, and 2016, and the related audited consolidated statements of operations, stockholders’
                                         equity and cash flows for December 31, 2017 and 2016, together with the notes to such
                                         statements and the opinion of its independent certified public accountants, with respect
                                         thereto; and the unaudited consolidated balance sheets of OHGI as of September 30, 2018
                                         and 2017, and the related unaudited consolidated statements of operations and cash flows
                                         for the three (3) months and nine (9) months ended September 30, 2018, and 2017, together
                                         with the notes to such statements.

 

		(c)	Each
                                         set of financial statements (including, in each case, any related notes thereto) contained
                                         in the SEC Reports comply as to form in all material respects with the published rules
                                         and regulations of the SEC with respect thereto, were prepared in accordance with U.S
                                         generally accepted accounting principles as in effect from time to time, consistently
                                         applied throughout the periods involved (“GAAP”) except as may be
                                         indicated in the notes thereto and each fairly presents in all material respects the
                                         financial position of OHGI at the respective dates thereof and the results of its operations
                                         and cash flows for the periods indicated, except that the unaudited interim financial
                                         statements were or are subject to normal adjustments, which were not or are not expected
                                         to have a Material Adverse Effect upon the business, prospects, management, properties,
                                         operations, condition (financial or otherwise) or results of operations of OHGI, taken
                                         as a whole.

 

     

     

    

 

		(d)	The
                                         OHGI balance sheets are true and accurate and present fairly as of their respective dates
                                         the financial condition of OHGI. As of the date of such balance sheets, except as and
                                         to the extent reflected or reserved against therein, OHGI had no liabilities or obligations
                                         (absolute or contingent) that should be reflected in the balance sheets or the notes
                                         thereto prepared in accordance with GAAP, and all assets reflected therein are properly
                                         reported and present fairly the value of the assets of OHGI, in accordance with GAAP.
                                         The statements of operations, stockholders’ equity and cash flows reflect fairly
                                         the information required by GAAP to be set forth therein. All of OHGI’s assets
                                         are reflected on its financial statements, and, except as set forth in the Section 3.04(d)
                                         of the OHGI Disclosure Schedules or the financial statements of OHGI or the notes thereto,
                                         OHGI has no material liabilities, direct or indirect, matured or un-matured, contingent
                                         or otherwise; and

 

		(e)	The
                                         books and records, financial and otherwise, of OHGI are in all material aspects complete
                                         and correct and have been maintained in accordance with GAAP, consistently applied throughout
                                         the periods involved.

 

Section
3.05  Options or Warrants. Except as has or will be disclosed in the SEC Reports, there are no existing options,
warrants, calls, or commitments of any character relating to the authorized and unissued stock of OHGI.

 

Section
3.06  Absence of Certain Changes or Events. Since September 30, 2017 and except as disclosed in the SEC Reports
or as set forth in Section 3.06 of the OHGI Disclosure Schedules:

 

		(a)	there
                                         has not been (i) any material adverse change in the business, operations, properties,
                                         assets or condition of OHGI or (ii) any damage, destruction or loss to OHGI (whether
                                         or not covered by insurance) materially and adversely affecting the business, operations,
                                         properties, assets or condition of OHGI;

 

		(b)	OHGI
                                         has not (i) amended its certificate of incorporation or by-laws, except as required by
                                         this Agreement; (ii) declared or made, or agreed to declare or make any payment of dividends
                                         or distributions of any assets of any kind whatsoever to stockholders or purchased or
                                         redeemed, or agreed to purchase or redeem, any of its capital stock; (iii) waived any
                                         rights of value, which in the aggregate are outside of the ordinary course of business
                                         or material considering the business of OHGI; or (iv) made any material change in its
                                         method of management, operation, or accounting;

 

     

     

    

 

		(c)	OHGI
                                         has not except as has or will be disclosed in SEC Reports: (i) granted or agreed to grant
                                         any options, warrants, or other rights for its stock, bonds, or other corporate securities
                                         calling for the issuance thereof; (ii) borrowed or agreed to borrow any funds or incurred,
                                         or become subject to, any material obligation or liability (absolute or contingent) except
                                         liabilities incurred in the ordinary course of business; (iii) paid or agreed to pay
                                         any material obligations or liabilities (absolute or contingent) other than current liabilities
                                         reflected in or shown on the most recent OHGI balance sheet and current liabilities incurred
                                         since that date in the ordinary course of business and professional and other fees and
                                         expenses in connection with the preparation of this Agreement and the consummation of
                                         the transaction contemplated hereby; (iv) sold or transferred, or agreed to sell or transfer,
                                         any of its assets, properties, or rights (except assets, properties, or rights not used
                                         or useful in its business which, in the aggregate have a value of less than $1,000),
                                         or canceled, or agreed to cancel, any debts or claims (except debts or claims which in
                                         the aggregate are of a value less than $1,000); (v) made or permitted any amendment or
                                         termination of any contract, agreement, or license to which it is a party if such amendment
                                         or termination is material, considering the business of OHGI; or (vi) issued, delivered
                                         or agreed to issue or deliver, any stock, bonds or other corporate securities including
                                         debentures (whether authorized and unissued or held as treasury stock), except in connection
                                         with this Agreement; and

 

		(d)	OHGI
                                         has not become subject to any law or regulation that materially and adversely affects,
                                         or in the future, may adversely affect, the business, operations, properties, assets
                                         or condition of OHGI.

 

Section
3.07  Litigation and Proceedings. There are no actions, suits, proceedings or investigations pending or, to the
knowledge of OHGI, threatened against OHGI, or affecting OHGI or its properties, at law or in equity, before any court or other
governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind except as disclosed in Section
3.07 of the OHGI Disclosure Schedules. OHGI is not in material default with respect to any judgment, order, writ, injunction,
decree, award, rule or regulation of any court, arbitrator, or governmental agency or instrumentality.

 

Section
3.08  No Conflict with Other Instruments. The execution of this Agreement and the consummation of the Transactions
will not result in the breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the
terms of, any indenture, mortgage, deed of trust, or other material agreement or instrument to which OHGI is a party or to which
any of their respective assets, properties or operations are subject.

 

Section
3.09  Compliance with Laws and Regulations. OHGI has complied with in all material respects with all applicable
statutes and regulations of any federal, state, or other applicable governmental entity or agency thereof.

 

Section
3.10  Approval of Agreement and of Issuance of Exchange Shares. The Board of OHGI has authorized the execution
and delivery of this Agreement by OHGI and has approved this Agreement. Prior to the Closing Date, OHGI shall seek and use its
commercially reasonable efforts to obtain approval, by shareholders holding at least a majority of the voting power of OHGI’s
outstanding capital stock, of the issuance of OHGI securities in connection with the Transactions (the “Shareholder Approval”),
as required pursuant to Section 5635(a) of the NASDAQ listing rules.

 

Section
3.11  Material Transactions or Affiliations. Except as set forth in Section 3.11 of the OHGI Disclosure Schedules
or in the SEC Reports, there exists no contract, agreement or arrangement between OHGI (or any predecessor) and any person who
was at the time of such contract, agreement or arrangement an officer, director, or person owning of record or known by OHGI to
own beneficially, five percent (5%) or more of the issued and outstanding common shares of OHGI; and, or, which is to be performed
in whole or in part after the date hereof or was entered into since January 1, 2015. No officer, director, nor any five percent
(5%) Shareholder(s) of OHGI has, or has had since inception of OHGI, any known interest, direct or indirect, in any such transaction
with OHGI, which was material to the business of OHGI. OHGI has no commitment, whether written or oral, to lend any funds to,
borrow any money from, or enter into any other transaction with, any such affiliated person.

 

     

     

    

 

Section
3.12  Valid Obligation. This Agreement and all agreements and other documents executed by OHGI in connection
herewith constitute the valid and binding obligation of OHGI, enforceable in accordance with its terms, except as may be limited
by bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
subject to the qualification that the availability of equitable remedies is subject to the discretion of the court before which
any proceeding therefore may be brought.

 

Section
3.13  Exchange Act Compliance. OHGI is in material compliance with and current in, all of the reporting, filing
and other requirements under the Exchange Act, except where a failure to so comply is not reasonably likely to have a material
adverse effect on OHGI.

 

Section
3.14  No Brokers. Except for the entity or entities that has or have been identified to the Members and who has
or have or will be paid by OHGI, OHGI has not retained any broker or finder in connection with any of the Transactions, and OHGI
has not incurred or agreed to pay, or taken any other action that would entitle any person to receive, any brokerage fee, finder’s
fee or other similar fee or commission with respect to any of the Transactions.

 

Section
3.15  Disclosure. All disclosure provided to the Members regarding OHGI, its business and Transactions, including
the OHGI Disclosure Schedules to this Agreement, furnished by or on behalf of OHGI with respect to the representations and warranties
made herein are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
In the event that the OHGI Disclosure Schedules are not delivered contemporaneously with the execution of this Agreement, they
shall be delivered as soon as practicable prior to the Closing Date. OHGI acknowledges and agrees that the Company and the Members
have not made, nor are the Company or the Members making, any representations or warranties with respect to Transactions other
than those specifically set forth herein.

 

Article
IV.  PLAN OF EXCHANGE

 

Section
4.01  The Exchange.

 

		(a)	On
                                         the terms and subject to the conditions set forth in this Agreement, on the Closing Date,
                                         each of the Members, shall assign, transfer and deliver to OHGI, free and clear of all
                                         security interests, liens, pledges, encumbrances, charges, restrictions or known claims
                                         of any kind, nature, or description, fifty-one percent (51%) of their respective percentages
                                         of Company Member Interests, as set forth on the Capitalization Table in the column entitled
                                         “Exchanged Interests” (the “Exchanged Interests”), representing
                                         in the aggregate, fifty-one percent (51%) of all of the Company Member Interests on a
                                         fully diluted basis.

 

     

     

    

 

		(b)	In
                                         exchange for the transfer of such Exchanged Interests, OHGI shall issue and deliver to
                                         each Member, subject to the conditions set forth herein, including the obtaining of the
                                         Shareholder Approval, a number of unregistered shares of OHGI Common Stock equal to (i)
                                         twenty-five percent (25%) of the United States Dollar value the Members have invested
                                         in the Company to date, with all non-cash investment based equity owned by Members shall
                                         be exchanged at the same valuation as the valuation of MAHAM at the time that such non-cash investment based equity was issued, which
                                         total investment amount and 25% of investment amount the Parties acknowledge and agree
                                         are as set forth on the Capitalization Table in the columns entitled “Investment
                                         Amount” and “Exchange Value” respectively (the latter being the “Exchange
                                         Value”), divided by (ii) the Market Value (as defined below) as of the Closing
                                         Date (the “Initial Shares”).

 

		(c)	In
                                         addition to the Initial Shares, the Parties acknowledge and agree that the Members may
                                         become entitled to receive an additional number of shares of OHGI Common Stock pursuant
                                         to the provisions of Section 5.02 (the “Additional Shares,” and together
                                         with the Initial Shares, the “Exchange Shares”).

 

		(d)	The
                                         Parties acknowledge and agree that, at the Closing, OHGI shall become a member of the
                                         Company.

 

		(e)	The
                                         Members shall be responsible for the payment of any and all taxes that may be imposed
                                         on the Members pursuant to the Transactions, including, without limitation, as a result
                                         of the receipt of the Exchange Shares.

 

Section
4.02  Closing. The closing of the Transactions (the “Closing”) shall occur on the third Business
Day (as defined below) following the satisfaction, or waiver by the Party or Parties for whose benefit the condition(s) exist,
of the conditions to closing as set forth in Article VI and Article VII, or such or such other date as the Parties shall agree
(such date, the “Closing Date”). For purposes hereof, a “Business Day” shall be any date on which
commercial banks are generally open for business in the State of Florida.

 

Section
4.03  Closing Deliverables.

 

		(a)	At
                                         the Closing, the Company shall deliver to OHGI:

 

		(i)	a
                                         certificate of the Secretary and the Managers of the Company, dated as of the Closing
                                         Date, in form and substance satisfactory to OHGI (A) attaching and certifying copies
                                         of any resolutions of the Company’s managers and the Members relating to this Agreement,
                                         the other Transaction Documents and the Transactions, including admitting OHGI as a member
                                         of the Company; (B) certifying the name, title and true signature of each officer of
                                         the Company executing or authorized to execute this Agreement, the Transaction Documents,
                                         and such other documents, instruments and certifications required or contemplated hereby
                                         or thereby, and (C) attaching and certifying (i) a true, correct and complete copy of
                                         the Articles of Organization of the Company certified by the Secretary of State of the
                                         State of Florida, (ii) the Operating Agreement (as defined below) as in effect on the
                                         Closing Date, and (iii) a certificate of good standing and legal existence of the Company
                                         issued by the Secretary of State of the State of Florida and dated as of a date no earlier
                                         than three Business Days prior to the Closing Date;

 

     

     

    

 

		(ii)	a
                                         certificate of the Secretary and the Managers of the Company, dated as of the Closing
                                         Date, in form and substance satisfactory to OHGI; certifying that the matters set forth
                                         in Section 6.01(a) are true and correct; and

 

		(iii)	such
                                         other documents as OHGI may reasonably request for the purpose of evidencing the accuracy
                                         of any of Company’s representations and warranties; evidencing the performance
                                         by the Company of, or the compliance by the Company with, any covenant or obligation
                                         required to be performed or complied with by the Company; or otherwise facilitating the
                                         consummation or performance of any of the Transactions.

 

		(b)	At
                                         the Closing, the Members’ Representative shall deliver to OHGI:

 

		(i)	a
                                         certificate of the Members’ Representative, dated as of the Closing Date, in form
                                         and substance satisfactory to OHGI; certifying that the matters set forth in Section
                                         6.01(b) are true and correct; and

 

		(ii)	such
                                         other documents as OHGI may reasonably request for the purpose of evidencing the accuracy
                                         of any of Company’s representations and warranties; evidencing the performance
                                         by the Company of, or the compliance by the Company with, any covenant or obligation
                                         required to be performed or complied with by the Company; or otherwise facilitating the
                                         consummation or performance of any of the Transactions.

 

		(c)	At
                                         the Closing, OHGI shall deliver:

 

		(i)	to
                                         the Company, a certificate of the Secretary and of OHGI, dated as of the Closing Date,
                                         in form and substance satisfactory to the Company (A) attaching and certifying copies
                                         of any resolutions of the OHGI Board and, if required, the shareholders of OHGI, relating
                                         to this Agreement, the other Transaction Documents and the Transactions, (B) certifying
                                         the name, title and true signature of each officer of OHGI executing or authorized to
                                         execute this Agreement, the Transaction Documents, and such other documents, instruments
                                         and certifications required or contemplated hereby or thereby, and (C) attaching and
                                         certifying a certificate of good standing and legal existence of the Company issued by
                                         the Secretary of State of the State of Delaware and dated as of a date no earlier than
                                         three Business Days prior to the Closing Date;

 

		(ii)	to
                                         the Company, a certificate of the Secretary of OHGI, dated as of the Closing Date, in
                                         form and substance satisfactory to OHGI; certifying that the matters set forth in Section
                                         7.01 are true and correct;

 

		(iii)	to
                                         each Member, the applicable Exchange Shares to be received by such Member; and

 

		(iv)	such
                                         other documents as the Company or the Members’ Representative may reasonably request
                                         for the purpose of evidencing the accuracy of any of OHGI’s representations and
                                         warranties; evidencing the performance by OHGI of, or the compliance by OHGI with, any
                                         covenant or obligation required to be performed or complied with by OHGI; or otherwise
                                         facilitating the consummation or performance of any of the Transactions.

 

     

     

    

 

Section
4.04  Additional Closing Events. At the Closing, OHGI, the Company and the Members shall execute, acknowledge,
and deliver (or shall ensure to be executed, acknowledged, and delivered), any and all certificates, financial statements, schedules,
agreements, resolutions, rulings or other instruments required by this Agreement to be so delivered at or prior to the Closing,
together with such other items as may be reasonably requested by the Parties hereto and their respective legal counsel in order
to effectuate or evidence Transactions.

 

Article
V.  COVENANTS AND ADDITIONAL AGREEMENTS OF THE PARTIES

 

Section
5.01  Audited Financial Statements. In the event that the Closing occurs, the Company shall deliver to OHGI no
later than seventy (70) days following the Closing Date, audited financial statements of the Company for the year ended December
31, 2018, including balance sheets at December 31, 2018, prepared in accordance with GAAP, together with a report of the auditors
of the Company thereon, in such form that will to enable OHGI to file a Form 8-K with the SEC reporting the acquisition of the
Company in accordance with the applicable requirements of the Exchange Act, all at OHGI sole cost and expense. The Company and
the Members agree to exert commercially reasonable efforts and cooperate in the preparation of such financial statements, including
executing such certificates as may reasonably be requested by the auditors. OHGI agrees to pay the reasonable fees and costs of
the auditor in completing the audit of the Company.

 

Section
5.02  Additional Shares.

 

		(a)	Promptly,
                                         and in no event more than forty-five (45) days after the end of the period commencing
                                         on the Closing Date and ending at the end of the calendar month which first ends twenty-four
                                         (24) months after the Closing Date (“First Adjustment Period”), the
                                         Company shall deliver to the Members, pro rata in proportion to their respective Company
                                         Interests Owned as of the Closing Date, a number of Additional Shares equal to Two-and-a-half
                                         times (2.5x) the Company’s net after-tax earnings (“Net Profit”)
                                         for the First Adjustment Period, divided by the Market Value of the OHGI Common Stock,
                                         as determined below, subject in each case to the prior receipt of any approvals of the
                                         shareholders of the Company or other parties as required for such issuances.

 

		(b)	For
                                         purposes of this Agreement:

 

		(i)	The
                                         Company’s Net Profit for each of the First Adjustment Period and the Second Adjustment
                                         Period shall be determined in accordance with GAAP. For the avoidance of doubt, Net Profits
                                         shall not include any revenues, or costs and expenses, related to OHGI or any other subsidiary
                                         or affiliate thereof other than the Company.

 

		(ii)	The
                                         “Market Value” of the OHGI Common Stock used to determine the number
                                         of shares of OHGI Common Stock deliverable hereunder, whether with respect to the Initial
                                         Shares at the Closing or in respect of the First Adjustment Period or the Second Adjustment
                                         Period, as the case may be, shall be the average Closing Price (as defined below) of
                                         a share of OHGI Common Stock for the ten (10) consecutive trading days (“Determination
                                         Period”) ending on the last day of the applicable period, prior to the Closing
                                         or in the First Adjustment Period or the Second Adjustment Period, as the case may be
                                         (each, a “Determination Date”).

 

     

     

    

 

		(iii)	The
                                         “Closing Price” of a share of OHGI Common Stock as of any date during
                                         the Determination Period shall mean (A) if the OHGI Common Stock is then listed on NASDAQ
                                         or another securities exchange (each, a “Stock Exchange”), the closing price
                                         of the OHGI Common Stock on the Stock Exchange on which OHGI Common Stock is then listed
                                         on such date as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New
                                         York City-time) to 4:00 p.m. (New York City-time); (B) if OHGI Common Stock is quoted
                                         on OTCQB, OTCQX or a similar recognized quotation service (each, a “Quotation Service”),
                                         the closing price of a share OHGI Common Stock on such date as quoted on such Quotation
                                         Service; or (C) if the OHGI Common Stock is not then listed on a Stock Exchange or quoted
                                         for trading on a Quotation Service and if prices for the OHGI Common Stock are then reported
                                         by OTC Pink, the price published by OTC Markets Group, Inc. (or a similar organization
                                         or agency succeeding to its functions of reporting prices), as the last bid price per
                                         share of the OHGI Common Stock so reported for such date; or (D) in all other cases,
                                         the fair market value of a share of OHGI Common Stock as determined by an independent
                                         appraiser selected in good faith by the Board of Directors of OHGI, the fees and expenses
                                         of which shall be paid by OHGI.

 

		(c)	By
                                         way of example and not limitation, (i) if the Company’s Net Profit for the First
                                         Adjustment Period was $1,000,000 and the Market Value of the OHGI Common Stock was $1.00,
                                         the aggregate number of shares of OHGI Common Stock to be issued to the Members would
                                         be 2,500,000 shares.

 

		(d)	OHGI
                                         shall cause its Transfer Agent to issue and deliver certificates evidencing the number
                                         of Additional Shares, if any, registered in the names of the Members, to the Members
                                         within five (5) days after the Determination Date (“Issuance Date”).

 

		(e)	The
                                         Members understand and acknowledge that the issuance of shares of OHGI Common Stock pursuant
                                         hereto is contingent upon the Company obtaining Shareholder Approval.

 

Section
5.03  Reservation of OHGI Common Stock. OHGI agrees to reserve with its Transfer Agent from time-to-time a sufficient
number of shares of OHGI Common Stock for issuance to the Members pursuant to this Agreement, subject to Section 5.02.

 

Section
5.04  First Right of Refusal to Purchase Remaining Company Member Interests. The Members hereby grant OHGI a
first right of refusal to purchase the Company Member Interests, which they retain after giving effect to the Exchange of their
Company Member Interests for the Exchange Shares, representing forty-nine percent (49%) of the fully-diluted Company Member Interests
(“Additional Company Member Interests”). The purchase price for the purchase of the Additional Company Member Interests
shall be determined based upon the fair market value of the Company on the third (3rd) anniversary of the Closing Date
as established by an independent third party or if the First Right of Refusal is exercised later in time, the fair market value
of the Company as established by an independent third party at such time.

 

     

     

    

 

Section
5.05  Public Status. OHGI shall make any and all required filings under the Exchange Act so that it remains a
reporting company under the Exchange Act and so that the OHGI Common Stock continues to be a publicly traded security for a period
of at least five (5) years from the Closing Date.

 

Section
5.06  Public Announcements. Except as required by applicable law, the Parties shall consult with each other before
issuing any press release or making any public statement with respect to this Agreement or Transactions. Each Member shall be
afforded the opportunity for meaningful consultation prior to OHGI issuing any press release or making any public statement should
the contemplated press release or public statement be in reference to such Member in any way.

 

Section
5.07  Notices of Certain Events. In addition to any other notice required to be given by the terms of this Agreement,
each of the Parties shall promptly notify each of the other Parties of:

 

		(a)	any
                                         notice or other communication from any person alleging that the consent of such person
                                         is or may be required in connection with any of the Transactions;

 

		(b)	any
                                         notice or other communication from any governmental or regulatory agency or authority
                                         in connection with the Transactions; and

 

		(c)	any
                                         actions, suits, claims, investigations or proceedings commenced or, to its knowledge
                                         threatened against, relating to or involving or otherwise affecting such Party that,
                                         if pending on the date of this Agreement, would have been required to have been disclosed
                                         pursuant hereto or that relates to the consummation of the Transactions.

 

Section
5.08  Access to Information. Following the date hereof, until consummation of the Transactions:

 

		(a)	The
                                         Company shall give to OHGI and its authorized representatives full and complete access
                                         to the books and records, contracts, facilities and personnel of the Company as OHGI
                                         and its authorized representatives may request so that OHGI may complete its due diligence
                                         investigation of the Company and the Company Member Interests. The Members agree to provide
                                         OHGI and its authorized representatives with access to any information in his or her
                                         or the Company’s possession or within his or her or the Company’s control
                                         that contains information generated by it, him or her or the Company regarding the Company
                                         relative to its financial, operational, and/or regulatory condition (present, past, or
                                         prospective). If OHGI, in its sole discretion, at any time prior to the Closing determines
                                         that its due diligence review of the Company is not satisfactory to OHGI, then OHGI may
                                         terminate this Agreement upon notice to the Company and the Members’ Representative.

 

		(b)	OHGI
                                         shall give to the Members and the Company’s authorized representatives full and
                                         complete access to the books and records, contracts, facilities and personnel of OHGI
                                         as the Members and the Company’s authorized representatives may request so that
                                         the Company may complete its due diligence investigation of OHGI. OHGI agrees to provide
                                         the Members and the Company’s authorized representatives with access to any information
                                         in its possession or within its control which contains information generated by it or
                                         on its behalf relative to the financial, operational, and/or regulatory condition (present,
                                         past, or prospective) of OHGI. As OHGI is a public entity, OHGI may condition the provision
                                         of any access or materials pursuant to this Section 5.08(b) on the applicable party or
                                         recipient thereof executing a customary confidentiality and standstill agreement with
                                         OHGI.

 

     

     

    

 

Section
5.09  Limitation of Business Activities of the Company Prior to Closing. Except for Transactions, the Company
will not, without the prior written consent of OHGI, (i) make any material change in the type or nature of its business, or in
the nature of its operations, (ii) create or suffer to exist any debt, other than that currently in existence or undertaken to
complete projects ongoing or to meet short term working capital needs, (iii) issue any additional Company Member Interests or
(iv) enter into any new agreements of any kind or undertake any new obligations or liabilities likely to have a material impact
on its business.

 

Section
5.10  Consents of Third Parties. Each of the Parties will give any notices to third parties, and will use its
commercially reasonable efforts to obtain any third-party consents, that the other Parties reasonably may request in connection
with this Agreement. Each of the Parties will give any notices to, make any filings with, and use its commercially reasonable
efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the
matters in this Agreement.

 

Section
5.11  No Solicitations. From and after the date of this Agreement until the later of the Closing and sixty (60)
days after termination of this Agreement pursuant to Article IX, the Company will not, nor will it permit any of its officers,
managers or agents acting on its behalf to: (i) take any action to solicit, initiate, encourage or assist the submission of any
proposal, negotiation or offer from any person or entity other than OHGI, and other person(s) or entities for purposes of soliciting
their participation as investors or co-investors with the Company, relating to the acquisition, sale or transfer of any of the
Company Member Interests or any material part of the assets of the Company; (ii) offer to issue, sell or transfer any Company
Member Interests or any material part of the assets of the Company to any person other than OHGI; or (iii) disclose financial
or other information relating to the Company other than in the ordinary course of business to any person or entity other than
OHGI or its agents and representatives, except with the written consent of OHGI. The Company acknowledges and agrees that the
legal remedies available to OHGI in the event the Company violates any of the foregoing covenants would be inadequate and that
OHGI shall be entitled to specific performance, injunctive relief and other equitable remedies in the event of any such violation.
The Company will immediately notify OHGI regarding any contact between the Company, any of its directors, officers, employees,
agents or representatives and any other person regarding any offer, proposal or inquiry during this exclusivity period.

 

Section
5.12  Additional Acquisitions. Prior to completing an acquisition of another business, OHGI shall advise the
Members serving on the Board of the Company of its intent to do so.

 

Section
5.13  Additional Company Covenants.

 

		(a)	Within
                                         three (3) business days of the Effective Date, the Company will deliver to OHGI complete
                                         and correct copies of the Articles of Organization and the Limited Liability Company
                                         Agreement in its current form (“Operating Agreement”) of the Company
                                         (collectively, the “Company Charter Documents”) and, except as otherwise
                                         contemplated herein, between the Effective Date and the Closing, the Company and the
                                         Members will not (i) materially amend the Company Charter Documents; (ii) declare or
                                         make, or agree to declare or make, any payment of dividends or distributions of any assets
                                         of any kind whatsoever to Members or purchase or redeem, or agree to purchase or redeem,
                                         any Company Member Interests; (iii) make any material change in its method of management,
                                         operation or accounting; (iv) enter into any other material transaction other than sales
                                         in the ordinary course of its business; or (v) make any increase in or adoption of any
                                         profit sharing, bonus, deferred compensation, insurance, pension, retirement, or other
                                         employee benefit plan, payment, or arrangement made to, for, or with its officers, directors,
                                         or employees.

 

     

     

    

 

		(b)	Between
                                         the Effective Date and the Closing, the Company will not (i) grant or agree to grant
                                         any options, warrants or other rights to purchase, subscribe for, or otherwise acquire
                                         Company Member Interests, or other securities convertible into, exchangeable for, or
                                         otherwise giving the holder thereof the right to acquire, Company Member Interests; (ii)
                                         borrow or agree to borrow any funds or incur, or become subject to, any material obligation
                                         or liability (absolute or contingent) except as disclosed herein and except liabilities
                                         incurred in the ordinary course of business; (iii) sell or transfer, or agree to sell
                                         or transfer, any of its assets, properties, or rights or cancel, or agree to cancel,
                                         any debts or claims; or (iv) issue, deliver, or agree to issue or deliver any Member
                                         Interests or other securities of the Company, including debentures or other debt obligations,
                                         except in connection with this Agreement.

 

Section
5.14  Effect of Knowledge on Indemnification. The right to indemnification, reimbursement or other remedy based
upon any representations, warranties, covenants and obligations set forth in this Agreement shall not be affected by any investigation
conducted with respect to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution
and delivery of this Agreement, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty,
covenant or obligation. The waiver of any condition based upon the accuracy of any representation or warranty, or on the performance
of or compliance with any covenant or obligation, shall not affect the right to indemnification, reimbursement or other remedy
based upon such representations, warranties, covenants or obligations.

 

Section
5.15  Members’ Representative.

 

		(a)	Each
                                         Member constitutes and appoints the Members’ Representative as its representative
                                         and its true and lawful attorney in fact, with full power and authority in its name and
                                         on its behalf:

 

		(i)	to
                                         act on such Members’ behalf in the absolute discretion of Members’ Representative
                                         with respect to all matters relating to this Agreement, including execution and delivery
                                         of any amendment, supplement, or modification of this Agreement and any waiver of any
                                         claim or right arising out of this Agreement; and

 

		(ii)	in
                                         general, to do all things and to perform all acts, including executing and delivering
                                         all agreements, certificates, receipts, instructions, and other instruments contemplated
                                         by or deemed advisable to effectuate the provisions of this Section 5.15.

 

     

     

    

 

		(b)	This
                                         appointment and grant of power and authority is coupled with an interest and is in consideration
                                         of the mutual covenants made in this Agreement and is irrevocable and will not be terminated
                                         by any act of any Member or by operation of law, whether by the death or incapacity of
                                         any Member or by the occurrence of any other event. Each Member hereby consents to the
                                         taking of any and all actions and the making of any decisions required or permitted to
                                         be taken or made by Members’ Representative pursuant to this Section 5.15 Each
                                         Member agrees that Members’ Representative shall have no obligation or liability
                                         to any Person for any action taken or omitted by Members’ Representative in good
                                         faith, and each Member shall indemnify and hold harmless Members’ Representative
                                         from, and shall pay to Members’ Representative the amount of, or reimburse Members’
                                         Representative for, any Loss that Members’ Representative may suffer, sustain,
                                         or become subject to as a result of any such action or omission by Members’ Representative
                                         under this Agreement.

 

		(c)	OHGI
                                         shall be entitled to rely upon any document or other paper delivered by Members’
                                         Representative as being authorized by Members, and OHGI shall not be liable to any Member
                                         for any action taken or omitted to be taken by OHGI based on such reliance.

 

		(d)	Until
                                         all obligations under this Agreement shall have been discharged (including all indemnification
                                         obligations under Section 10.02), Members who, immediately prior to the Closing, are
                                         entitled in the aggregate to receive more than fifty percent (50%) of the Exchange Shares,
                                         may, from time to time upon notice to OHGI, appoint a new Members’ Representative
                                         upon the death, incapacity, or resignation of Members’ Representative. If, after
                                         the death, incapacity, or resignation of Members’ Representative, a successor Members’
                                         Representative shall not have been appointed by Members within fifteen (15) Business
                                         Days after a request by OHGI, OHGI may appoint a Members’ Representative from among
                                         the Members to fill any vacancy so created by notice of such appointment to Members.

 

Article
VI.  CONDITIONS PRECEDENT TO OBLIGATIONS OF OHGI

 

The
obligations of OHGI to consummate the Closing are subject to the satisfaction, or waiver by OHGI in its sole discretion, as of
and on the Closing Date, of the following conditions:

 

Section
6.01  Accuracy of Representations and Performance of Covenants.

 

		(a)	Each
                                         of the representations and warranties made by the Company shall be true and correct in
                                         all material respects, other than representations and warranties which are qualified
                                         by materiality and the representations and warranties as set forth in Section 1.05, each
                                         of which shall be true and correct in all respect, in each case, as of the Closing Date
                                         as if made on such date, and the Company shall have performed or complied with all covenants
                                         and conditions required by this Agreement to be performed or complied with by it prior
                                         to or at the Closing, and there shall have been no material adverse change in the business,
                                         affairs, prospects, operations, properties, assets or conditions of the Company since
                                         the Effective Date.

 

		(b)	Each
                                         of the representations and warranties made by the Members shall be true and correct in
                                         all material respects, other than representations and warranties which are qualified
                                         by materiality and the representations and warranties as set forth in Section 2.01 and
                                         Section 2.05, each of which shall be true and correct in all respect, in each case as
                                         of the Closing Date as if made on such date, and the Members shall have performed or
                                         complied with all covenants and conditions required by this Agreement to be performed
                                         or complied with by them prior to or at the Closing.

 

     

     

    

 

Section
6.02  No Governmental Prohibition. No order, statute, rule, regulation, executive order, injunction, stay, decree,
judgment or restraining order shall have been enacted, entered, promulgated or enforced by any court or governmental or regulatory
authority or instrumentality that prohibits the consummation of Transactions, and OHGI shall have obtained the approval of any
governmental authorities as required in order to consummate the Transactions.

 

Section
6.03  Consents. All consents, approvals, waivers or amendments pursuant to all contracts, licenses, permits,
trademarks and other intangibles in connection with the Transactions, or for the continued operation of the Company after the
Closing Date on the basis as presently operated shall have been obtained.

 

Section
6.04  Absence of Litigation. Other than for matters related to compliance with the rules and regulations of The
Nasdaq Stock Market, there shall be no actions, suits, proceedings or governmental investigations or inquiries pending or, to
any Party’s knowledge, threatened against OHGI, the Company and/or the Members which would prevent the consummation of the
Transactions.

 

Section
6.05  Liabilities. As of the Closing Date, the Liabilities (whether absolute, accrued, contingent, known or unknown
or otherwise) of the Company must, in the aggregate, be less than $50,000.

 

Section
6.06  No Material Adverse Change. Between the Effective Date and the Closing Date, there must not have been any
material adverse change in the business, operations, properties, assets, or condition (financial or otherwise) of the Company.

 

Section
6.07  Shareholder Approval. The Shareholder Approval shall have been obtained.

 

Section
6.08  Other Items. OHGI shall have received further documents, certificates, or instruments relating to Transactions
as it may reasonably request, including such financial statements for the Company and such information regarding the Company and
its operations as OHGI shall deem reasonably necessary for inclusion in the reports to be filed by OHGI with the SEC.

 

Section
6.09  Schedules and Other Information. The Company shall have delivered to OHGI the financial statements of the
Company and other books and records reasonably requested in connection with OHGI’s due diligence investigation of the Company,
and there shall have been no disclosure in any financial statements or any schedule delivered after the Effective Date or in any
disclosure provided in connection with such due diligence investigation, which in the sole discretion and determination of OHGI
differs materially from the information it has received as of the Effective Date and which does or may have a materially adverse
effect on the value of the business of the Company or on its assets, properties or goodwill.

 

     

     

    

 

Article
VII.  CONDITIONS PRECEDENT TO OBLIGATIONS OF THE COMPANY AND THE MEMBERS

 

The
obligations of the Company and the Members to consummate the Closing are subject to the satisfaction, or waiver by the Company
and the Members’ Representative, each in their sole discretion, as of and on the Closing Date, of the following conditions:

 

Section
7.01  Accuracy of Representations and Performance of Covenants. Each of the representations and warranties made
by OHGI shall be true and correct in all material respects as of the Closing Date as if made on such date. OHGI shall have performed
or complied with all covenants and conditions required by this Agreement to be performed or complied with by it prior to or at
the Closing. The Company shall be furnished with a certificate, signed by a duly authorized executive officer of OHGI, dated the
Closing Date, confirming (i) the statements made in the two preceding sentences; and (ii) that there has been no material adverse
change in the business, affairs, operations, properties, assets or conditions of the OHGI since the date of this Agreement.

 

Section
7.02  No Governmental Prohibition. No order, statute, rule, regulation, executive order, injunction, stay, decree,
judgment or restraining order shall have been enacted, entered, promulgated or enforced by any court or governmental or regulatory
authority or instrumentality which prohibits the consummation of Transactions.

 

Section
7.03  Consents. All consents, approvals, waivers or amendments pursuant to all contracts, licenses, permits,
trademarks and other intangibles in connection with the Transactions, or for the continued operation of OHGI after the Closing
Date shall have been obtained.

 

Section
7.04  Absence of Litigation. There shall be no actions, suits, proceedings or governmental investigations or
inquiries pending or, to OHGI’s knowledge, threatened against OHGI which would prevent the consummation of Transactions.

 

Section
7.05  Other Items. The Company and the Members shall have received further documents, certificates, or instruments
relating to Transactions as they may reasonably request.

 

Section
7.06  Schedules and Other Information. There shall have been no disclosure in any document delivered after the
Effective Date which in the reasonable opinion of the Company does or may have a materially adverse effect on the value of the
business of OHGI or on its assets, properties or goodwill.

 

Article
VIII.  POST CLOSING COVENANTS

 

Section
8.01  Cooperation with Financial Statements. The Members shall, at the expense of OHGI, assist OHGI to complete
such audit of the Company’s financial statements as are required by the Exchange Act.

 

Section
8.02  Information Statement. As promptly as practicable following the Closing Date, and following Shareholder
Approval, OHGI shall prepare and caused to be mailed to its stockholders such Information Statement as may be required by the
Exchange Act and the rules of NASDAQ to permit the Exchange Shares to be issued to the Members.

 

Section
8.03  Board Representation. OHGI shall cause Daniel Troiano and Skylar Hauswirth to be elected as directors of
the Board of the Company and OHGI may elect additional directors to the Board of the Company; it being understood that under all
circumstances, OHGI will have the right to designate a majority of the Members of the Board of the Company (other than the aforementioned
designees).

 

     

     

    

 

Section
8.04  Working Capital. Beginning no later than fifteen (15) days after the Closing Date, OHGI shall make available
facilities of up to $200,000 to the Company for working capital. The loan shall bear interest at an annual rate of five percent
(5%) and shall be payable out of free cash flow beginning on the one (1) year anniversary of the Closing. The Parties acknowledge
that One Hundred and One Thousand, Eight Hundred and Sixty Dollars and Sixty-Three Cents ($101,860.63) has already been advanced
to the Company and the Company has agreed to repay that amount over six (6) months from the Closing Date pursuant to a Note bearing
interest of six (6) percent (the “Note”). The Parties acknowledge that immediately following the Closing Date,
OHGI shall bring current all outstanding invoices payable by the Company in an amount not to exceed Twenty-Seven Thousand Five
Hundred Dollars ($27,500).

 

Section
8.05  Restriction on Investment in Company by Third Parties. For a period of three (3) years after the Closing
Date, the Company will not accept investment funds from any third party, or issue any Member Interests, or permit the transfer
or assignment of any existing Company Member Interests without the express written approval of a designated member of the Board
of OHGI.

 

Section
8.06  Trading Restrictions. No Member, whether in such Member’s own capacity or through a representative,
agent or affiliate, shall enter into or effect any “short sales” (as that term is defined in Rule 10a-1 of the Exchange
Act) of OHGI Common Stock or any hedging transaction, including obtaining a borrowing, which establishes a net short position
with respect to OHGI Common Stock.

 

Section
8.07  Non-interference. Subject to the fiduciary obligations of the Board of OHGI, Skylar Hauswirth will be permitted
to serve as the President of the Company with sole responsibility and authority for the Company’s obligations for the term
of his Employment Agreement. Further, subject to the fiduciary obligations of the Board of OHGI, neither OHGI nor any of its affiliated
entities shall interfere with the operations of the Company.

 

Section
8.08  Registration Rights. None of the Members shall have any registration rights with respect to the Exchange
Shares other than pursuant to a separate agreement entered into between OHGI and such Member(s).

 

Article
IX.  TERMINATION

 

Section
9.01  Termination. This Agreement may be terminated at any time before the Closing Date as follows:  

 

		(a)	by
                                         mutual written consent of the Company, OHGI and the Members’ Representative;

 

		(b)	by
                                         any of the Members’ Representative, the Company or OHGI if there shall be in effect
                                         a final non-appealable order, judgment, injunction or decree entered by or with any governmental
                                         authority restraining, enjoining or otherwise prohibiting the consummation of the Transactions;

 

     

     

    

 

		(c)	by
                                         OHGI if there shall have been a breach in any material respect of any representation,
                                         warranty, covenant or agreement on the part of the Company or the Members set forth in
                                         this Agreement and such breach has not been cured within ten (10) days after receipt
                                         of notice of such breach by Company and the Members’ Representative;

 

		(d)	by
                                         the Members’ Representative and the Company, acting jointly if there shall have
                                         been a breach in any material respect of any representation, warranty, covenant or agreement
                                         on the part of OHGI set forth in this Agreement and such breach has not been cured within
                                         ten (10) days after receipt of notice of such breach by OHGI;

 

		(e)	by
                                         either the Members’ Representative and the Company, acting jointly, or by OHGI
                                         if the Closing has not occurred by June 30, 2019, provided, however, that (i) if the
                                         Closing has not occurred by such date due to a breach of this Agreement by OHGI, OHGI
                                         shall not have the right to terminate this Agreement pursuant to this Section 9.01(e)
                                         and (ii) if the Closing has not occurred by such date due to a breach of this Agreement
                                         by any Member or the Members’ Representative or the Company, the Members’
                                         Representative and the Company shall not have the right to terminate this Agreement pursuant
                                         to this Section 9.01(e); or

 

		(f)	pursuant
                                         to the provisions of Section 5.08(a).

 

Section
9.02  Effect of Termination. In the event of termination of this Agreement pursuant to this Article IX, this
Agreement (other than this Section 9.02, Article X and Article XI) shall become void and of no further force or effect with no
liability on the part of any Party; provided, however, that nothing shall relieve any Party from liability for actual damages
to the other Parties resulting from a breach of this Agreement by such Party prior to any such termination.

 

Section
9.03  Default by OHGI. If OHGI fails to perform any of its obligations under this Agreement, the Company and
the Members (through the Members’ Representative) shall be entitled to bring an action for specific performance, damages
or a combination of specific performance and damages. No remedy conferred upon the Company and the Members is intended to be exclusive
of any other remedy provided for in this Agreement, and each remedy provided to the Company and the Members in this Agreement
will be cumulative and in addition to every other remedy available to the Company and the Members under this Agreement. No single
or partial exercise of any remedy will preclude any other or further exercise thereof. This provision shall be in addition to
the Company and the Members remedies under Section 10.03.

 

Section
9.04  Default by Members, the Members’ Representative or the Company. If the Members, the Members’
Representative, or the Company fails to perform any of their respective obligations under this Agreement, OHGI shall be entitled
to bring an action for specific performance, damages or a combination of specific performance and damages. No remedy conferred
upon OHGI is intended to be exclusive of any other remedy provided for in this Agreement, and each remedy provided to OHGI in
this Agreement will be cumulative and in addition to every other remedy available to OHGI under this Agreement. No single or partial
exercise of any remedy will preclude any other or further exercise thereof. This provision shall be in addition to OHGI’s
remedies under Section 10.02.

 

     

     

    

 

Article
X.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

 

Section
10.01  Survival. The representations and warranties, set forth in this Agreement, in any Exhibit or Schedule
hereto and in any certificate or instrument delivered in connection herewith shall survive for a period of eighteen (18) months
after the Closing Date (“Warranty Period”) and shall thereupon terminate and expire and shall be of no force or effect
thereafter, except that (i) the representations and warranties of the Members in Section 2.01 as to the owner of the Company Member
Interests shall survive for the period equal to the applicable statute of limitations relating to said matter; (ii) with respect
to any claim, written notice of which shall have been delivered to a Party, as the case may be, in accordance with the indemnification
provisions of this Article X and prior to the end of the Warranty Period, such claim shall survive the termination of such Warranty
Period for as long as such claim is unsettled, and (ii) with respect to any litigation which shall have been commenced to resolve
such claim on or prior to such date.

 

Section
10.02  Indemnification by Members.

 

		(a)	Subject
                                         to the provisions of Section 10.05, each Member, jointly and severally, hereby covenants
                                         and agrees with OHGI that such Member shall indemnify OHGI and its directors, officers,
                                         employees and Affiliates (as that term is defined in Rule 405 of the Securities Act),
                                         and each of their successors and assigns (individually, an “OHGI Indemnified
                                         Party”), and hold them harmless from, against and in respect of any and all
                                         costs, losses, claims, liabilities, fines, penalties, damages and expenses (including
                                         interest, if any, imposed in connection therewith, court costs and reasonable fees and
                                         disbursements of counsel) (collectively, “Damages”) incurred by any
                                         of them resulting from any misrepresentation, breach of any representation or warranty
                                         of the Company in this Agreement or the non-fulfillment in any material respect of any
                                         agreement, covenant or obligation by the Company made in this Agreement (including without
                                         limitation any Exhibit or Schedule hereto and any certificate or instrument delivered
                                         in connection herewith).

 

		(b)	Subject
                                         to the provisions of Section 10.05, each Member, severally and not jointly and severally,
                                         hereby covenants and agrees with OHGI that such Member shall indemnify the OHGI Indemnified
                                         Parties and hold them harmless from, against and in respect of any and all Damages incurred
                                         by any of them resulting from any misrepresentation, breach of any representation or
                                         warranty of such Member set forth in this Agreement or the non-fulfillment in any material
                                         respect of any agreement, covenant or obligation by such Member made in this Agreement
                                         (including without limitation any Exhibit or Schedule hereto and any certificate or instrument
                                         delivered in connection herewith).

 

Section
10.03  Indemnification by OHGI. Subject to the provisions of Section 10.05, OHGI hereby covenants and agrees
with the Members that OHGI shall indemnify the Company and the Members (each a “Member Indemnified Party” and collectively,
the “Member Indemnified Parties”) and hold them harmless from, against and in respect of any and all Damages
incurred by the Members’ Indemnified Party resulting from any misrepresentation, breach of any representation or warranty
in this Agreement or the non-fulfillment in any material respect of any agreement, covenant or obligation by OHGI made in this
Agreement (including without limitation any Exhibit or Schedule hereto and any certificate or instrument delivered in connection
herewith).

 

     

     

    

 

Section
10.04  Right to Defend. If the facts giving rise to any such indemnification shall involve any actual claim or
demand by any third party against an OHGI Indemnified Party or Members’ Indemnified Party (referred to herein as an “Indemnified
Party”), then the Indemnified Party will give prompt written notice of any such claim to the indemnifying Party, which
notice shall set forth in reasonable detail the nature, basis and amount of such claim (the “Notice of Third Party Claim”).
It is a condition precedent to the applicable indemnifying Party’s obligation to indemnify the applicable Indemnified Party
for such claim that such Indemnified Party timely provide to such indemnifying Party the applicable Notice of Third Party Claim,
provided that the failure to provide such Notice of Third Party Claim shall only relieve such indemnifying Party of its or his
obligation to indemnify for such claim only to the extent that such indemnifying Party has been prejudiced by such Indemnified
Party’s failure to give the Notice of Third Party Claim as required. The indemnifying Party receiving such Notice of Third
Party Claim may (without prejudice to the right of any Indemnified Party to participate at its own expense through counsel of
its own choosing) undertake the defense of such claims or actions at its expense with counsel chosen and paid by its giving written
notice (the “Election to Defend”) to the Indemnified Party within thirty (30) days after the date the Notice
of Third Party Claim is deemed received; provided, however, that the indemnifying Party receiving the Notice of Third Party Claim
may not settle such claims or actions without the consent of the Indemnified Party, which consent will not be unreasonably withheld
or delayed, except if the sole relief provided is monetary damages to be borne solely by the indemnifying Party; and, provided
further, if the defendants in any action include both the indemnifying Party and the Indemnified Party, and the Indemnified Party
shall have reasonably concluded that counsel selected by the indemnifying Party has a conflict of interest because of the availability
of different or additional defenses to the Parties, the Indemnified Party shall cooperate in the defense of such claim and shall
make available to the indemnifying Party pertinent information under its control relating thereto, but the Indemnified Party shall
have the right to retain its own counsel and to control its defense and shall be entitled to be reimbursed for all reasonable
costs and expenses incurred in such separate defense. In no event will the provisions of this Article X reduce or lessen the obligations
of the Parties under this Article X, if prior to the expiration of the foregoing thirty (30) day notice period, the Indemnified
Party furnishing the Notice of Third Party Claim responds to a third-party claim if such action is reasonably required to minimize
damages or avoid a forfeiture or penalty or because of any requirements imposed by law. If the indemnifying Party receiving the
Notice of Third Party Claim does not duly give the Election to Defend as provided above, then it will be deemed to have irrevocably
waived its right to defend or settle such claims, but it will have the right, at its expense, to attend, but not otherwise to
participate in, proceedings with such third parties; and if the indemnifying Party does duly give the Election to Defend, then
the Indemnified Party giving the Notice of Third Party Claim will have the right at its expense, to attend, but not otherwise
to participate in, such proceedings. The Parties to this Agreement will not be entitled to dispute the amount of any Damages (including
reasonable attorneys’ fees and expenses) related to such third-party claim resolved as provided above. The Members’
Representative shall have the right to act on behalf of, and to bind any Member for purposes of this Article X.

 

Section
10.05  Limitation on Rights of Indemnification.

 

		(a)	No
                                         OHGI Indemnified Party shall have the right to indemnification under this Agreement unless
                                         and until the aggregate amount of any and all such indemnification claims made by an
                                         OHGI Indemnified Party under this Agreement exceeds $100,000 (the “Basket”).
                                         If claims asserted by the OHGI Indemnified Parties exceed the Basket, the OHGI Indemnified
                                         Parties shall be entitled to receive $1.50 USD in respect of each one dollar ($1.00 USD)
                                         of indemnified claims in excess of the Basket until the OHGI Indemnified Parties shall
                                         have received an amount equal to the sum of the reimbursed indemnified claims plus the
                                         Basket in respect of indemnified claims If OHGI Indemnified Parties are entitled to any
                                         further payments in respect of indemnifications claims, they shall be made on a dollar-for-dollar
                                         basis subject to any limitations contained herein. The Basket shall not apply to claims
                                         relating to the representations and warranties of the Members in Section 2.01 as to the
                                         owner of the Company Member Interests. Members may satisfy any indemnification claims
                                         hereunder by delivery of shares of OHGI Common Stock. Such shares shall be valued at
                                         the greater of (i) $1.50 USD per share and (ii) the value used to determine the number
                                         of shares issued in respect of the Additional Shares, and, in such latter case, shares
                                         shall be valued first at the highest price, up to the number of shares issued at such
                                         price, next at the second highest price, up to the number of shares issued at such price,
                                         and then at the lowest price.

 

     

     

    

 

		(b)	The
                                         aggregate liability of the Members pursuant to this Article X shall not exceed the value
                                         of the Exchange Shares; provided, however, that the provisions of this Section 10.05
                                         shall not apply to: (i) breaches of Members’ representations and warranties relating
                                         to owner of Company Member Interests, and (ii) claims arising out of fraud.

 

		(c)	Except
                                         in the event of fraud, the remedies provided in Section 10.02 and Section 10.03 shall
                                         be the sole and exclusive remedies of OHGI Indemnified Parties and Member Indemnified
                                         Parties in connection with any breach of representation or warranty or non-performance,
                                         partial or total, of any covenant or agreement contained in this Agreement; provided,
                                         that, nothing contained herein shall prevent any Party from seeking equitable remedies
                                         (including specific performance or injunctive relief) in connection therewith.

 

Article
XI.  MISCELLANEOUS

 

Section
11.01  Governing Law. This Agreement shall be governed by, enforced, and construed under and in accordance with
the laws of Delaware, without giving effect to principles of conflicts of law thereunder. Venue for all matters shall be in the
State of Florida and United States Courts located in Palm Beach County, Florida (the “Florida Courts”). Each
of the Parties (a) irrevocably consents and agrees that any legal or equitable action or proceedings arising under or in connection
with this Agreement shall be brought exclusively in the Florida Courts. By execution and delivery of this Agreement, each Party
hereto irrevocably submits to and accepts, with respect to any such action or proceeding, generally and unconditionally, the jurisdiction
of the aforesaid court, and irrevocably waives any and all rights such Party may now or hereafter have to object to such jurisdiction.

 

Section
11.02  Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF
OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO
ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)
SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 11.02.

 

     

     

    

 

Section
11.03  Specific Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

Section
11.04  Notices. Any notice or other communications required or permitted hereunder shall be in writing and shall
be sufficiently given if personally delivered to it or sent by overnight courier or registered mail or certified mail, postage
prepaid, or electronic mail with a follow up copy by overnight courier, addressed as follows:

 

If
to the Company or the Members:

 

MAHAM
LLC 

910
West Avenue B and C 

Miami
Beach, Florida 33139 

Attn:
Skylar Hauswirth, Managing Member 

E-mail:
Skylar@MahamStudio.com

 

If
to OHGI:

 

One
Horizon Group, Inc. 

649
NE 81st Street 

Miami
FL 33138 

Attn:
Mark B. White, Chief Executive Officer 

E-mail:
mark@onehorizoninc.com

 

with
copies (which shall not constitute notice) by electronic mail to:

 

One
Horizon Group, Inc. 

34
South Molton Street 

London
W1K 5RG, United Kingdom 

Attn:
Martin Ward, Chief Financial Officer 

E-mail:
martin.ward@onehorizongroup.com

 

     

     

    

 

And

 

Anthony
L.G., PLLC 

Attn:
Laura Anthony 

625
N. Flagler Drive, Suite 600 

West
Palm Beach, FL 33401 

Email:
Lanthony@anthonypllc.com

 

or
such other addresses as shall be furnished in writing by any Party in the manner for giving notices hereunder, and any such notice
or communication shall be deemed to have been given (i) upon receipt, if personally delivered or sent by electronic mail, (ii)
on the day after dispatch, if sent by overnight courier, and (iii) three (3) days after mailing, if sent by registered or certified
mail.

 

Section
11.05  Attorneys’ Fees. In the event that any Party institutes any action or suit to enforce this Agreement
or to secure relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party
for all costs, including reasonable attorneys’ fees, incurred in connection therewith and in enforcing or collecting any
judgment rendered therein.

 

Section
11.06  Confidentiality. OHGI,
on the one hand, the Company and the Members, on the other hand, each agree with the other that the documentation and other information
disclosed to them by the other Parties hereunder to evaluate various the business and affairs of the Company or OHGI, as the case
may be, and various aspects of the Exchange and the other Transactions may contain proprietary confidential information and trade
secrets, and that the disclosure and unauthorized use of such information could cause irreparable injury. The Parties agree that
all such information and materials shall be used and disclosed only to the limited extent
necessary for the Parties hereto (and their professional advisors) to evaluate the Exchange and the other Transactions. All extracts,
digests and copies of such documentation and information shall be maintained under strict control by the recipients, other than
as required by applicable law. Upon termination of the negotiations by the Parties, no Party (or advisor to such Party) shall
make any further use of such documentation and information, and all documentation previously
obtained (together with all copies, abstracts, digests and analyses thereof) shall be returned to the Party providing such information.
The Company and the Members recognize that OHGI is a publicly traded company in the United States and agree not to buy OHGI Common
Stock or recommend to any other Party that it or he or she do so, from the Closing Date until such information has been disclosed
to the public.

 

Section
11.07  Public Announcements and Filings. Unless required by applicable law or regulatory authority, none of the
Parties will issue any report, statement or press release to the general public, trade or trade press, or to any third party (other
than its advisors and representatives in connection with Transactions) or file any document, relating to this Agreement and Transactions,
except as may be mutually agreed by the Parties. Copies of any such filings, public announcements or disclosures, including any
announcements or disclosures mandated by law or regulatory authorities, shall be delivered to each Party prior to the release
thereof.

 

Section
11.08  Schedules; Knowledge. Each Party is presumed to have full knowledge of all information set forth in the
other Party’s schedules delivered pursuant to this Agreement.

 

     

     

    

 

Section
11.09  Third-Party Beneficiaries. This contract is strictly between OHGI and the Company, and, except as specifically
provided, no director, officer, stockholder (other than the Members), employee, agent, independent contractor or any other person
or entity shall be deemed to be a third-Party beneficiary of this Agreement.

 

Section
11.10  Expenses. Whether or not the Exchange is consummated, each of OHGI, on the one hand, and the Company and
the Members and the Members’ Representative, on the other hand, will bear their own respective expenses, including without
limitation the fees and expenses of its legal, accounting and financial advisors, incurred in connection with the Exchange or
any of the other Transactions.

 

Section
11.11  Entire Agreement. This Agreement and the Note and the other Transaction Documents represent the entire
agreement between the Parties relating to the subject matter thereof and supersede all prior agreements, understandings and negotiations,
written or oral, with respect to such subject matter. If any term or provision of this Agreement is invalid, illegal or unenforceable
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement
or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term
or other provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the Contemplated
Transactions be consummated as originally contemplated to the greatest extent possible.

 

Section
11.12  Amendment or Waiver. Every right and remedy provided herein shall be cumulative with every other right
and remedy, whether conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any Party
of the performance of any obligation by the other shall be construed as a waiver of the same or any other default then, theretofore,
or thereafter occurring or existing. This Agreement may by amended only by a writing signed by all Parties hereto.

 

Section
11.13  Commercially Reasonable Efforts. Subject to the terms and conditions herein provided, each Party shall
use its commercially reasonable efforts to perform or fulfill all conditions and obligations to be performed or fulfilled by it
under this Agreement so that Transactions shall be consummated as soon as practicable. Each Party also agrees that it shall use
its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary,
proper or advisable under applicable laws and regulations to consummate and make effective this Agreement and the Transactions.

 

Section
11.14  Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties
and their respective successors and permitted assigns. No Party may assign its rights or obligations hereunder without the prior
written consent of the other Parties. No assignment shall relieve the assigning Party of any of its obligations hereunder.

 

Section
11.15  Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original and all of which taken together shall be but a single instrument.

 

[Signature
Page Follow]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

 

	 	One Horizon Group, Inc.
	 	 	 	 
	 	By:	/s/
    Martin Ward
	 	Name:	Martin Ward
	 	Title:	Chief Financial Officer
	 	 	 	 
	 	MAHAM, LLC
	 	 	 	 
	 		By:	/s/ Skylar Hauswirth
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager
	 	 	 	 
	 	 	By:	/s/ Daniel Troiano
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman

 

	 	Members:	 
	 	 	 
	 	Member Name:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Daniel
    Troiano	 
	 	 	 	 
	 	By:	/s/ Daniel
    Troiano	 
	 	 	 	 
	 	Name:	Daniel
    Troiano	 
	 	 	 	 
	 	Title:	Chairman	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Skylar Hauswirth	 
	 	 	 	 
	 	By:	/s/ Skylar Hauswirth	 
	 	 	 	 
	 	Name:	Skylar Hauswirth	 
	 	 	 	 
	 	Title:	CEO Founder	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	David Lyons	 
	 	 	 	 
	 	By:	/s/ David Lyons	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Heather Hauswirth	 
	 	 	 	 
	 	By:	/s/ Heather Hauswirth	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	Advisor	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	 	 
	 	 	 	 
	 	By:	/s/ Reid Heidenry	 
	 	 	 	 
	 	Name:	Reid Heidenry	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Innovation Factory VC, LLC	 
	 	 	 	 
	 	By:	/s/ Teague Egan	 
	 	 	 	 
	 	Name:	Teague Evan	 
	 	 	 	 
	 	Title:	CEO	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Jeff Fried	 
	 	 	 	 
	 	By:	/s/ Jeff Fried	 
	 	 	 	 
	 	Name:	Jeff Fried	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	/s/ Ronald Michael
    Malone	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	Ronald Michael Malone	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Scalable, LLC	 
	 	 	 	 
	 	By:	/s/ Jeff Smith	 
	 	 	 	 
	 	Name:	Jeff Smith	 
	 	 	 	 
	 	Title:	CEO, Manager	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Conversion Media, LLC	 
	 	 	 	 
	 	By:	/s/ Jeff Smith	 
	 	 	 	 
	 	Name:	Jeff Smith	 
	 	 	 	 
	 	Title:	CEO, Manager	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Jeff Smith	 
	 	 	 	 
	 	By:	/s/ Jeff Smith	 
	 	 	 	 
	 	Name:	Jeff Smith	 
	 	 	 	 
	 	Title:	Individual	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Network Capital Enterprises, LLC	 
	 	 	 	 
	 	By:	/s/ Tri Nguyen	 
	 	 	 	 
	 	Name:	Tri Nguyen	 
	 	 	 	 
	 	Title:	Managing Member	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Ahmad Nahawi	 
	 	 	 	 
	 	By:	/s/  	 
	 	 	 	 
	 	Name:	[Illegible]	 
	 	 	 	 
	 	Title:	MD	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Alexandre de Damas	 
	 	 	 	 
	 	By:	/s/ Alexandre de Damas	 
	 	 	 	 
	 	Name:	Alexandre de Damas	 
	 	 	 	 
	 	Title:	Shareholder	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	 	 
	 	 	 	 
	 	By:	/s/ Kevin Vilkin	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	LTGG, Inc.	 
	 	 	 	 
	 	By:	/s/ George Heisel	 
	 	 	 	 
	 	Name:	George Heisel	 
	 	 	 	 
	 	Title:	President	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	 	 
	 	 	 	 
	 	By:	/s/ Marko Gojanovic	 
	 	 	 	 
	 	Name:	Marko Gojanovic	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Ray Diaz	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	/s/ Ray Diaz	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Rex Runzheimer	 
	 	 	 	 
	 	By:	/s/ Rex Runzheimer	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Steve Schlesinger	 
	 	 	 	 
	 	By:	/s/ Steve Schlesinger	 
	 	 	 	 
	 	Name:	Steve Schlesinger	 
	 	 	 	 
	 	Title:	 	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Dan Fleyshman	 
	 	 	 	 
	 	By:	/s/ Dan Fleyshman	 
	 	 	 	 
	 	Name:	Dan Fleyshman	 
	 	 	 	 
	 	Title:	--	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Maxence de Damas	 
	 	 	 	 
	 	By:	/s/ Maxence de Damas	 
	 	 	 	 
	 	Name:	Maxence de Damas	 
	 	 	 	 
	 	Title:	Shareholder	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	Bespoke Growth Partners, Inc.	 
	 	 	 	 
	 	By:	/s/ Mark Peikin	 
	 	 	 	 
	 	Name:	Mark Peikin	 
	 	 	 	 
	 	Title:	CEO	 
	 	 	(if applicable)

 

    

    

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date. 

 

	 	One Horizon Group, Inc.
	 	 	 	 	 
	 	By:	 	 
	 	Name: 	Martin Ward	 
	 	Title:	Chief Financial Officer
	 	 	 	 	 
	 	MAHAM, LLC	 
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Skylar Hauswirth
	 	 	Title:	Manager	
	 	 	 	 	 
	 	 	By:		 
	 	 	Name:	Daniel Troiano
	 	 	Title:	Chairman	

 

	 	Members:	 
	 	 	 	 
	 	Member Name:	First Choice International Company, Inc.	 
	 	 	 	 
	 	By:	/s/ Mark Peikin	 
	 	 	 	 
	 	Name:	Mark Peikin	 
	 	 	 	 
	 	Title:	CEO	 
	 	 	(if applicable)EX-4.1

 Exhibit 4.1 
  

 
  

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2019-1 

Class A-1 2.72404% Auto Loan Asset Backed Notes 

Class A-2-A 2.91% Auto Loan Asset Backed Notes 

Class A-2-B LIBOR + 0.27% Auto Loan Asset Backed Notes 

Class A-3 3.00% Auto Loan Asset Backed Notes 

Class B 3.21% Auto Loan Asset Backed Notes 

Class C 3.42% Auto Loan Asset Backed Notes 

Class D 3.65% Auto Loan Asset Backed Notes 

Class E Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of February 20, 2019 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, as the Indenture Trustee 
  
  

 
  

 CROSS REFERENCE TABLE1 

 

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

  

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

	2	 N.A. means Not Applicable. 

 

  
 Indenture (SDART 2019-1) 

 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
	  	 	7	 
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	7	 
	 SECTION 2.8
	 	 Cancellation
	  	 	8	 
	 SECTION 2.9
	 	 Release of Collateral
	  	 	8	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	8	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	9	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	9	 
	 SECTION 2.13
	 	 Authenticating Agents
	  	 	10	 
	 SECTION 2.14
	 	 Tax Treatment
	  	 	10	 
	 SECTION 2.15
	 	 Certain Transfer Restrictions on all Classes of the Notes
	  	 	11	 
	 SECTION 2.16
	 	 Certain Transfer Restrictions on the 144A Notes
	  	 	12	 
	 SECTION 2.17
	 	 Certain Transfer Restrictions on the Restricted Notes
	  	 	16	 
	 SECTION 2.18
	 	 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate
	  	 	18	 
		
	ARTICLE III         COVENANTS	  	 	18	 
			
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	18	 
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	18	 
	 SECTION 3.3
	 	 Money for Payments To Be Held in Trust
	  	 	19	 
	 SECTION 3.4
	 	 Existence
	  	 	20	 
	 SECTION 3.5
	 	 Protection of Collateral
	  	 	20	 
	 SECTION 3.6
	 	 Opinions as to Collateral
	  	 	21	 
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	22	 
	 SECTION 3.8
	 	 Negative Covenants
	  	 	22	 
	 SECTION 3.9
	 	 Annual Compliance Statement
	  	 	23	 
	 SECTION 3.10
	 	 Restrictions on Certain Other Activities
	  	 	24	 
	 SECTION 3.11
	 	 Restricted Payments
	  	 	24	 
	 SECTION 3.12
	 	 Notice of Events of Default; Servicer Replacement Events
	  	 	25	 
	 SECTION 3.13
	 	 Further Instruments and Acts
	  	 	25	 
	 SECTION 3.14
	 	 Compliance with Laws
	  	 	25	 
	 SECTION 3.15
	 	 Removal of Administrator
	  	 	25	 
	 SECTION 3.16
	 	 Perfection Representations, Warranties and Covenants
	  	 	25	 
	 SECTION 3.17
	 	 Investment Company Act
	  	 	25	 
	 SECTION 3.18
	 	 Tax Information
	  	 	25	 

  

					
		 	i	  	Indenture (SDART 2019-1)

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 3.19
	 	 Debt Instruments
	  	 	25	 
		
	 ARTICLE IV         SATISFACTION AND
DISCHARGE
	  	 	25	 
			
	 SECTION 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	25	 
	 SECTION 4.2
	 	 Application of Trust Money
	  	 	26	 
	 SECTION 4.3
	 	 Repayment of Monies Held by Paying Agent
	  	 	26	 
		
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES
	  	 	27	 
			
	 SECTION 5.1
	 	 Events of Default
	  	 	27	 
	 SECTION 5.2
	 	 Acceleration of Maturity
	  	 	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
	  	 	34	 
	 SECTION 5.7
	 	 Rights of Noteholders To Receive Principal and Interest
	  	 	35	 
	 SECTION 5.8
	 	 Restoration of Rights and Remedies
	  	 	35	 
	 SECTION 5.9
	 	 Rights and Remedies Cumulative
	  	 	35	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	36	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	36	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	36	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	37	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	37	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	37	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	37	 
	 SECTION 5.17
	 	 Sale of Collateral
	  	 	38	 
		
	 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
	  	 	42	 
	 SECTION 6.4
	 	 The Indenture Trustee’s Disclaimer
	  	 	42	 
	 SECTION 6.5
	 	 Notice of Defaults
	  	 	43	 
	 SECTION 6.6
	 	 Reports by the Indenture Trustee to Noteholders
	  	 	43	 
	 SECTION 6.7
	 	 Compensation and Indemnity
	  	 	43	 
	 SECTION 6.8
	 	 Removal, Resignation and Replacement of the Indenture Trustee
	  	 	44	 
	 SECTION 6.9
	 	 Successor Indenture Trustee by Merger
	  	 	45	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee
	  	 	45	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	47	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against the Issuer
	  	 	47	 
	 SECTION 6.13
	 	 Representations and Warranties
	  	 	47	 

  

					
		 	ii	  	Indenture (SDART 2019-1)

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII         NOTEHOLDERS’ LISTS
AND REPORTS
	  	 	47	 
			
	 SECTION 7.1
	 	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	 	47	 
	 SECTION 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	48	 
	 SECTION 7.3
	 	 Reports by the Indenture Trustee
	  	 	48	 
	 SECTION 7.4
	 	 Rule 144A Information
	  	 	48	 
	 SECTION 7.5
	 	 Noteholder Demand for Repurchase, Dispute Resolution
	  	 	48	 
	 SECTION 7.6
	 	 Asset Review Voting
	  	 	50	 
		
	 ARTICLE VIII         ACCOUNTS, DISBURSEMENTS
AND RELEASES
	  	 	51	 
			
	 SECTION 8.1
	 	 Collection of Money
	  	 	51	 
	 SECTION 8.2
	 	 Trust Accounts
	  	 	51	 
	 SECTION 8.3
	 	 General Provisions Regarding Accounts
	  	 	52	 
	 SECTION 8.4
	 	 Release of Collateral
	  	 	53	 
	 SECTION 8.5
	 	 Opinion of Counsel
	  	 	53	 
		
	 ARTICLE IX         SUPPLEMENTAL
INDENTURES
	  	 	54	 
			
	 SECTION 9.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	54	 
	 SECTION 9.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	55	 
	 SECTION 9.3
	 	 Execution of Supplemental Indentures
	  	 	56	 
	 SECTION 9.4
	 	 Effect of Supplemental Indenture
	  	 	57	 
	 SECTION 9.5
	 	 Conformity With Trust Indenture Act
	  	 	57	 
	 SECTION 9.6
	 	 Reference in Notes to Supplemental Indentures
	  	 	57	 
		
	 ARTICLE X         REDEMPTION OF NOTES
	  	 	57	 
			
	 SECTION 10.1
	 	 Redemption
	  	 	57	 
	 SECTION 10.2
	 	 Form of Redemption Notice
	  	 	58	 
	 SECTION 10.3
	 	 Notes Payable on Redemption Date
	  	 	58	 
		
	 ARTICLE XI         MISCELLANEOUS
	  	 	58	 
			
	 SECTION 11.1
	 	 Compliance Certificates and Opinions, etc
	  	 	58	 
	 SECTION 11.2
	 	 Form of Documents Delivered to the Indenture Trustee
	  	 	60	 
	 SECTION 11.3
	 	 Acts of Noteholders
	  	 	61	 
	 SECTION 11.4
	 	 Notices
	  	 	61	 
	 SECTION 11.5
	 	 Notices to Noteholders; Waiver
	  	 	61	 
	 SECTION 11.6
	 	 Alternate Payment and Notice Provisions
	  	 	62	 
	 SECTION 11.7
	 	 Conflict with Trust Indenture Act
	  	 	62	 
	 SECTION 11.8
	 	 Information Requests
	  	 	62	 
	 SECTION 11.9
	 	 Effect of Headings and Table of Contents
	  	 	63	 
	 SECTION 11.10
	 	 Successors and Assigns
	  	 	63	 
	 SECTION 11.11
	 	 Separability
	  	 	63	 
	 SECTION 11.12
	 	 Benefits of Indenture
	  	 	63	 
	 SECTION 11.13
	 	 Legal Holidays
	  	 	63	 

  

					
		 	iii	  	Indenture (SDART 2019-1)

 TABLE OF CONTENTS 

(Continued) 
  

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

  

			
	Schedule I	  	Perfection Representations, Warranties and Covenants
		
	Exhibit A-1	  	Form of Notes (other than 144A Notes)
	Exhibit A-2	  	Form of 144A Notes

  

					
		 	iv	  	Indenture (SDART 2019-1)

 This INDENTURE, dated as of February 20, 2019 (as amended, supplemented or
otherwise modified and in effect from time to time, this “Indenture”), is between SANTANDER DRIVE AUTO RECEIVABLES TRUST 2019-1, a Delaware statutory trust (the
“Issuer”), and WELLS FARGO 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 2.72404% Auto Loan Asset Backed Notes (the “Class A-1 Notes”),
Class A-2-A 2.91% Auto Loan Asset Backed Notes (the “Class A-2-A
Notes”), Class A-2-B LIBOR + 0.27% Auto Loan Asset Backed Notes (the
“Class A-2-B Notes” and, together with the Class A-2-A Notes, the “Class A-2 Notes”) and Class A-3 3.00% Auto Loan Asset Backed Notes (the “Class A-3 Notes” and,
together with the Class A-1 Notes and the Class A-2 Notes, the “Class A Notes”), then for the equal and ratable benefit of the Holders of the
Issuer’s Class B 3.21% Auto Loan Asset Backed Notes (the “Class B Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class C 3.42% 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 3.65% 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 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. 

  

					
		 		  	Indenture (SDART 2019-1)

 Without limiting the foregoing Grant, any Receivable purchased by the Servicer pursuant to
Section 3.6 of the Sale and Servicing Agreement or repurchased by Santander Consumer pursuant to Section 3.4 of the Purchase Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being
taken by the Indenture Trustee upon payment by the Servicer or Santander Consumer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale and Servicing Agreement dated as of February 20, 2019 (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 

  

					
		 	2	  	Indenture (SDART 2019-1)

 
“hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture;
(d) references to any Article, Section, 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-1 and Exhibit A-2 hereto, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the
Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of
this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of
its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of $172,500,000, Class A-2-A Notes for
original issue in an aggregate principal amount of $156,100,000, Class A-2-B Notes for original issue in an aggregate principal amount of $75,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $133,570,000, Class B Notes for original issue in an aggregate principal amount of $121,350,000, Class C Notes for original issue
in an aggregate principal amount of $149,740,000, Class D Notes for original issue in an aggregate principal amount of $133,590,000 and Class E Notes for original issue in an aggregate principal amount of

  

					
		 	3	  	Indenture (SDART 2019-1)

 
$101,870,000. 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. 
 Each Note shall be
dated the date of its authentication. The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000
in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of $1,000). The Class E Notes shall be issuable as registered Notes in the minimum denomination of $2,500,000 and
in integral multiples of $1,000 in excess thereof (except for two Notes which may be issued in a lesser denomination and/or in integral multiples in excess thereof of other than $1,000). 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary Notes. Pending the preparation
of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

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

SECTION 2.4 Registration of Transfer and Exchange. 

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

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note 

  

					
		 	4	  	Indenture (SDART 2019-1)

 
Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 
 Notwithstanding the foregoing, for so long as Wells Fargo 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. 
 (f) The Indenture Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under 

  

					
		 	5	  	Indenture (SDART 2019-1)

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

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

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

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

  

					
		 	6	  	Indenture (SDART 2019-1)

 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. 

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. 

  

					
		 	7	  	Indenture (SDART 2019-1)

 (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 Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.8, except as expressly permitted by this Indenture. All
cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it;
provided that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. 

SECTION 2.9 Release of Collateral. Except as contemplated by Section 11.1(b)(v), the Indenture Trustee shall
release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the Notes have been redeemed in accordance with
Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such
Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms
of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

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

  

					
		 	8	  	Indenture (SDART 2019-1)

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

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

  

					
		 	9	  	Indenture (SDART 2019-1)

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

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

(a) The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as indebtedness for U.S.
federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered to be the same Person as the Issuer for U.S. federal
income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S. federal income tax
purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates 

  

					
		 	10	  	Indenture (SDART 2019-1)

 
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. 
 (c) Prior to the first Payment Date, at
any time required by law and/or promptly upon request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information. Each Noteholder is deemed
to understand that by acceptance of a Note, such Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold as required on
amounts payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. If the Issuer has
actual knowledge that FATCA Withholding applies with respect to one or more payments on a Note, the Issuer will notify the Indenture Trustee thereof. 

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

(a) By acquiring a Note (or any interest therein), each purchaser and transferee (and, if applicable, its fiduciary) (i) shall be deemed
to represent and warrant that either (a) it is not acquiring such Note (or any interest therein) on behalf of, or with any assets of, a Benefit Plan or any governmental, church or other plan or retirement arrangement that is subject to Similar
Law or (b) the acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code or a violation of any Similar Law and (ii) acknowledges and agrees if it is a Benefit Plan or a Plan that is subject to Similar Law, it shall not acquire such Note (or any interest therein) at any time that the ratings on such Note are
below investment grade or if such Note has been characterized as other than indebtedness for applicable local law purposes. 
 (b) If for tax
or other reasons it may be necessary to track any Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Depositor or the Administrator
as a condition to such transfer. 
 (c) Any purported transfer of a Note not in accordance with this Section 2.15
or not in accordance with Sections 2.16, 2.17 or 2.18 shall be null and void ab initio and shall not be given effect for any purpose hereunder. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf,
any Notes acquired in violation of the foregoing at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice of the voided
transfer, then the Issuer shall cause such Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in
accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value). 

  

					
		 	11	  	Indenture (SDART 2019-1)

 (d) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture (including, without limitation, under this Section 2.15 or under Sections 2.16, 2.17 or 2.18) or under applicable law with
respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.16 Certain
Transfer Restrictions on the 144A Notes. 
 (a) None of the Issuer, the Indenture Trustee nor any other Person may register the 144A
Notes under the Securities Act or any state securities laws. No 144A Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional
Buyer in accordance with Rule 144A (except for transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the 144A Notes by the
Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement). 
 (b) Prior to any sale or transfer of
any 144A Note (or any interest therein) each prospective transferee of such 144A Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof) shall be deemed
to make the following representations to the Indenture Trustee, the Note Registrar and the Depositor: 
 (i) The transferee
(A) is a Qualified Institutional Buyer, (B) is aware that the sale of the 144A Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the 144A Notes for its own account or
for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such 144A Note for the
purchaser and for each such account. 
 (ii) The 144A Notes may not at any time be held by or on behalf of any Person (other
than the Depositor or an Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee
understands that the 144A Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the 144A Notes have been or will be registered under the Securities Act,
and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the 144A Notes, such 144A Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and the applicable legend on
such 144A Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable State securities laws for resale of the 144A Notes. 

  

					
		 	12	  	Indenture (SDART 2019-1)

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

(vii) The transferee will not, at any time, offer to buy or offer to sell the 144A Notes by any form of general solicitation or
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, 

  

					
		 	13	  	Indenture (SDART 2019-1)

 
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. 

(viii) The transferee is not acquiring the 144A Notes with a view to the resale, distribution or other disposition thereof in
violation of the Securities Act. 
 (ix) The transferee will provide notice to each Person to whom it proposes to transfer
any interest in the 144A Notes of the transfer restrictions and representations set forth in this Indenture. 
 (x) The
transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

(c) Each 144A Note will bear a legend to the following effect: 

“THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR
ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS
EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [FOR CLASS A, CLASS B, CLASS C AND CLASS D NOTES: $1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000
IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)] [FOR CLASS E NOTES: $2,500,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN EXCESS THEREOF (EXCEPT FOR
TWO SUCH NOTES WHICH MAY BE ISSUED IN A LESSER DENOMINATION AND/OR IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)] FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS
NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND 

  

					
		 	14	  	Indenture (SDART 2019-1)

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

  

					
		 	15	  	Indenture (SDART 2019-1)

 TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER
DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.” 
 SECTION 2.17 Certain Transfer Restrictions on the
Restricted Notes. 
 (a) Any Notes (or interests therein) beneficially owned by the Issuer or the single beneficial owner of the Issuer
for United States federal income tax purposes after the Closing Date may not be transferred for United States federal income tax purposes to another Person (other than the single beneficial owner of the Issuer for United States federal income tax
purposes) unless the Administrator shall cause an Opinion of Counsel, of nationally recognized tax counsel, to be delivered to the Depositor and the Indenture Trustee to the effect that either (x) such Notes will be treated as debt for United
States federal income tax purposes or (y) the sale of such Notes will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

(b) Prior to any sale or transfer of any Restricted Note (or any interest therein), each prospective transferee of such Restricted Note (or any
interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be required to provide to the Indenture Trustee and Depositor a certification of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other
certification, representations or opinion of counsel as may be requested by the Depositor or the Indenture Trustee), or other information or documentation requested by the Depositor or the Indenture Trustee to determine, in consultation with the
Depositor, that payments on such Restricted Notes (or interest therein) will not be subject to withholding under U.S. tax law. 
 (c) Prior
to any sale or transfer of any Restricted Note (or any interest therein) each prospective transferee of such Restricted Note (or any interest therein) (except for transfers of such Notes to the Depositor or any of its U.S. corporate Affiliates (or
disregarded entities thereof)) shall be deemed to provide the following acknowledgments, representations and agreements to the Indenture Trustee, the Note Registrar and the Depositor unless the Depositor has received an opinion of nationally
recognized tax counsel to the effect that the transfer of the Restricted Note without any or all of the acknowledgments, representations and agreements described below will not cause the Issuer to be treated as an association or publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor has consented to such transfer in writing: 

(i) The transferee will provide notice to each Person to whom it proposes to transfer any interest in the Restricted Notes of
the transfer restrictions and representations set forth in this Indenture. 
 (ii) The transferee’s beneficial interest
in a Restricted Note is not and will not be in an amount that is less than the minimum denomination for such Note set forth in this Indenture, and the transferee does not and will not hold any interest on behalf of any person whose beneficial
interest in such a Note is in an amount that is less than the minimum denomination for such Note set forth in this Indenture. 

  

					
		 	16	  	Indenture (SDART 2019-1)

 (iii) A transferee that is a partnership, a corporation taxed under
Subchapter S of the Code or grantor trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) is not and will not be used with a principal purpose of the arrangement involving such
entity’s beneficial interest in any Restricted Notes or Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary for
such partnership not to be classified as a publicly traded partnership under the Code. 
 (iv) No Noteholder of a Restricted
Note shall acquire or transfer any Restricted Note (or any interest therein) or cause any Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of
Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or
sell quotations. 
 (v) If any Restricted Note held by the transferee is required to be treated other than as described under
Section 2.14(a), then the transferee, or, if different, the beneficial owner of such Restricted Note, shall agree to the designation made pursuant to the Trust Agreement of the partnership representative (and the tax
matters partner for any applicable state or local tax purposes) of any partnership in which such Noteholder or beneficial owner is deemed to be a partner under Section 6223(a) of the Code (and any corresponding provision of state law) and any
applicable Treasury Regulations thereunder. 
 (vi) (A) Each Noteholder of a Restricted Note shall provide to the
Administrator on behalf of the Issuer and the Depositor any further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law),
(B) if such Noteholder is not the beneficial owner of such Restricted Note, the beneficial owner of such Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor any further information required by the Issuer to
comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of the Code (and any corresponding provision of state law) and, to the extent the Issuer determines such appointment necessary for it to make an election under
Section 6226(a) of the Code (or any corresponding provision of state law), hereby appoints the Noteholder as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2)
of the Code (and any corresponding provision of state law) and (C) to the extent applicable, each Noteholder of a Restricted Note and, if different, each beneficial owner of a Restricted Note, shall hold the Issuer and its affiliates harmless
for any expenses or losses (i) resulting from a beneficial owner of a Restricted Note not properly taking into account or paying its allocated adjustment or liability under Section 6226 of the Code (or any corresponding provision of state
law) or (ii) that the Issuer or its affiliates may suffer that are attributable to the management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) or otherwise due to actions it
takes with respect to and to comply with the rules under Sections 6221 through 6241 of the Code (or any corresponding provision of state law). 

  

					
		 	17	  	Indenture (SDART 2019-1)

 (vii) The transferee acknowledges that any transfer in violation of the
foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

SECTION 2.18 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate. The restrictions on transfer of Notes retained by the
Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes provided in Section 2.17(a) shall not continue to apply in the event the Indenture Trustee and the Depositor
have received the Initial Certificate Transfer Opinion. 
 ARTICLE III 

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

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

SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain in Minneapolis,
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. 

  

					
		 	18	  	Indenture (SDART 2019-1)

 SECTION 3.3 Money for Payments To Be Held in Trust. As provided in
Section 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee
or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and Servicing Agreement. 

By noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or cause to be
deposited into the Collection Account Available Funds with respect to the related Collection Period, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 
 The
Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent,
it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent will: 
 (i)
hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to
such Persons as provided in the Transaction Documents; 
 (ii) give the Indenture Trustee written notice of any default by
the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

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

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

  

					
		 	19	  	Indenture (SDART 2019-1)

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

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

  

					
		 	20	  	Indenture (SDART 2019-1)

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

SECTION 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuer shall furnish to or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating
(i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the filing of any
financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest effective. 
 (b) Within 120 days after the beginning of each
calendar year, beginning with April 30, 2020, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to 

  

					
		 	21	  	Indenture (SDART 2019-1)

 
maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the
Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the other Transaction Documents or such other
instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and
any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the
Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer shall, and shall cause the
Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including
but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in
accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long as
any Notes are Outstanding, the Issuer shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and
managing the Receivables and the other Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as
expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 

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

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

  

					
		 	22	  	Indenture (SDART 2019-1)

 (e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the
lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted
hereby, (ii) permit any Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof and (iii) permit the
lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is
secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first
priority security interest in the Financed Vehicle in favor of the Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the
transactions contemplated by the Transaction Documents); 
 (f) incur, assume or guarantee any indebtedness other than indebtedness incurred
in accordance with the Transaction Documents; or 
 (g) merge or consolidate with, or transfer substantially all of its assets to, any other
Person. 
 SECTION 3.9 Annual Compliance Statement. 

(a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the
Indenture Trustee and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 2019), 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); 

  

					
		 	23	  	Indenture (SDART 2019-1)

 (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 or actual notice of any information contained therein or determinable from
information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer (which shall end
on December 31st of each year). 
 SECTION 3.10 Restrictions on Certain Other
Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents;
(ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the
effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of,
own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term
or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION 3.11 Restricted Payments. The Issuer
shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to 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. 

  

					
		 	24	  	Indenture (SDART 2019-1)

 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. 
 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 
 SECTION 3.16
Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

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

SECTION 3.19 Debt Instruments. The Issuer represents that the Notes are of the type of debt instruments where payments under such debt
instruments may be accelerated by reason of prepayments of other obligations securing such debt instruments. 
 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

  

					
		 	25	  	Indenture (SDART 2019-1)

 
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; 

(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.

  

					
		 	26	  	Indenture (SDART 2019-1)

 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; 
 (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

  

					
		 	27	  	Indenture (SDART 2019-1)

 
in clause (c) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause (c) shall be extended for an
additional 60 calendar days and (D) if any delay or failure of performance referred to in clause (d) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause
(d) shall be extended for an additional 60 calendar days. 
 SECTION 5.2 Acceleration of Maturity. 

(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to
the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an
Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and
payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 
 (b) At any time after such
declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a
majority of the Note Balance of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of
and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred and (B) all sums paid or advanced by the Indenture Trustee hereunder
and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

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

  

					
		 	28	  	Indenture (SDART 2019-1)

 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. 
 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person
having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable Proceedings relative to the Issuer or
other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

  

					
		 	29	  	Indenture (SDART 2019-1)

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

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such 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 

  

					
		 	30	  	Indenture (SDART 2019-1)

 
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 
 (iv)
subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights
or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 
 provided, however, that
the Indenture Trustee may not exercise the remedy described in clause (iv) above unless (A) the Holders of all Outstanding Notes have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in
full the principal of and the accrued interest on the Outstanding Notes or (C) the Event of Default either (x) relates to a default described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture
Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been
declared due and payable or (y) relates to a Bankruptcy Event and, in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the holders of at least 66-2/3%
of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and (C)(x) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if
the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to

  

					
		 	31	  	Indenture (SDART 2019-1)

 
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, reasonable expenses and
indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior periods), and to the Asset Representations Reviewer, any accrued and unpaid fees (including unpaid fees with respect to prior periods),
reasonable expenses and indemnification amounts, in each case, to the extent not previously paid by Santander Consumer; 

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

(iii) third, to the Holders of the Class A Notes, the Accrued Class A Note Interest; provided that if
there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on
the amount of interest payable to each Class of Class A Notes; 
 (iv) fourth, (a) if an
acceleration of the Notes has occurred following or as a result of an Event of Default described in Section 5.1(a), (b) or (e), in the following order of priority: 

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

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

(4) to the Holders of the Class B Notes in respect of principal thereof until the Class B Notes have been paid in
full; 
 (5) to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

  

					
		 	32	  	Indenture (SDART 2019-1)

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

  

					
		 	33	  	Indenture (SDART 2019-1)

 (10) to the Holders of the Class E Notes in respect of principal
thereof until the Class E Notes have been paid in full; and 
 (v) fifth, any remaining funds shall be
distributed to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to or at the direction of
the Certificateholders. 
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

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

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the
Collateral and shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such
purpose. 
 SECTION 5.6 Limitation of Suits. 

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

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 

  

					
		 	34	  	Indenture (SDART 2019-1)

 (iv) the Indenture Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction inconsistent with such
written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Note Balance of the Controlling Class. 

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

(b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION 5.7 Rights of
Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due
dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such
Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies Cumulative. No
right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy except to the extent explicitly set forth herein, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The 

  

					
		 	35	  	Indenture (SDART 2019-1)

 
assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and
6.2(e), Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided that 

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

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

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

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

  

					
		 	36	  	Indenture (SDART 2019-1)

 
shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any
Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other Default or Event of Default or impair any right
consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to
(a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Note Balance of the Outstanding Notes or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 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. 

  

					
		 	37	  	Indenture (SDART 2019-1)

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

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

  

					
		 	38	  	Indenture (SDART 2019-1)

 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, and a Responsible Officer of the Indenture Trustee has actual knowledge thereof or a
Responsible Officer of the Indenture Trustee has received written notice thereof, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Prior to the occurrence
of an Event of Default: 
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

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

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

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

(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. 

  

					
		 	39	  	Indenture (SDART 2019-1)

 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (g) No provision of this
Indenture or any other Transaction Document shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 

(h) Every provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

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

SECTION 6.2 Rights of the Indenture Trustee. 

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

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

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

  

					
		 	40	  	Indenture (SDART 2019-1)

 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture or to institute, conduct or defend any investigation, proceeding or litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to
this Indenture (other than requests, demands or directions relating to an Asset Review as described in Section 7.6 hereof or to the Noteholders’ or Note Owners’ rights to communicate with each other as described
in Section 3.13 of the Sale and Servicing Agreement) unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the reasonable costs,
expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction (including any legal fees, costs and expenses incurred in connection with any enforcement
(including any action, claim or suit) by the Indenture Trustee of any indemnification or other obligation of the Noteholders). 
 (g) In the
performance of its obligations as Relevant Trustee under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to all of the same rights, protections, indemnities and immunities of the Indenture Trustee under this Indenture. 

(h) The Indenture Trustee shall not be imputed with any knowledge of, or information possessed or obtained by any other Person, or any
affiliate, line of business, or other division of Wells Fargo Bank, National Association (and vice versa) unless such person is a Responsible Officer of the Indenture Trustee or the Indenture Trustee also has such actual knowledge or information.
Information contained in any reports delivered to the Indenture Trustee and any other publicly available information shall not constitute actual or constructive knowledge; provided, however, that, notwithstanding any
provision in the Transaction Documents to the contrary, any document delivered to the Indenture Trustee the information contained in which the Indenture Trustee is required to take notice of to fulfill its obligations under the Transaction Documents
or under applicable law shall constitute actual notice to the Indenture Trustee of such information. 
 (i) Notwithstanding anything to the
contrary herein or otherwise, under no circumstance will the Indenture Trustee be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits). 

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

  

					
		 	41	  	Indenture (SDART 2019-1)

 (m) Neither the Indenture Trustee nor any of its officers, directors, employees, attorneys
or agents will be responsible or liable for the existence, genuineness, value or protection of any collateral, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents, for the creation, perfection, continuation,
priority, sufficiency or protection of any liens with regard to the Collateral or the Transaction Documents, or for any defect or deficiency as to any such matters, to monitor the status of any lien or the performance of the Collateral, or for any
failure to demand, collect, foreclose or realize upon or otherwise enforce any of such liens or the Transaction Documents or any delay in doing so, unless such responsibility or liability is otherwise imposed on the Indenture Trustee under this
Indenture. 
 (n) The Indenture Trustee shall not be liable solely for any action or inaction of the Issuer, the Noteholders, the Servicer,
or any other party (or agent thereof) to this Indenture or any other Transaction Document and may assume compliance by such parties with their obligations under this Indenture or any other Transaction Documents, unless a Responsible Officer of the
Indenture Trustee has actual knowledge or received written notice to the contrary. 
 (o) Notwithstanding anything to the contrary in this
Indenture, the Indenture Trustee shall not be required to take any action that is not in accordance with applicable law. 
 (p) Except as
otherwise provided in Sections 7.5 and 7.6 hereof and Sections 3.6, 9.21 and 9.24 of the Sale and Servicing Agreement, the Indenture Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition
requiring the repurchase of any Receivable, or the eligibility of any Receivable for purposes of this Indenture. 
 (q) The Indenture Trustee
shall not be liable with respect to any action it takes or omits to take in accordance with a direction received by it from the Issuer or the required Noteholders, as the case may be, in accordance with the Transaction Documents. 

(r) The Indenture Trustee shall be deemed not to have knowledge of any event or information (including, but not limited to, an Event of
Default) or be required to act upon any event or information (including the sending of any notice), unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof and shall have no duty to
take any action to determine whether any such event shall have occurred. 
 SECTION 6.3 Individual Rights of the Indenture Trustee.
Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective
Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with
the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate
trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
 SECTION
6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity, enforceability or adequacy of this Indenture or the Notes, shall not be accountable
for the Issuer’s use of the proceeds from the 

  

					
		 	42	  	Indenture (SDART 2019-1)

 
Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes (including any recitals),
all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

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

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

SECTION 6.7 Compensation and Indemnity. The Indenture Trustee shall be (i) paid from time to time such compensation as the
Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with an applicable fee letter, (ii) reimbursed for all reasonable expenses, advances and
disbursements reasonably incurred by it in connection with the performance of its powers and duties as Indenture Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent and (iii) indemnified for, and held harmless against,
any and all fees, costs, loss, liability, expense, tax, penalty or claim (including reasonable attorneys’ fees and expenses and court costs and any losses incurred in connection with a successful defense, in whole or part, of any claim that the
Indenture Trustee breached its standard of care and legal fees and expenses and court costs incurred in actions against the indemnifying party) incurred by it in connection with the administration of the trust or trusts hereunder or under any other
Transaction Document, the performance of its duties as Indenture Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent or the enforcement of its rights (including indemnification rights) under the Transaction Documents. The
Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by
the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder or, in the case of the Servicer, under the Sale and Servicing Agreement. The Issuer shall, or shall cause the
Servicer to, defend any such claim (except in connection with any claim for indemnification of any attorneys’ fees, costs and expenses incurred by the Indenture Trustee in connection with any enforcement (including by means of any action, claim
or suit) by the Indenture Trustee of any indemnification or other obligation of the Issuer or Servicer), and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such
counsel within a reasonable time following receipt by the Servicer of an invoice therefor. None of the Administrator, the Issuer, the Seller, or the Servicer shall be liable for or required to indemnify the Indenture Trustee from

  

					
		 	43	  	Indenture (SDART 2019-1)

 
and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or
warranty contained in Section 6.13 made by the Indenture Trustee or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 

The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the
termination, assignment, and/or discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

Any amounts payable to the Indenture Trustee pursuant to this Section 6.7 shall be paid pursuant to
Section 4.4(a) of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable (to the extent of Available Funds available therefor) or, to the extent not paid thereunder,
shall be paid by the Servicer pursuant to Section 3.11 of the Sale and Servicing Agreement. 
 SECTION 6.8
Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign 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 giving 30 days’ prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the
Indenture Trustee if: 
 (a) the Indenture Trustee fails to comply with Section 6.11; 

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

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

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

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

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.

  

					
		 	44	  	Indenture (SDART 2019-1)

 If a successor Indenture Trustee does not take office within 30 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any
resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees, indemnities and expenses owed to the outgoing Indenture Trustee. 

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

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

SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section 6.11, if the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association or other entity, the resulting, surviving or transferee corporation or other
entity without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association or other entity shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Administrator prior written notice of any such transaction. 
 In case at the time such successor or
successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this
Indenture, at any time, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, or for an enforcement action or
where a conflict of interest exists, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and
for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights

  

					
		 	45	  	Indenture (SDART 2019-1)

 
and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.8. 
 (b) Every separate trustee and co-trustee
shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and
obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Indenture Trustee; 
 (ii) no separate trustee or co-trustee
hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; 

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

  

					
		 	46	  	Indenture (SDART 2019-1)

 
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. 

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 

  

					
		 	47	  	Indenture (SDART 2019-1)

 
Indenture Trustee is the Note Registrar or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 

SECTION 7.2 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or
the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained. 
 (b) The Noteholders may
communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more
Noteholders of Notes evidencing not less than 25% of the Note Balance, voting together as a single Class, to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall
promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto. 

(c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 

SECTION 7.3 Reports by the Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 31,
beginning with March 31, 2020, 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. 
 SECTION 7.4 Rule 144A Information. At any time when the
Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Note Owner of a
144A Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Noteholder or Note Owner, to a prospective purchaser of such 144A Note designated by such Noteholder or Note Owner or to the Indenture Trustee for
delivery (in the manner contemplated by Section 4.6 of the Sale and Servicing Agreement) to such Noteholder or Note Owner, as the case may be, or a prospective purchaser designated by such Noteholder or Note Owner, in order to permit compliance
by such Noteholder or Note Owner with Rule 144A in connection with the resale of such 144A Note by such Noteholder or Note Owner. 
 SECTION
7.5 Noteholder Demand for Repurchase, Dispute Resolution. 

  

					
		 	48	  	Indenture (SDART 2019-1)

 (a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) becomes aware of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to
repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may, by written notice to the Indenture Trustee, direct the Indenture
Trustee to notify Santander Consumer of such breach and request that Santander Consumer repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable and shall reference this Indenture, as well as
the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase
request that complies with the requirements of this Section 7.5, the Indenture Trustee shall forward such written notice to Santander Consumer and request that Santander Consumer repurchase the related Receivable pursuant
to Section 3.4 of the Purchase Agreement. For avoidance of doubt, following delivery of such notice and request to Santander Consumer, the Indenture Trustee shall have no responsibility or liability for the decision by
Santander Consumer to repurchase or not to repurchase the related Receivable. 
 (b) If a Requesting Investor directs the Indenture Trustee
to request the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of
notice of the request by Santander Consumer, the Indenture Trustee shall, at the direction of such Requesting Investor, refer the matter to either mediation (including nonbinding arbitration) or arbitration pursuant to
Section 9.24 of the Sale and Servicing Agreement; provided, however, if the Indenture Trustee declines to refer the matter to mediation (including nonbinding arbitration) or arbitration due to the failure of
such Requesting Investor to offer the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents
and its counsel in connection with such request, the Requesting Investor may directly refer the matter to either mediation (including nonbinding arbitration) or arbitration pursuant to Section 9.24 of the Sale and Servicing
Agreement. 
 (c) A Requesting Investor shall not be required to direct that an Asset Review be performed prior to submitting a repurchase
request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 9.24 of the Sale and Servicing Agreement with respect to such Receivable. The failure of a Requesting Investor to direct
an Asset Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained in the vote to cause an Asset Review shall not affect whether
such Requesting Investor may use the dispute resolution proceedings pursuant to Section 9.24 of the Sale and Servicing Agreement. A Requesting Investor may refer to either mediation (including nonbinding arbitration) or
arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement a dispute related to any Receivables, including any Receivables that the Asset Representations Reviewer did not review in connection with an Asset
Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review and any Receivables that the Asset Representations Reviewer reviewed and determined that there were no Test Fails in connection
with an Asset Review. 

  

					
		 	49	  	Indenture (SDART 2019-1)

 SECTION 7.6 Asset Review Voting.  

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by
Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset
Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing
that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from
pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such
Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall
submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer will include or cause to be included in the related Form
10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance
with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage
exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to
Section 9.24 of the Sale and Servicing Agreement. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of
directing an Asset Review of the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether
or not a Noteholder Direction has occurred. 
 (b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a
written notice (a “Review Notice”) to Santander Consumer, the Depositor, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review
Satisfaction Date and directing the Asset Representations Reviewer to conduct an Asset Review of the Subject Receivables. 
 (c)
Notwithstanding clauses (a) and (b) of this Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not
direct an Asset Review be performed prior to (i)(x) directing the Indenture Trustee to notify Santander Consumer of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase
Agreement that would require Santander Consumer to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that Santander Consumer repurchase the related Receivable pursuant to
Section 7.5 hereof or (ii) referring the matter, at its discretion, to either mediation (including nonbinding arbitration) or arbitration pursuant to Section 9.24 of the Sale and Servicing
Agreement. 

  

					
		 	50	  	Indenture (SDART 2019-1)

 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 based on the Outstanding Note Balance of the Class A-2-A Notes and the Class A-2-B Notes, until the
Class A-2 Notes are paid in full and to the Class A-3 Noteholders until the Class A-3 Notes are paid in full; 

(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. 

  

					
		 	51	  	Indenture (SDART 2019-1)

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

SECTION 8.3 General Provisions Regarding Accounts. 

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

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

  

					
		 	52	  	Indenture (SDART 2019-1)

 
the Servicer; provided, however, that if no standing instructions shall have been given to the Indenture Trustee, the funds shall remain uninvested. 

(d) Pursuant to Section 4.1(b) of the Sale and Servicing Agreement, the Servicer acknowledges that upon its written
request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. The Servicer agrees that such
notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. 

SECTION 8.4 Release of Collateral. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may if permitted
by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control
over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4 only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate and an Opinion of Counsel. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on
any Receivable to be sold to (i) the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (ii) Santander Consumer in accordance with Section 3.4 of the Purchase
Agreement. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ prior notice (or such
lesser time as is acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also
require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, that such Opinion of 

  

					
		 	53	  	Indenture (SDART 2019-1)

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

 SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

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

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

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

  

					
		 	54	  	Indenture (SDART 2019-1)

 (e) Notwithstanding subsection (a) of this
Section 9.1, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander
Consumer and/or its Affiliates, such Person (or Persons) consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and
the Owner Trustee, materially and adversely affect the interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of
clause (i), any party shall be entitled to rely on an Officer’s Certificate or similar certification of Santander Consumer or any Affiliate thereof to such effect. It will not be necessary to obtain the consent of the Certificateholders to
approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. 

(a) With the consent of Noteholders holding not less than a majority of the Note Balance of the Outstanding Notes, voting together as a single
Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), may enter into one or more indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby and prior notice by the Issuer to the Rating Agencies: 
 (i)
change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 

(ii) reduce the percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

(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 

  

					
		 	55	  	Indenture (SDART 2019-1)

 
permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security
provided by the lien of this Indenture; or 
 (vii) impair the right to institute suit for the enforcement of payment as
provided in Section 5.7. 
 (b) It shall not be necessary for any Act of Noteholders under this Section 9.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

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

(e) Notwithstanding subsection (a) of this Section 9.2, this Indenture may only be amended by the Issuer and the Indenture Trustee if
(i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates, such Person (or Persons) consent to such amendment or (ii) such amendment shall
not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. In determining whether
100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of clause (i), any party shall be entitled to rely on an Officer’s Certificate or similar certification of Santander
Consumer or any Affiliate thereof to such effect. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the
substance thereof. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by,
any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall
be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into

  

					
		 	56	  	Indenture (SDART 2019-1)

 
any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

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

REDEMPTION OF NOTES 

SECTION 10.1 Redemption. 

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

(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. 

  

					
		 	57	  	Indenture (SDART 2019-1)

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

All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

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

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

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

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

  

					
		 	58	  	Indenture (SDART 2019-1)

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

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

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

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

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

  

					
		 	59	  	Indenture (SDART 2019-1)

 (iii) Other than as contemplated by Section 11.1(b)(v), whenever
any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the
fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the
provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause
(iii) above and this clause (iv), equals 10% or more of the aggregate Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than one percent of the then aggregate Note Balance. 
 (v) Notwithstanding
Section 2.9 or any other provision of this Section 11.1, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

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

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

  

					
		 	60	  	Indenture (SDART 2019-1)

 Whenever in this Indenture, in connection with any application or certificate or report to
the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at
the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in
any such document as provided in Article VI. 
 SECTION 11.3 Acts of Noteholders. 

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

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

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

SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid or via electronic 

  

					
		 	61	  	Indenture (SDART 2019-1)

 
transmission to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect
to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

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

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

  

					
		 	62	  	Indenture (SDART 2019-1)

 SECTION 11.9 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.10
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its
successors. 
 SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.12 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 SECTION 11.13 Legal Holidays. In any case where the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.14 GOVERNING LAW;
Submission to Jurisdiction; Waiver of Jury Trial. 
 (a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably
and unconditionally: 
 (i) submits for itself and its property in any Proceeding relating to this Indenture or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (ii) consents that any such Proceeding may be brought
and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of 

  

					
		 	63	  	Indenture (SDART 2019-1)

 
mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent permitted by applicable law, each party
hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

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

  

					
		 	64	  	Indenture (SDART 2019-1)

 
in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or
any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general
assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other
Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

SECTION 11.19 Intent. 

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

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

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

  

					
		 	65	  	Indenture (SDART 2019-1)

 
applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. The
provisions of this Section 11.20 will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture
Trustee), by entering into or accepting this agreement, a Certificateholder, by accepting a Certificate, and the Owner Trustee and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees
that no adequate remedy at law exists for a breach of this Section 11.20 and the terms of this Section 11.20 may be enforced by an action for specific performance. The provisions of this
Section 11.20 will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 

SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties that (a) this
document is executed and delivered by Wilmington Trust, National Association, 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
Wilmington Trust, National Association 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 Wilmington Trust, National Association, individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust,
National Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this Indenture and (e) under no circumstances shall Wilmington Trust, National
Association 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. 

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

  

					
		 	66	  	Indenture (SDART 2019-1)

 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 2019-1

 
			
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	 /s/ Roseline K. Maney

	Name:	 	Roseline K. Maney
	Title:	 	Administrative Vice President

 
			
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Indenture Trustee

			
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

  

					
		 	S-1	  	Indenture (SDART 2019-1)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and
marketable title to such Receivable free and clear of any Lien created by Santander Consumer (except any Lien which will be released prior to assignment of such Receivable under the Sale and Servicing Agreement), 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 created by Santander Consumer (other than Permitted Liens). 

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, in its capacity as custodian, 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	  	Indenture (SDART 2019-1)

 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, as pledgee of
the Issuer; 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, in its capacity as custodian, 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, not in its individual capacity but solely as 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 by the Issuer to the Indenture Trustee under the Indenture or (iv) that has been terminated. 

  

					
		 	I-2	  	Indenture (SDART 2019-1)

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

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

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 the 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 the Indenture have been finally and fully paid and performed. 

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

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

  

					
		 	I-3	  	Indenture (SDART 2019-1)

 Exhibit A-1 

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

			
	 REGISTERED
	  	$___________________2
	 No. R-________
	  	CUSIP NO. ______________
		  	ISIN. ______________

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

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

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

  

					
		 	A-1-1	  	Indenture (SDART 2019-1)

 
APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF
ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

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

  

					
		 	A-1-2	  	Indenture (SDART 2019-1)

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2019-1

 [CLASS A-1 2.72404%] [CLASS
A-2-A 2.91%] [CLASS A-2-B LIBOR + 0.27%] [CLASS
A-3 3.00%] 
 [CLASS B 3.21%] [CLASS C 3.42%] [CLASS D 3.65%] 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2019-1, 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 March 15, 2019 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance as of
the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest
Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided,
however, that the entire unpaid Class [A-1] [A-2-A]
[A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i)
[        ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an
Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and
including the Closing Date) to but excluding such Payment Date]3 [15th day of the prior calendar month (or, in the case of the initial Payment
Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]4. Interest
will be computed on the basis of [Class A-1, A-2-B: actual days elapsed and a 360-day
year][Class A-2-A, A-3, B, C, D: a 360-day year of twelve
30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of
which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

 

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

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

  

					
		 	A-1-3	  	Indenture (SDART 2019-1)

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

 

			
	SANTANDER DRIVE AUTO RECEIVABLES
	TRUST 2019-1

 
			
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		 	A-1-4	  	Indenture (SDART 2019-1)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [         ] 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	a national banking association, not in its individual capacity but solely as Indenture Trustee

 
			
		
	By:	 	  

		 	          Authorized Signatory

  

					
		 	A-1-5	  	Indenture (SDART 2019-1)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.72404%] [Class A-2-A 2.91%] [Class A-2-B LIBOR + 0.27%] [Class A-3 3.00%] [Class B 3.21%] [Class C 3.42%] [Class D 3.65%] 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 February 20, 2019 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo 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-1-6	  	Indenture (SDART 2019-1)

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

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

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

  

					
		 	A-1-7	  	Indenture (SDART 2019-1)

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

  

					
		 	A-1-8	  	Indenture (SDART 2019-1)

 ASSIGNMENT 

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

 

                          
                                         
                                         
                                         
                                         
                                         
  
 FOR VALUE RECEIVED, the undersigned hereby sells, 

assigns and transfers unto
                                         
                                         
                                         
                                         
                            

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

 

			
	Dated: _____________	  	_______________________________*/

  

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

  

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

  

					
		 	A-1-9	  	Indenture (SDART 2019-1)

 EXHIBIT A-2 

FORM OF 144A 

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

  

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

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [$1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS
OF $1,000 IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)]2 [$2,500,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF
$1,000 IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN A LESSER 
  

	1 	 In the case of Class A, Class B, Class C or Class D Notes, denominations of $1,000 and
integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of $1,000); in the case of Class E Notes, denominations of $2,500,000 and integral
multiples of $1,000 in excess thereof (except for two Notes which may be issued in a lesser denomination and/or in integral multiples in excess thereof of other than $1,000). 

	2 	 Class A, Class B, Class C and Class D Notes.

  

					
		 	A-2-1	  	Indenture (SDART 2019-1)

 
DENOMINATION AND/OR IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)]3 FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S.
CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN
REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY
INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF
THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON
DESIGNATED BY THE ISSUER. 
 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU (AND, IF YOU ARE A PLAN (AS DEFINED BELOW), YOUR
FIDUCIARY) (A) SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST
HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN”) OR ANY PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND
(B) ACKNOWLEDGE AND AGREE IF YOU ARE A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW THAT YOU SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN
CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA 

 

	3 	 Class E Notes. 

  

					
		 	A-2-2	  	Indenture (SDART 2019-1)

 
WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

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

  

					
		 	A-2-3	  	Indenture (SDART 2019-1)

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2019-1

 [CLASS A-1 2.72404%] [CLASS
A-2-A 2.91%] [CLASS A-2-B LIBOR + 0.27%] 

[CLASS A-3 3.00%] [CLASS B 3.21%] [CLASS C 3.42%] [CLASS D 3.65%] [CLASS E] 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2019-1, 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 March 15, 2019 (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] [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 Class E Interest Rate] (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] [E] Note Balance shall be due and payable on the earliest of (i) [    ] (the
“Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but
excluding such Payment Date]1 [15th day of the prior calendar month (or, in the case of
the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date
occurs]2. Interest will be computed on the basis of [Class A-1, A-2-B:
actual days elapsed and a 360-day year][Class A-2-A, A-3, B, C, D, E: 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 
  

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

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

  

					
		 	A-2-4	  	Indenture (SDART 2019-1)

 
benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		 	A-2-5	  	Indenture (SDART 2019-1)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually by its
Authorized Officer. 
 Dated:                 , 2019 

 

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2019-1

 
			
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	 A-2-6
	  	Indenture (SDART 2019-1)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:                 , 2019 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Indenture Trustee

			
		
	By:	 	  

 
			
	                  Authorized Signatory

  

					
		 	A-2-7	  	Indenture (SDART 2019-1)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.72404%] [Class A-2-A 2.91%] [Class A-2-B LIBOR + 0.27%] [Class A-3 3.00%] [Class B 3.21%] [Class C 3.42%] [Class D 3.65%] [Class E] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] [E] Notes” or the “Notes”), all issued
under an Indenture, dated as of February 20, 2019 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo 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] [E] 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] [E] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] [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

  

					
		 	A-2-8	  	Indenture (SDART 2019-1)

 
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 Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable and such amount shall be
payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 

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

  

					
		 	A-2-9	  	Indenture (SDART 2019-1)

 
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. 

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-2-10	  	Indenture (SDART 2019-1)

 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-2-11	  	Indenture (SDART 2019-1)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]