Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2, 

as Issuer 
 and 

SANTANDER CONSUMER USA INC., 
 as
Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 Dated as of
April 18, 2018 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	 ARTICLE I.     DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	    	Definitions	  	 	1	 
		
	 ARTICLE II.     ENGAGEMENT; ACCEPTANCE
	  	 	3	 
			
	 Section 2.01
	    	Engagement; Acceptance	  	 	3	 
			
	 Section 2.02
	    	Eligibility of Asset Representations Reviewer	  	 	3	 
			
	 Section 2.03
	    	Independence of the Asset Representations Reviewer	  	 	3	 
		
	 ARTICLE III.     DUTIES OF THE ASSET REPRESENTATIONS
REVIEWER
	  	 	3	 
			
	 Section 3.01
	    	Review Scope	  	 	3	 
			
	 Section 3.02
	    	Review Notices	  	 	3	 
			
	 Section 3.03
	    	Review Materials	  	 	4	 
			
	 Section 3.04
	    	Missing or Incomplete Review Materials	  	 	4	 
			
	 Section 3.05
	    	The Asset Review	  	 	5	 
			
	 Section 3.06
	    	Review Period	  	 	5	 
			
	 Section 3.07
	    	Review Report	  	 	5	 
			
	 Section 3.08
	    	Completion of Review for Certain Subject Receivables	  	 	5	 
			
	 Section 3.09
	    	Termination of Review	  	 	6	 
			
	 Section 3.10
	    	Review and Procedure Limitations	  	 	6	 
			
	 Section 3.11
	    	Review Systems	  	 	6	 
			
	 Section 3.12
	    	Representatives	  	 	6	 
			
	 Section 3.13
	    	Dispute Resolution	  	 	7	 
			
	 Section 3.14
	    	Records Retention	  	 	7	 
			
	 Section 3.15
	    	No Delegation	  	 	7	 
		
	 ARTICLE IV.     PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	8	 
			
	 Section 4.01
	    	Annual Fee	  	 	8	 
			
	 Section 4.02
	    	Review Fee	  	 	8	 
			
	 Section 4.03
	    	Dispute Resolution Expenses	  	 	8	 
			
	 Section 4.04
	    	Payment	  	 	9	 
			
	 Section 4.05
	    	Payments by the Issuer	  	 	9	 

  
 -i- 

Asset Representations Review Agreement (SDART 2018-2) 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	    	 	  	Page	 
	 ARTICLE V.     OTHER MATTERS PERTAINING TO THE ASSET
REPRESENTATIONS REVIEWER
	  	 	9	 
			
	 Section 5.01
	    	Representations and Warranties of the Asset Representations Reviewer	  	 	9	 
			
	 Section 5.02
	    	Limitation of Liability of Asset Representations Reviewer	  	 	10	 
			
	 Section 5.03
	    	Indemnification of Asset Representations Reviewer	  	 	10	 
			
	 Section 5.04
	    	Indemnification by Asset Representations Reviewer	  	 	11	 
		
	 ARTICLE VI.     REMOVAL, RESIGNATION; SUCCESSOR ASSET
REPRESENTATION REVIEWER
	  	 	12	 
			
	 Section 6.01
	    	Eligibility Requirements for Asset Representations Reviewer	  	 	12	 
			
	 Section 6.02
	    	Resignation and Removal of Asset Representations Reviewer	  	 	12	 
			
	 Section 6.03
	    	Successor Asset Representations Reviewer	  	 	12	 
			
	 Section 6.04
	    	Merger, Consolidation or Succession	  	 	13	 
		
	 ARTICLE VII.     TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	13	 
			
	 Section 7.01
	    	Confidential Information	  	 	13	 
			
	 Section 7.02
	    	Safeguarding Personally Identifiable Information	  	 	15	 
		
	 ARTICLE VIII.     OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	16	 
			
	 Section 8.01
	    	Termination of this Agreement	  	 	16	 
			
	 Section 8.02
	    	Limitation of Liability	  	 	16	 
		
	 ARTICLE IX.     MISCELLANEOUS PROVISIONS
	  	 	17	 
			
	 Section 9.01
	    	Amendment	  	 	17	 
			
	 Section 9.02
	    	Notices, Etc.	  	 	18	 
			
	 Section 9.03
	    	Severability Clause	  	 	18	 
			
	 Section 9.04
	    	Governing Law	  	 	18	 
			
	 Section 9.05
	    	Headings	  	 	19	 
			
	 Section 9.06
	    	Counterparts	  	 	19	 
			
	 Section 9.07
	    	Waivers	  	 	19	 
			
	 Section 9.08
	    	Entire Agreement	  	 	19	 
			
	 Section 9.09
	    	Severability of Provisions	  	 	19	 
			
	 Section 9.10
	    	Binding Effect	  	 	19	 
			
	 Section 9.11
	    	Cumulative Remedies	  	 	19	 
			
	 Section 9.12
	    	Nonpetition Covenant	  	 	19	 
			
	 Section 9.13
	    	Submission to Jurisdiction; Waiver of Jury Trial	  	 	20	 
			
	 Section 9.14
	    	Third-Party Beneficiaries	  	 	20	 

 Exhibit A – Agreed Upon Procedures 
  

  
 -ii- 

Asset Representations Review Agreement (SDART 2018-2) 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of April 18, 2018 (this “Agreement”), by and
between Santander Drive Auto Receivables Trust 2018-2, a Delaware statutory trust (the “Issuer”), Santander Consumer USA Inc., an Illinois corporation (“SC”, and in its
capacity as sponsor, the “Sponsor”, and in its capacity as servicer, the “Servicer”), and Clayton Fixed Income Services LLC, a Delaware limited liability company (“Clayton”, and in its capacity as
asset representations reviewer, the “Asset Representations Reviewer”). 
 WHEREAS, the Issuer will engage the Asset
Representations Reviewer to perform reviews of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and
Servicing Agreement”) between the Issuer, the Servicer, Santander Drive Auto Receivables LLC and Wells Fargo Bank, National Association, as indenture trustee, which also contains rules as to usage that are applicable herein. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.01. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.05. 
 “Client Records” has the meaning
set forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in
Section 7.01. 
 “Disclosing Party” has the meaning set forth in
Section 7.01. 
 “Eligible Asset Representations Reviewer” means a Person who (i) is not,
and is not Affiliated with, the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any Underwriter to
perform any due diligence on the Receivables prior to the Closing Date. 

Asset Representations Review Agreement (SDART 2018-2) 

 “Eligibility Representations” shall mean those representations identified in
Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.03. 

“Personally Identifiable Information” or “PII” has the meaning set forth in
Section 7.02. 
 “Privacy Laws” has the meaning set forth in
Section 7.02. 
 “Receiving Party” has the meaning set forth in
Section 7.01. 
 “Representatives” has the meaning set forth in
Section 7.01. 
 “Review Fee” has the meaning set forth in
Section 4.02. 
 “Review Invoice” means, with respect to any Asset Review, a detailed invoice
prepared by the Asset Representations Reviewer setting forth the calculation of the applicable Review Fee for such Asset Review. 

“Review Materials” means the documents, data, and other information required for each “Test” in Exhibit A. 

“Review Period” has the meaning set forth in Section 3.06. 

“Review Report” has the meaning set forth in Section 3.07. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day
Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full by the related obligor after the Review
Satisfaction Date will no longer be a Subject Receivable. 
 “Tests” mean the procedures listed in Exhibit A as applied to
the process described in Section 3.05. 
 “Test Complete” has the meeting set forth in
Section 3.08. 
 “Test Fail” has the meaning set forth in Section 3.05.

 “Test Incomplete” has the meaning set forth in Section 3.05. 

“Test Pass” has the meaning set forth in Section 3.05. 

  

					
		  	2	  	Asset Representations Review Agreement (SDART 2018-2)

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton hereby accepts the engagement and
agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02
Eligibility of Asset Representations Reviewer. 
 Clayton represents and warrants to the Issuer and the Sponsor that it is an
Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset
Representations Reviewer. 
 Section 2.03 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture
Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Indenture Trustee or the Owner Trustee, the Asset Representations Reviewer
will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make
the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01 Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.05). 

Section 3.02 Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the
Indenture and (ii) the Review Materials in accordance with Section 3.03 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to
begin, and may not begin, an Asset Review until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the Asset
Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.02. 

  

					
		  	3	  	Asset Representations Review Agreement (SDART 2018-2)

 None of the Issuer, the Servicer, the Sponsor or the Asset Representations Reviewer is obligated
to verify whether the Indenture Trustee properly determined that a Review Notice was required. None or the Issuer, the Sponsor or the Asset Representations Reviewer is obligated to verify the accuracy or completeness of the list of Subject
Receivables provided by the Servicer. 
 Section 3.03 Review Materials. 

The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within 60 days of
receipt by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing
access to the Servicer’s receivables system, either remotely or at one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer
has access; (iii) by providing originals or photocopies at one or more of the properties of the Servicer where the Receivable Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset Representations
Reviewer at the address specified in Section 9.02; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from
the Review Materials so long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate
and complete, including any failure that results in the Review Materials being misleading in any material respect. 
 Section 3.04
Missing or Incomplete Review Materials. 
 The Asset Representations Reviewer will complete the Tests for each Eligible
Representation only using documentation that is made available to it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors,
including but not limited to consistently missing or incomplete information in the Review Materials with respect to each Subject Receivable. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been
provided in accordance with Section 3.03, the Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset
Representations Reviewer will request that the Servicer (with a copy to the Sponsor) provide an updated copy of such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset
Representations Reviewer within 60 days of notification by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the
Test Incomplete. 

  

					
		  	4	  	Asset Representations Review Agreement (SDART 2018-2)

 Section 3.05 The Asset Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). 

If a Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Materials for such Subject Receivable and the Sponsor elects to have such
Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Review. 

Section 3.06 Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.03 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in
Section 3.04, the Review Period will be extended for an additional 30 days. 
 Section 3.07 Review
Report. 
 Within five Business Days following the end of the applicable Review Period described in
Section 3.06, the Asset Representations Reviewer will provide the Issuer, the Sponsor, the Servicer and the Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject
Receivable whether there was a Test Pass, a Test Fail, a Test Incomplete (as contemplated by Section 3.05) or a Test Complete (as contemplated by Section 3.08) for each Test and Subject Receivable
and (ii) the related Review Invoice. The Review Report will include a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form
10-D for the Issuer for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable
Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

Section 3.08 Completion of Review for Certain Subject Receivables. 

Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On
receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report
will indicate a Test Complete for the Receivables and the related reason. 

  

					
		  	5	  	Asset Representations Review Agreement (SDART 2018-2)

 Section 3.09 Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset
Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to
determine whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables
and may rely on the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.03, to obtain missing or insufficient Review
Materials, or (vi) to take any action or to cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility
Representation. 
 The Asset Representations Reviewer shall only be required to perform the testing procedures listed under
“Tests” in Exhibit A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer shall have no
obligation to provide reporting or other information other than the Review Report described in Section 3.07. However, the Asset Representations Reviewer may provide additional information about any Subject Receivable that
it determines in good faith to be material to its performance of an Asset Review. 
 Section 3.11 Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

Section 3.12 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 

  

					
		  	6	  	Asset Representations Review Agreement (SDART 2018-2)

 (b) Asset Representations Review Representative. The Asset Representations Reviewer will
provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or the Indenture Trustee during the Asset Representations Reviewer’s completion of
an Asset Review. The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in Section 3.13 shall not respond to requests or inquiries, made by any Person not
party to this Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform
such Person that they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 
 Section 3.13
Dispute Resolution. 
 If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the
subject of a dispute resolution proceeding under Section 9.24 of the Sale and Servicing Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the
proceeding. The reasonable out-of-pocket expenses and reasonable compensation of the Asset Representations Reviewer for its participation in any dispute resolution
proceeding will be considered expenses of the Requesting Party for the dispute resolution and (subject to Section 4.03) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the
dispute resolution according to Section 9.24 of the Sale and Servicing Agreement. 
 Section 3.14 Records
Retention. 
 The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and
correspondence (collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to
the Servicer, in electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries
concerning any Asset Review. 
 Section 3.15 No Delegation. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer, the Sponsor and the Servicer. 

  

					
		  	7	  	Asset Representations Review Agreement (SDART 2018-2)

 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.01 Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $5,000 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within 30 days of the date hereof, with respect to the initial Annual ARR Fee, and within 30 days of the annual
anniversary of this Agreement with respect to each subsequent Annual ARR Fee; provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.02, then the Asset
Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which Clayton will no longer act as the Asset Representations Reviewer, assuming for purposes of such
calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.02 Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses incurred in connection with travel to the location at which Review Materials are made available in accordance with Section 3.03 (the “Review
Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the
Asset Review according to Section 3.09. To the extent not paid by the Sponsor and outstanding for at least 90 days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the
Review Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. For the
avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the Sponsor to the Asset Representations Reviewer pursuant to this Section 4.02. 

Section 4.03 Dispute Resolution Expenses.  

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its
reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution
within ninety (90) days of the end of the proceeding, the Sponsor will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

  

					
		  	8	  	Asset Representations Review Agreement (SDART 2018-2)

 Section 4.04 Payment.  

All payments made to the Asset Representations Reviewer shall be made to the account specified by the Asset Representations Reviewer from time
to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 
 Section 4.05 Payments by the Issuer.

 The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including
pursuant to this Article IV or Section 5.03, shall be limited to amounts available to make such payments pursuant to Section 4.4 of the Sale and Servicing Agreement and
Section 5.4(b) of the Indenture, as applicable. 
 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Representations and Warranties of the Asset Representations Reviewer. 

Clayton hereby makes the following representations and warranties as of the date hereof: 

(a) Existence and Power. Clayton is a limited liability company validly existing and in good standing under the laws of its state of
formation and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under this Agreement. Clayton has obtained all
necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Clayton to perform its obligations under this Agreement. 

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

  

					
		  	9	  	Asset Representations Review Agreement (SDART 2018-2)

 (d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of
Clayton enforceable against Clayton in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the
enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of Clayton, threatened against
Clayton before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by Clayton of its
obligations under this Agreement. 
 (f) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations
Reviewer. 
 Section 5.02 Limitation of Liability of Asset Representations Reviewer. 

To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to the Issuer, the
Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to this Agreement,
or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which would otherwise be
imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage
(including loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.03 Indemnification of Asset Representations Reviewer. 

(a) The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an
“Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset
Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. To the extent not paid by the Sponsor, any such indemnification amounts shall be paid by the Issuer pursuant to the priority of payments
set forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 

  

					
		  	10	  	Asset Representations Review Agreement (SDART 2018-2)

 (b) The indemnification set forth in this Section 5.03 will survive the
termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 
 (c) If the Sponsor or the Issuer makes
any payment under this Section 5.03 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to the Sponsor or
the Issuer, as applicable. 
 Section 5.04 Indemnification by Asset Representations Reviewer. 

(a) To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each of the Issuer, the
Servicer, the Sponsor and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against any and all liabilities, obligations,
losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed on, incurred by, or asserted at
any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in the performance of its obligations and
duties under this Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from (i) the Indemnified
Person’s own willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b) In case any such action, investigation or proceeding will be brought involving an Indemnified Person as contemplated by
Section 5.04(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the Indenture Trustee each
will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset Representations Reviewer. In the
event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.04, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture Trustee’s choice of legal counsel
shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c) The indemnification set forth in this Section 5.04 will survive the termination or assignment of this Agreement
and the resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 

  

					
		  	11	  	Asset Representations Review Agreement (SDART 2018-2)

 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.01 Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be an Eligible
Asset Representations Reviewer. 
 Section 6.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable
law or (iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an undisputed invoice, which failure continues unremedied for a period of
ninety (90) days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset Representations Review shall promptly resign if it is no longer an
Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice of resignation to the Issuer and the Servicer, with a copy to the
Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 
 (b) Removal of Asset Representations
Reviewer. If any of the following events occur, the Indenture Trustee may, or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove
the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset
Representations Reviewer is no longer an Eligible Asset Representations Reviewer; 
 (ii) the Asset Representations Reviewer
breaches any of its representations, warranties, covenants or obligations in this Agreement; or 
 (iii) a Bankruptcy Event
of the Asset Representations Reviewer occurs. 
 (c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner
Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 Section 6.03 Successor
Asset Representations Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the resignation or
removal of the Asset Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the
Indenture Trustee has received conflicting or inconsistent requests from two or more groups of Noteholders, each representing 

  

					
		  	12	  	Asset Representations Review Agreement (SDART 2018-2)

 
less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the Note Balance) and (ii) if the
Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset Representations Reviewer. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the
successor Asset Representations Reviewer has executed and delivered to the Issuer, the Sponsor and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement
or entered into a new agreement with the Issuer, the Sponsor and the Servicer on substantially the same terms as this Agreement. 
 (c)
Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly
transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses
of counsel) of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the
expenses from the Issuer or the successor Asset Representations Reviewer. 
 Section 6.04 Merger, Consolidation or Succession.
Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person is an Eligible Asset Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor and the
Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VII. 
 TREATMENT
OF CONFIDENTIAL INFORMATION 
 Section 7.01 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”), including but not limited to: (i) business or technical processes, formulae, source
codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be
confidential or proprietary to the Disclosing Party; (ii) PII (as defined in 

  

					
		  	13	  	Asset Representations Review Agreement (SDART 2018-2)

 
Section 7.02 of this Agreement). The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and
regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or any of its
employees, agents, advisors, directors, officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 

(b) Use of Confidential Information. Each party acknowledges that during the term of this Agreement it may be exposed to or acquire
Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its Representatives who have a
need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Receiving Party with confidentiality restrictions materially equivalent to those contained herein.
The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its
own information of like import, but in no event with less than a commercially reasonable standard of care. 
 (c) Exceptions.
Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that: 
  

	 	(i)	is or becomes part of the public domain other than by disclosure by a party in violation of this Agreement; 

  

	 	(ii)	was disclosed to a party prior to the effective date of this Agreement without a duty of confidentiality; 

  

	 	(iii)	is independently developed by a party outside of this Agreement and without reference to or reliance on any Confidential Information of the other party; or 

 

	 	(iv)	was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality. 

The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as required or permitted to
be disclosed by applicable law, statute, or regulation. 
 (d) Disclosure by Operation of Law. If either party is requested to
disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, such party shall (i) to the extent
permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow such request and
cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable
assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in connection with such party’s
effort to comply with this section. 

  

					
		  	14	  	Asset Representations Review Agreement (SDART 2018-2)

 (e) Return of Confidential Information. Upon the request of the Disclosing Party, the
Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing Party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its
computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (x) remain
subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained
Confidential Information for any other purpose. 
 (f) Remedies. The parties agree that an actual or threatened breach of this Section
by it or its Representatives may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to restrain any such breach,
threatened or actual, without the necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 

Section 7.02 Safeguarding Personally Identifiable Information. 

(a) Definition. “Personally Identifiable Information”, or “PII”, means information in any format about
an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an
individual and any information that when used separately or in combination with other information could identify an individual, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing Standards
for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset Representations Reviewer
pursuant to this Agreement. 
 (b) Non-Disclosure. To the extent the Asset Representations
Reviewer receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent
necessary to carry out its obligations under the Agreement and for no other purpose; or (ii) as may be required by valid operation of law. 

(c) Safeguards. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the performance of
services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and physical safeguards: (i) to ensure the security and confidentiality of
Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and (iii) to protect against unauthorized acquisition of, access to or use
of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

  

					
		  	15	  	Asset Representations Review Agreement (SDART 2018-2)

 (d) Information. The Asset Representations Reviewer agrees to provide the Issuer and the
Sponsor with information regarding its privacy and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer
agrees to provide training in the Privacy Laws and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable Information.

 (e) Breach. In the event of any actual or apparent theft, unauthorized use or disclosure of any Personally Identifiable
Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following discovery of any such event, provide the Issuer and
the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 
 ARTICLE VIII. 

OTHER MATTERS PERTAINING TO THE ISSUER 

Section 8.01 Termination of this Agreement. 

This Agreement will terminate, except for obligations under Section 5.03, Section 5.04,
Section 9.13 and Article VII, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust
Agreement. 
 Section 8.02 Limitation of Liability. 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, and (d) 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 Agreement 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. 

  

					
		  	16	  	Asset Representations Review Agreement (SDART 2018-2)

 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment. 

(a) Any term or provision of this Agreement may be amended by the Sponsor, the Servicer and the Asset Representations Reviewer without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

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

provided, that no amendment pursuant to this Section 9.01(a) 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. 
 (b) This Agreement may also be
amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Controlling Class, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders, provided, that no amendment pursuant to this
Section 9.01(b) 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. It will not be necessary for the consent of
Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the
Depository Agreement. 
 (c) Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and
the Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with
respect to the 144A Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset
Representations Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish
a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

  

					
		  	17	  	Asset Representations Review Agreement (SDART 2018-2)

 (d) Prior to the execution of any amendment or consent pursuant to this
Section 9.01, the Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement,
the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture
Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 
 Section 9.02 Notices, Etc. 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 9.03 Severability Clause. 

This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, Servicer, and the Sponsor. All prior
representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 
 If any term or
provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons
or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, 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. 

  

					
		  	18	  	Asset Representations Review Agreement (SDART 2018-2)

 Section 9.05 Headings. The section and article headings hereof have been inserted for
convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 Section 9.06
Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

Section 9.07 Waivers. No failure or delay on the part of the Sponsor, the Servicer, the Asset Representations Reviewer, the Issuer
or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either
party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. 
 Section 9.08 Entire Agreement. This Agreement contains a final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written
understandings. There are no unwritten agreements among the parties. 
 Section 9.09 Severability of Provisions. If any one or
more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 9.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto
shall agree. 
 Section 9.11 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law. 
 Section 9.12 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and
one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto 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 

  

					
		  	19	  	Asset Representations Review Agreement (SDART 2018-2)

 
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, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

Section 9.13 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

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

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.02 of this Agreement; 

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

Section 9.14 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other
Person will have any right hereunder. 

  

					
		  	20	  	Asset Representations Review Agreement (SDART 2018-2)

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	  

		 	Name: Corey Henry
		 	Title: Vice President
	
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:

  

  

					
		  	S-1	  	Asset Representations Review Agreement (SDART 2018-2)

 EXHIBIT A 
  

 
  
  

Santander Consumer USA Agreed Upon Procedures 

Representation 
  

	 	a)	Characteristics of Receivables 

 As of the Cut-Off Date (or such
other date as may be specifically set forth below), each Receivable: 
 (i) has been fully and properly executed or electronically
authenticated by the Obligor thereto; 
 (ii) either (A) has been originated by a Dealer to finance the retail sale by that Dealer of
the related Financed Vehicle and has been purchased by Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by Santander Consumer or (C) has been acquired
by Santander Consumer in accordance with the terms of a purchase agreement between the applicable originator and Santander Consumer; 
 (iii)
as of the Closing Date, 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 have been commenced that would result in a first priority
security interest in the Financed Vehicle in favor of the Originator, as secured party; 
 (iv) contains customary and enforceable provisions
such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; 

(v) provided, at origination, for level monthly payments which fully amortize the initial Principal Balance over the original term; provided,
that the amount of the first or last payment may be different from the level payment but in no event more than three times the level monthly payment; 

(vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck or van; 

(ix) has a Contract Rate of at least 0.00%; 
  

					
		  	Exh. A - 1	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 (x) had an original term to maturity of not more than 75 months and each Receivable has a
remaining term to maturity, as of the Cut-Off Date, of not more than 75 months and not less than 4 months; 

(xi) has an outstanding Principal Balance of at least $505.54 and no more than $90,315.43; 

(xii) has a final scheduled payment due on or before August 11, 2024; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not noted in the records of the Originator or the Servicer as being the subject of any bankruptcy or insolvency proceeding; 

(xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable, and scheduled payments under such Receivable have been applied in accordance with the method for
allocating principal and interest set forth in such Receivable; and 
 (xvii) provides that a prepayment by the related Obligor will fully
pay the Principal Balance and accrued interest through the date of prepayment based on the Receivable’s Contract Rate. 
 Documents 

Retail Sale Contract 
 Title Documents 

Receivable File 
 Schedule of Receivables 

Servicing System/Data Tape 
 Procedures to be Performed

  

	i)	Confirm the contract was signed or electronically authenticated by the obligor 

  

	ii)	Origination of the Receivable 

 a) Review the Retail Sale Contract and confirm that Santander
Consumer USA or another Approved Party is listed as the Assignee within the Assignment Section.1 
  

	iii)	Security Interest Enforcement 

  

	1 	“Approved Party” means a party specified as an “Approved Party” on the list of Approved Parties provided by Santander Consumer to Clayton. 

  

					
		 	Exh. A - 2	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

	 	a)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

  

	 	b)	Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction related to the deal 

  

	iv)	Customary and Enforceable Provisions 

  

	 	a)	Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	v)	Fully Amortizing Payment Schedule 

  

	 	a)	Confirm all payments are equivalent with the possible exception that the first and last payments may be different from the level monthly payment 

 

	 	I)	If the first and last payments are different from the level monthly payment, confirm that these payments are no more than three times the level monthly payment amount 

 

	 	b)	Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments

  

	vi)	Provides for Interest at the Contract Rate 

  

	 	a)	Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal Truth in Lending section of the Retail Sale Contract 

 

	vii)	Origination of the Receivable 

  

	 	a)	Review the Retail Sale Contract and confirm the Dealer address is in the United States 

  

	 	b)	Review the Retail Sale Contract and confirm that the amounts stated within the Truth in Lending section are denominated in US dollars 

 

	viii)	Condition, Make and Model of Financed Vehicle 

  

	 	a)	Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be new or used 

  

	 	b)	Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm that the Financed Vehicle constitutes a light-duty truck or van 

 

	ix)	Contract Annual Percentage Rate 

  

	 	a)	Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage Rate is greater than the minimum allowed percentage rate 

 

	x)	Remaining Maturity Date 

  

	 	a)	Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract indicates a number of payments that does not exceed the maximum allowable number of payments 

 

	 	b)	Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits 

  

	xi)	Outstanding Principal Balance 

  

	 	a)	Review the Data and confirm that the Unpaid Principal Balance as of the Cutoff Date is within the stated allowable limits 

  

 

	2 	“Approved Contract Form List” means a list of Approved Contract Forms provided by Santander Consumer to Clayton. 

  

					
		 	Exh. A - 3	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

	xii)	Final Schedule Payment Date 

  

	 	a)	Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest allowable final payment date 

 

	xiii)	Days Past Due 

  

	 	a)	Review the data file and confirm the Receivable was not more than 30 days past due as of the Cutoff Date 

  

	xiv)	Bankruptcy 

  

	 	a)	Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending bankruptcy or insolvency proceedings 

 

	xv)	Force Place Insurance 

  

	 	a)	Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cutoff Date 

  

	xvi)	Simple Interest Receivable 

  

	 	a)	Confirm the Contract is a Simple Interest Contract 

  

	 	b)	Review the payment history and confirm the first payment was appropriately applied to principal and interest 

  

	xvii)	Prepayment 

  

	 	a)	Confirm the contract contains the appropriate Prepayment Disclosures 

  

	xviii)	 If sections i through xvii are confirmed, then Test Pass 

  

					
		 	Exh. A - 4	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	b)	Compliance with Law 

 The Receivable complied at the time it was originated or made in all material
respects with all requirements of applicable federal, state and local laws, and regulations thereunder. 
 Document 

Retail Sale Contract 
 Servicing System/Data Tape 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	Confirm the Contract Form number and revision date are on the Approved Contract Form List 

  

	ii)	Confirm the Contract is complete 

  

	 	a)	Confirm that all lines in the contract are filled out appropriately 

  

	 	b)	Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total Sale Price are properly filled out 

 

	 	c)	Confirm all lines on the contract are completed or properly left blank 

  

	iii)	Confirm the Amount Financed is correctly calculated 

  

	 	a)	Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s Behalf 

  

	 	b)	Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending section of the Contract 

  

	iv)	Confirm the Total Sale Price is correctly calculated 

  

	 	a)	Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in Lending section and the Total Down Payment as stated within the Itemization of Amount Financed

  

	 	b)	Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending section of the Contract 

  

	v)	Confirm the Total of Payments is correctly calculated 

  

	 	a)	Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as stated within the Truth in Lending section of the Contract 

 

	 	b)	Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within the Truth in Lending section of the Contract 

  

					
		 	Exh. A - 5	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

	 	c)	Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the Truth in Lending section of the Contract 

 

	 	d)	Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within the Truth in Lending section of the Contract 

 

	vi)	Confirm the APR is correctly calculated 

  

	 	a)	Calculate the APR using information within the Truth in Lending section of the Contract 

  

	 	b)	Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending Section of the Contract 

  

	vii)	Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending section of the Contract is within an acceptable timeframe of the Contract Date 

 

	viii)	If Steps i through vii are confirmed, then Test Pass 

  

					
		 	Exh. A - 6	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	c)	Binding Obligation 

 The Receivable constitutes the legal, valid and binding payment obligation in
writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable
principles relating to or affecting the enforcement of creditors’ rights generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil
Relief Act, as amended, to the extent applicable to the related Obligor. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	Confirm the Contract Form number is on the Approved Contract Form List. 

  

	ii)	Confirm the borrower and co-borrower (if applicable) signed the contract 

  

	iii)	If Steps i and ii are confirmed, then Test Pass 

  

					
		 	Exh. A - 7	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	d)	Receivable in Force 

 The Receivable has not been satisfied, subordinated or rescinded nor has the
related Financed Vehicle been released from the lien of such Receivable in whole or in part. 
 Documents 

Servicing System/Data Tape 
 Title Documents 

Procedures to be Performed 
  

	i)	Confirm the Receivable exists on the Servicing System as an active Receivable 

  

	ii)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

  

	iii)	If Steps i and ii are confirmed, then Test Pass 

  

					
		 	Exh. A - 8	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	e)	No Default; No Waiver 

 Except for payment delinquencies continuing for a period of not more than 30 days
as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen
as of the Cut-Off Date and the Seller has not waived any of the foregoing. 
 Documents 

Receivable File 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	Confirm there is no indication of a default, breach, violation or event that would permit acceleration under the terms of the Receivable except for payment default within 30 days of the Cut-Off Date 

  

	ii)	Confirm that no continuing condition would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable 

 

	iii)	If Steps (i) and (ii) are confirmed, then Test Pass 

  

					
		 	Exh. A - 9	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	f)	Insurance 

 The Receivable requires that the Obligor thereunder obtain comprehensive and collision
insurance covering the related Financed Vehicle. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	Confirm the Retail Sale Contract contains language that required the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle 

 

	ii)	If confirmed, then Test Pass 

  

					
		 	Exh. A - 10	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	g)	No Government Obligor 

 The Obligor on the Receivable is not the United States of America or any state
thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	Review the buyer section on the Contract and confirm a person’s or business name is reported 

  

	ii)	If the buyer section on the Contract does not report a person’s or business name, confirm internet search results do not indicate the buyer to be a government agency, department, political subdivision or
instrumentality. 

  

	iii)	If (i) and (ii) are confirmed, then Test Pass 

  

					
		 	Exh. A - 11	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	h)	Assignment 

 No Receivable has been originated in, or is subject to the laws of, any jurisdiction under
which the sale, transfer, assignment, setting over, conveyance or pledge of such Receivable would be unlawful, void, or voidable. 
 Documents

 Retail Sale Contract 
 Receivable File 

Servicing System 
 Procedures to be Performed 

 

	i)	Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List 

  

	ii)	If Step (i) is confirmed, then Test Pass 

  

					
		 	Exh. A - 12	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	i)	Good Title 

 As of the Closing Date and immediately prior to the sale and transfer contemplated in the
Sale and Servicing Agreement, the Seller had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens (except any Lien which will be released prior to assignment of such Receivable thereunder), and,
immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 

Documents 
 Title Documents 

Procedures to be Performed 
  

	i)	Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder 

  

	ii)	Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction related to the deal 

  

	iii)	If (i) and (ii) are confirmed, then Test Pass 

  

					
		 	Exh. A - 13	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	j)	Characterizations of Receivables 

 Each Receivable constitutes either “tangible chattel paper”,
“electronic chattel paper”, an “account”, an “instrument”, or a “general intangible”, each defined in the UCC. 

Documents 
 Contract 

Title Documents 
 Approved Contract Form List 

Procedures to be Performed 
  

	i)	Confirm the Contract form number is on the Approved Contract Form List 

  

	ii)	Confirm the Amount Financed as reported on the Contract is greater than zero 

  

	iii)	Confirm there is documentation of a lien against the financed vehicle 

  

	iv)	If tests (i) through (iii) are confirmed, then Test Pass 

  

					
		 	Exh. A - 14	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	k)	One Original 

 There is only one executed original, electronically authenticated original or
authoritative copy of the Contract (in each case within the meaning of the UCC) related to each Receivable. 
 Documents 

Contract 
 Procedures to be Performed 

 

	i)	Confirm there is a final version of the Contract available for review 

  

	ii)	Confirm the Contract was signed by the buyer(s) and the Dealer 

  

	iii)	If (i) and (ii) are confirmed, then Test Pass 

  

					
		 	Exh. A - 15	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	l)	No Defenses 

 The records of the Servicer do not reflect any facts which would give rise to any right of
rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	i)	Review the Receivable File and servicing system and confirm there is no evidence of litigation or other attorney involvement as of the Cut-Off Date. 

 

	ii)	If confirmed, then Test Pass. 

  

					
		 	Exh. A - 16	  	Asset Representations Review Agreement (SDART 2018-2)

			
	 

  

	Santander Consumer USA Agreed Upon Procedures

  

 Representation 
  

	 	m)	Early Payments 

 The Obligor on the Receivable has made, or will make, the first two monthly payments
under such Receivable. 
 Documents 
 Servicing
System/Data Tape 
 Procedures to be Performed 
  

	i)	Confirm that there is no indication that the Obligor did not make the first two monthly payments on the Receivable by verifying that the payments made field in the Data Tape is at least two as of the Review Date.

  

	ii)	If Step i is confirmed, then Test Pass. 

  

					
		 	Exh. A - 17	  	Asset Representations Review Agreement (SDART 2018-2)EX-4.1

 Exhibit 4.1 

 
  

BANCO SANTANDER, S.A. 
 as
Issuer, 
 and 
 THE BANK OF
NEW YORK MELLON, 
 acting through its London Branch 

as Trustee 
  

 
 THIRD
SUPPLEMENTAL INDENTURE 
 dated as of April 12, 2018 

to 
 THE SECOND RANKING SENIOR
DEBT SECURITIES INDENTURE 
 dated as of April 11, 2017 

 
  

 

 THIRD SUPPLEMENTAL INDENTURE (“Third Supplemental Indenture”), dated as of
April 12, 2018, between BANCO SANTANDER, S.A., a sociedad anónima incorporated under the laws of The Kingdom of Spain (the “Company”), having its principal executive office located at Ciudad Grupo Santander,
Avenida de Cantabria s/n, 28660 Boadilla del Monte, Madrid, Spain, and THE BANK OF NEW YORK MELLON acting through its London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as Trustee (the
“Trustee”), having its Corporate Trust Office at One Canada Square, London, E14 5AL, United Kingdom. 
 WITNESSETH 

WHEREAS, the Company and the Trustee have executed and delivered a Second Ranking Senior Debt Securities Indenture dated as of April 11,
2017, as heretofore supplemented and amended (the “Base Indenture”, and together with this Third Supplemental Indenture, the “Senior Non Preferred Indenture”) to provide for the issuance of the Company’s senior
non preferred debt securities (the “Senior Non Preferred Debt Securities”), including the Senior Non Preferred Notes (as defined below). 

WHEREAS, Section 9.01(d) of the Base Indenture permits the Company and the Trustee to change or eliminate any provisions of the Base
Indenture without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Base Indenture, subject to certain conditions; 

WHEREAS, Section 9.01(f) of the Base Indenture permits the Company and the Trustee to enter into a supplemental indenture to establish
the forms or terms of Senior Non Preferred Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders; 

WHEREAS, there are no debt securities Outstanding of any series created prior to the execution of this Third Supplemental Indenture that are
entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; 
 WHEREAS, the Executive
Committee of the Company have authorized the entry into this Third Supplemental Indenture and the establishment of the Senior Non Preferred Notes (as defined below), as required by Section 9.01 of the Base Indenture; 

WHEREAS, the parties hereto desire to establish (i) a series of Senior Non Preferred Debt Securities to be known as the Series 37 3.848%
Senior Non Preferred Fixed Rate Notes due 2023 (the “2023 Fixed Rate Notes”), (ii) a series of Senior Non Preferred Debt Securities to be known as the Series 38 4.379% Senior Non Preferred Fixed Rate Notes due 2028 (the
“2028 Fixed Rate Notes”) and (iii) a series of Senior Non Preferred Debt Securities to be known as the Series 36 U.S. $500,000,000 Senior Non Preferred Floating Rate Notes due 2023 (the “Floating Rate Notes”)
and, together with the 2023 Fixed Rate Notes and the 2028 Fixed Rate Notes, the “Senior Non Preferred Notes”), each pursuant to Sections 2.01 and 3.01 of the Base Indenture. Each of the 2023 Fixed Rate Notes, the 2028 Fixed Rate
Notes and the Floating Rate Notes 

  
 1 

 
may be issued from time to time and any 2023 Fixed Rate Notes, 2028 Fixed Rate Notes and Floating Rate Notes issued as part of the relevant series created herein will constitute a single series
of Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture and shall be included in the definition of “2023 Fixed Rate Notes,” “2028 Fixed Rate Notes” or “Floating Rate Notes,” as applicable, where
the context requires; 
 WHEREAS, the Company has requested and hereby requests that the Trustee execute and deliver this Third Supplemental
Indenture and the Company has provided the Trustee with an Executive Committee Resolution authorizing the execution of this Third Supplemental Indenture; 

WHEREAS, all actions required by the Company to be taken in order to make this Third Supplemental Indenture a valid, binding and enforceable
instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Third Supplemental Indenture has been duly authorized in all respects; and 

WHEREAS, where indicated, this Third Supplemental Indenture shall amend and supplement the Base Indenture; and to the extent that the terms of
the Base Indenture are inconsistent with such provisions of this Third Supplemental Indenture, the terms of this Third Supplemental Indenture shall govern. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definition of Terms. For all purposes of this Third Supplemental Indenture: 

(a)       a term defined anywhere in this Third Supplemental Indenture has the same meaning throughout; 

(b)       capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in
the Base Indenture; 
 (c)       the singular includes the plural and vice versa; 

(d)       headings are for convenience of reference only and do not affect interpretation; and 

(e)       for the purposes of this Third Supplemental Indenture and the Base Indenture, the term
“series” shall mean a series of the Senior Non Preferred Debt Securities. 

  
 2 

 ARTICLE 2 

FORM OF SENIOR NON PREFERRED NOTES 

Section 2.01. Terms of the 2023 Fixed Rate Notes. The following terms relating to the 2023 Fixed Rate Notes are hereby established
pursuant to Section 3.01 of the Base Indenture: 
 (a) The title of the 2023 Fixed Rate Notes shall be: the Series 37 3.848% Senior Non
Preferred Fixed Rate Notes due April 12, 2023; 
 (b) the price at which the 2023 Fixed Rate Notes shall be issued is 100.000% of the
principal amount thereof; 
 (c) The aggregate principal amount of the 2023 Fixed Rate Notes that may be authenticated and delivered under
the Senior Non Preferred Indenture shall not exceed $1,250,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.01(t) hereof; 

(d) Principal on the 2023 Fixed Rate Notes shall be payable on April 12, 2023 (the “2023 Fixed Rate Maturity
Date”); 
 (e) The 2023 Fixed Rate Notes shall be issued in global registered form on April 12, 2018 and shall bear interest from
and including April 12, 2018 payable semi-annually in arrears on April 12 and October 12 (each, a “2023 Fixed Rate Interest Payment Date”), commencing October 12, 2018. The 2023 Fixed Rate Notes shall bear an
annual interest rate of 3.848%; 
 Interest on the 2023 Fixed Rate Notes will be calculated on the basis of a
360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates for the 2023 Fixed Rate Notes will be
15 calendar days immediately preceding the relevant 2023 Fixed Rate Interest Payment Date, whether or not a Business Day; 
 (f) No premium,
upon redemption or otherwise, shall be payable by the Company on the 2023 Fixed Rate Notes; 
 (g) Principal of and any interest on the 2023
Fixed Rate Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

(h) The 2023 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the Base Indenture, as supplemented by this Third
Supplemental Indenture; 
 (i) The Company shall have no obligation to redeem or purchase the 2023 Fixed Rate Notes pursuant to any sinking
fund or analogous provision; 

  
 3 

 (j) The 2023 Fixed Rate Notes shall be issued only in minimum denominations of $200,000 and
integral multiples of $200,000 in excess thereof; 
 (k) The principal amount of the 2023 Fixed Rate Notes shall be payable upon the
declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture; 
 (l) Additional Amounts in respect of the 2023
Fixed Rate Notes shall be payable as set forth in the Base Indenture, as supplemented by this Third Supplemental Indenture; 
 (m) The 2023
Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars only; 
 (n) The payment of principal of or
interest, if any, on the 2023 Fixed Rate Notes shall be payable only in the coin or currency in which the 2023 Fixed Rate Notes are denominated; 

(o) The 2023 Fixed Rate Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and
initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 
 (p) The 2023 Fixed
Rate Notes will not be initially issued in definitive form; 
 (q) The Events of Default on the 2023 Fixed Rate Notes are as provided for in
the Base Indenture, as supplemented by the Third Supplemental Indenture; 
 (r) With respect to the 2023 Fixed Rate Notes,
Section 12.01 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 
 The Company, for itself, its
successors and assigns, covenants and agrees, and each Holder of the 2023 Fixed Rate Notes by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the 2023 Fixed Rate Notes will constitute direct,
unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law 11/2015, but subject to any other ranking
that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article 92.1o or 92.3o to
92.7o of Law 22/2003 (Ley Concursal) dated 9 July 2003 (the “Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred
Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2023 Fixed Rate Notes will be met after payment in full of
the Senior Higher Priority Liabilities), and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law. 

  
 4 

 Claims of holders of 2023 Fixed Rate Notes in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 92.3o of the
Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 “Law
11/2015” means Law 11/2015 of 18 June on recovery and resolution of credit institutions and investment firms, as amended from time to time. 

“Senior Higher Priority Liabilities” means any obligations of the Company which specify their status as ordinary senior instruments
and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial matters, and as
further amended from time to time (including any 2023 Fixed Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities.

 The provisions of this Section 2.01(r) shall apply only to rights or claims payable with respect to the 2023 Fixed Rate Notes and
nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and
remedies of the Trustee in respect thereof. 
 The Company agrees with respect to the 2023 Fixed Rate Notes and each holder of the 2023
Fixed Rate Notes, by his or her acquisition of the 2023 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise
be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2023 Fixed Rate Notes. In addition, each holder of the 2023 Fixed Rate Notes by his or her acquisition of such 2023 Fixed Rate
Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2023 Fixed Rate Notes as provided in the Base Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes; 
 (s) The form of
the 2023 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of Exhibit A hereto; 
 (t) The Company
may issue additional 2023 Fixed Rate Notes (“Additional 2023 Fixed Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the
public, original interest accrual date, issue date and first 2023 Fixed Rate Interest Payment Date, 

  
 5 

 
as the 2023 Fixed Rate Notes; provided, however, that such Additional 2023 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2023 Fixed
Rate Notes unless the Additional 2023 Fixed Rate Notes are fungible with the 2023 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2023 Fixed Rate Notes, together with the 2023 Fixed Rate Notes, will constitute a single
series of securities under the Senior Non Preferred Indenture; and 
 (u) There is no Calculation Agent for the 2023 Fixed Rate Notes. 

Section 2.02. Terms of the 2028 Fixed Rate Notes. The following terms relating to the 2028 Fixed Rate Notes are hereby established
pursuant to Section 3.01 of the Base Indenture: 
 (a) The title of the 2028 Fixed Rate Notes shall be: the Series 38 4.379% Senior Non
Preferred Fixed Rate Notes due April 12, 2028; 
 (b) the price at which the 2028 Fixed Rate Notes shall be issued is 100.000% of the
principal amount thereof; 
 (c) The aggregate principal amount of the 2028 Fixed Rate Notes that may be authenticated and delivered under
the Senior Non Preferred Indenture shall not exceed $1,250,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.02(t) hereof; 

(d) Principal on the 2028 Fixed Rate Notes shall be payable on April 12, 2028 (the “2028 Fixed Rate Maturity Date”);

 (e) The 2028 Fixed Rate Notes shall be issued in global registered form on April 12, 2018 and shall bear interest from and including
April 12, 2018 payable semi-annually in arrears on April 12 and October 12 (each, a “2028 Fixed Rate Interest Payment Date”), commencing October 12, 2018. The 2028 Fixed Rate Notes shall bear an annual interest
rate of 4.379%; 
 Interest on the 2028 Fixed Rate Notes will be calculated on the basis of a
360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates for the 2028 Fixed Rate Notes will be
15 calendar days immediately preceding the relevant 2028 Fixed Rate Interest Payment Date, whether or not a Business Day; 
 (f) No premium,
upon redemption or otherwise, shall be payable by the Company on the 2028 Fixed Rate Notes; 
 (g) Principal of and any interest on the 2028
Fixed Rate Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

  
 6 

 (h) The 2028 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the
Base Indenture, as supplemented by this Third Supplemental Indenture; 
 (i) The Company shall have no obligation to redeem or purchase the
2028 Fixed Rate Notes pursuant to any sinking fund or analogous provision; 
 (j) The 2028 Fixed Rate Notes shall be issued only in minimum
denominations of $200,000 and integral multiples of $200,000 in excess thereof; 
 (k) The principal amount of the 2028 Fixed Rate Notes
shall be payable upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture; 
 (l) Additional Amounts
in respect of the 2028 Fixed Rate Notes shall be payable as set forth in the Base Indenture, as supplemented by this Third Supplemental Indenture; 

(m) The 2028 Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars only; 

(n) The payment of principal of or interest, if any, on the 2028 Fixed Rate Notes shall be payable only in the coin or currency in which the
2028 Fixed Rate Notes are denominated; 
 (o) The 2028 Fixed Rate Notes will be issued in the form of one or more global securities in
registered form, without coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p) The 2028 Fixed Rate Notes will not be initially issued in definitive form; 

(q) The Events of Default on the 2028 Fixed Rate Notes are as provided for in the Base Indenture, as supplemented by the Third Supplemental
Indenture; 
 (r) With respect to the 2028 Fixed Rate Notes, Section 12.01 of the Base Indenture is hereby deleted in its entirety and
replaced with the following: 
 The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of the 2028 Fixed
Rate Notes by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the 2028 Fixed Rate Notes will constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations
(créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise),
upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article 92.1o or 92.3o to 92.7o of Law 22/2003 (Ley Concursal) dated 9 July 2003 (the
“Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority
Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2028 

  
 7 

 
Fixed Rate Notes will be met after payment in full of the Senior Higher Priority Liabilities), and (iii) senior to any present and future subordinated obligations (créditos
subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law. 
 Claims of holders of 2028 Fixed Rate
Notes in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance
with the provisions of Article 92.3o of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 

“Law 11/2015” means Law 11/2015 of 18 June on recovery and resolution of credit institutions and investment firms, as amended
from time to time. 
 “Senior Higher Priority Liabilities” means any obligations of the Company which specify their status as
ordinary senior instruments and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial matters, and as
further amended from time to time (including any 2028 Fixed Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities.

 The provisions of this Section 2.02(r) shall apply only to rights or claims payable with respect to the 2028 Fixed Rate Notes and
nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and
remedies of the Trustee in respect thereof. 
 The Company agrees with respect to the 2028 Fixed Rate Notes and each holder of the 2028
Fixed Rate Notes, by his or her acquisition of the 2028 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise
be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2028 Fixed Rate Notes. In addition, each holder of the 2028 Fixed Rate Notes by his or her acquisition of such 2028 Fixed Rate
Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2028 Fixed Rate Notes as provided in the Base Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes; 
 (s) The form of
the 2028 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of Exhibit B hereto; 

  
 8 

 (t) The Company may issue additional 2028 Fixed Rate Notes (“Additional 2028 Fixed
Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first 2028 Fixed
Rate Interest Payment Date, as the 2028 Fixed Rate Notes; provided, however, that such Additional 2028 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2028 Fixed Rate Notes unless the
Additional 2028 Fixed Rate Notes are fungible with the 2028 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2028 Fixed Rate Notes, together with the 2028 Fixed Rate Notes, will constitute a single series of securities
under the Senior Non Preferred Indenture; and 
 (u) There is no Calculation Agent for the 2028 Fixed Rate Notes. 

Section 2.03. Terms of the Floating Rate Notes. The following terms relating to the Floating Rate Notes are hereby established
pursuant to Section 3.01 of the Base Third Ranking Senior Indenture: 
 (a) The title of the Floating Rate Notes shall be: the Series
36 Senior Non Preferred Floating Rate Notes due 2023; 
 (b) the price at which the Floating Rate Notes shall be issued is 100.000% of the
principal amount thereof; 
 (c) The aggregate principal amount of the Floating Rate Notes that may be authenticated and delivered under the
Senior Non Preferred Indenture shall not exceed $500,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.03(t) hereof; 

(d) Principal on the Floating Rate Notes shall be payable on April 12, 2023 (the “Floating Rate Notes Maturity Date”
and, together with the 2023 Fixed Rate Maturity Date and the 2028 Fixed Rate Maturity Date, a ‘Maturity Date”); 
 (e) The
Floating Rate Notes shall be issued in global registered form on April 12, 2018 and shall bear interest from and including April 12, 2018 payable quarterly in arrears on January 12, April 12, July 12 and October 12 (each, a
“Floating Rate Note Interest Payment Date” and, together with the 2023 Fixed Rate Interest Payment Date and the 2028 Fixed Rate Interest Payment Date, an “Interest Payment Date” ), commencing July 12,
2018. The Floating Rate Notes shall bear interest at a floating rate determined in the manner provided below. 
 The Regular Record Dates
for the Floating Rate Notes will be 15 calendar days immediately preceding the relevant Floating Rate Note Interest Payment Date, whether or not a Business Day; provided, however, that interest payable on the maturity date or any
redemption date shall be payable to the person to whom the principal of such Floating Rate Notes shall be payable. 

  
 9 

 If any Floating Rate Notes Interest Payment Date (other than the Floating Rate Notes Maturity
Date or any redemption date) falls on a day that is not a Business Day, the Floating Rate Notes Interest Payment Date will be postponed to the next succeeding Business Day and interest will accrue to but excluding such Floating Rate Notes Interest
Payment Date, except that if such Business Day falls in the next succeeding calendar month, the applicable Floating Rate Notes Interest Payment Date will be the immediately preceding Business Day. If the maturity date or any redemption date of the
Floating Rate Notes falls on a day that is not a Business Day, the payment of principal, premium and Additional Amounts, if any, and interest, if any, otherwise payable on such date will be postponed to the next succeeding Business Day, and no
interest on such payment will accrue from and after the maturity date or such redemption date, as applicable. 
 The interest rate on the
Floating Rate Notes will be reset quarterly on January 12, April 12, July 12 and October 12 of each year, beginning on July 12, 2018 through January 12, 2023 (each an “Interest Reset Date”). However, if
any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date will be the next succeeding day that is a Business Day, except that if the next succeeding Business Day falls in the next succeeding calendar
month, the applicable Interest Reset Date will be the immediately preceding Business Day. 
 A “London Business Day” is a
day on which dealings in deposits in U.S. dollars are transacted in the London interbank market and the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 System”), or any successor thereto, is
open for business. 
 The interest periods will be the periods from and including an Interest Reset Date to but excluding the immediately
succeeding Interest Reset Date, except that (i) the final interest period will be the period from and including the Interest Reset Date immediately preceding the Floating Rate Notes Maturity Date to but excluding the Floating Rate Notes
Maturity Date and (ii) the initial interest period will be the period from and including April 12, 2018 to but excluding the first Interest Reset Date (each a “Floating Rate Notes Interest Period”). The interest rate per
year for the Floating Rate Notes in any Floating Rate Notes Interest Period will be equal to Three-Month USD LIBOR plus 112 basis points (the “Floating Rate Notes Interest Rate”), as determined by the Calculation Agent. The Floating
Rate Notes Interest Rate in effect for the 15 calendar days prior to any redemption date earlier than the maturity date will be the Floating Rate Notes Interest Rate in effect on the 15th day preceding such earlier redemption date. 

The Floating Rate Notes Interest Rate will be limited to the maximum rate permitted by New York law, as the same may be modified by United
States law of general application. 
 Upon the request of any holder of Floating Rate Notes, the Calculation Agent will provide the Floating
Rate Notes Interest Rate then in effect and, if determined, the Floating Rate Notes Interest Rate that will become effective on the next Interest Reset Date. 

  
 10 

 The Calculation Agent will determine Three-Month USD LIBOR for each Interest Period on the second
London Business Day prior to the first day of such Interest Period (the “Interest Determination Date”). 
 Three-Month USD
LIBOR” with respect to any Interest Determination Date, will be the offered rate for deposits of U.S. dollars having a maturity of three months that appears on “Reuters Page LIBOR01” at approximately 11:00 a.m., London time, on
such Interest Determination Date. If on an Interest Determination Date, such rate does not appear on the “Reuters Page LIBOR01” as of 11:00 a.m., London time, or if “Reuters Page LIBOR01” is not available on such date, the
Calculation Agent will obtain such rate from Bloomberg L.P.’s page “BBAM.” 
 If no offered rate appears on
“Reuters Page LIBOR01” or Bloomberg L.P. page “BBAM” on an Interest Determination Date, LIBOR will be determined for such Interest Determination Date on the basis of the rates at approximately 11:00 a.m., London time,
on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London inter-bank market by four major banks in such market selected by the Company, for a term of three months commencing on the applicable
Interest Reset Date and in a principal amount equal to an amount that in the judgment of the Calculation Agent is representative for a single transaction in U.S. dollars in such market at such time. The Calculation Agent will request the principal
London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, Three-Month LIBOR for such Floating Rate Notes Interest Period will be the arithmetic mean of such quotations. If fewer than two
such quotations are provided, Three-Month LIBOR for such Floating Rate Notes Interest Period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York City on such Interest Determination Date by three major banks
in New York City, selected by the Company, for loans in U.S. dollars to leading European banks, for a term of three months commencing on the applicable Floating Rate Notes Interest Reset Date and in a principal amount equal to an amount that in the
judgment of the Calculation Agent is representative for a single transaction in U.S. dollars in such market at such time; provided, however, that if the banks so selected are not quoting as mentioned above, the then-existing Three-Month LIBOR rate
will remain in effect for such Floating Rate Notes Interest Period, or, if none, the interest rate will be the initial interest rate. 
 All
percentages resulting from any calculation of any Floating Rate Notes Interest Rate will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all U.S. dollar amounts will be rounded to the nearest cent, with one-half cent being
rounded upward. The amount of interest payable in respect of each Floating Rate Note will be calculated by applying the applicable Floating Rate Notes Interest Rate for such Floating Rate Notes Interest Period to the outstanding principal amount of
such Floating Rate Notes, multiplying the product by the actual number of days in such Interest Period and dividing by 360. Each calculation of the Floating Rate Notes Interest Rate by the Calculation Agent will (in the absence of manifest error) be
final and binding on the Company, the Trustee and the Holders of the Floating Rate Notes. 

  
 11 

 Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee
(if the Calculation Agent is not the Trustee) of the Floating Rate Notes Interest Rate for the new Floating Rates Notes Interest Period; 

(f) No premium, upon redemption or otherwise, shall be payable by the Company on the Floating Rate Notes; 

(g) Principal of and any interest on the Floating Rate Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent
of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 
 (h) The Floating Rate Notes
shall not be redeemable except as provided in Article 11 of the Base Indenture, as supplemented by this Third Supplemental Indenture; 
 (i)
The Company shall have no obligation to redeem or purchase the Floating Rate Notes pursuant to any sinking fund or analogous provision; 

(j) The Floating Rate Notes shall be issued only in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof;

 (k) The principal amount of the Floating Rate Notes shall be payable upon the declaration of acceleration thereof pursuant to
Section 5.02 of the Base Indenture; 
 (l) Additional Amounts in respect of the Floating Rate Notes shall be payable as set forth in
the Base Indenture, as supplemented by this Third Supplemental Indenture; 
 (m) The Floating Rate Notes shall be denominated in, and
payments thereon shall be made in, U.S. Dollars only; 
 (n) The payment of principal of or interest, if any, on the Floating Rate Notes
shall be payable only in the coin or currency in which the Floating Rate Notes are denominated; 
 (o) The Floating Rate Notes will be
issued in the form of one or more global securities in registered form, without coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p) The Floating Rate Notes will not be initially issued in definitive form; 

(q) The Events of Default on the Floating Rate Notes are as provided for in the Base Indenture, as supplemented by the Third Supplemental
Indenture; 

  
 12 

 (r) With respect to the Floating Rate Notes, Section 12.01 of the Base Indenture is hereby
deleted in its entirety and replaced with the following: 
 The Company, for itself, its successors and assigns, covenants and agrees, and
each Holder of the Floating Rate Notes by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the Floating Rate Notes will constitute direct, unconditional, unsubordinated and unsecured senior non
preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of
law (or otherwise), upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article 92.1o or 92.3o to 92.7o of Law 22/2003 (Ley Concursal) dated 9 July
2003 (the “Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher
Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the Floating Rate Notes will be met after payment in full of the Senior Higher Priority Liabilities), and (iii) senior to
any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law. 

Claims of holders of Floating Rate Notes in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in
respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 92.3o of the Spanish Insolvency Law and no further interest shall accrue
from the date of the declaration of insolvency of the Company. 
 “Law 11/2015” means Law 11/2015 of 18 June on recovery
and resolution of credit institutions and investment firms, as amended from time to time. 
 “Senior Higher Priority Liabilities”
means any obligations of the Company which specify their status as ordinary senior instruments and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred
Liabilities. 
 “Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations
(créditos ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial
matters, and as further amended from time to time (including any Floating Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred
Liabilities. 
 The provisions of this Section 2.03(r) shall apply only to rights or claims payable with respect to the Floating Rate
Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights
and remedies of the Trustee in respect thereof. 

  
 13 

 The Company agrees with respect to the Floating Rate Notes and each holder of the Floating Rate
Notes, by his or her acquisition of the Floating Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded
to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the Floating Rate Notes. In addition, each holder of the Floating Rate Notes by his or her acquisition of such Floating Rate Notes authorizes and
directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such Floating Rate Notes as provided in the Base Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes; 
 (s) The form of
the Floating Rate Notes to be issued on the date hereof shall be substantially in the form of Exhibit C hereto; 
 (t) The Company
may issue additional Floating Rate Notes (“Additional Floating Rate Notes” and, together with the Additional 2023 Fixed Rate Notes and Additional 2028 Fixed Rate Notes, “Additional Notes”) after the date hereof
having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first Interest Payment Date, as the Floating Rate Notes;
provided, however, that such Additional Floating Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding Floating Rate Notes unless the Additional Floating Rate Notes are fungible with the Floating Rate
Notes for U.S. federal income tax purposes. Any such Additional Floating Rate Notes, together with the Floating Rate Notes, will constitute a single series of securities under the Senior Non Preferred Indenture; and 

(u) The initial Calculation Agent for the Floating Rate Notes shall be the Trustee. 

ARTICLE 3 
 ADDITIONAL TERMS
APPLICABLE TO THE SENIOR NON PREFERRED NOTES 
 Section 3.01. Addition of Definitions. With respect to the Senior Non Preferred
Notes only, Section 1.01 of the Base Indenture is amended to include the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order): 

“Issue Date” means April 12, 2018, being the date of the initial issue of the Senior Non
Preferred Notes. 
 “Maturity Date” has the meaning provided in Section 2.02(d)
hereof. 
 “Business Day” means any day, other than Saturday or Sunday, that is not a
Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York or London nor a day when the Trans-European Automated Real-time Gross Settlement Express Transfer
system (the “TARGET2 System”), or any successor thereto, is closed for business. 

  
 14 

 “EC Proposals” means the European
Commission’s proposals to amend and supplement certain provisions of the CRD IV Directive, the CRR, the SRM Regulation and the BRRD. 

Section. 3.02. Deletion of Definitions. With respect to the Senior Non Preferred Notes only, the following definitions shall be deleted
in their entirety in Section 1.01 of the Base Indenture: 
 “Foreign Currency” means
the euro or any currency issued by the government of any country (or a group of countries or participating member states) other than the United States which as at the time of payment is legal tender for the payment of public and private debts. 

“Foreign Government Securities” means with respect to Second Ranking Senior Debt Securities
of any series that are denominated in a Foreign Currency, non-callable (i) direct obligations of the participating member state or government that issued such Foreign Currency for the payment of which
obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such participating member state or government, the payment of which obligations is
unconditionally guaranteed as a full faith and credit obligation of such participating member state or government. For the avoidance of doubt, for all purposes hereof, euro shall be deemed to have been issued by each participating member state from
time to time. 
 “U.S. Government Obligations” means
non-callable (i) direct obligations of the United States for which its full faith and credit are pledged and/or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of
such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt. 

  
 15 

 An “Alignment Event” is deemed to have occurred
if, following the implementation of the Senior Ranking Amendment Legislation or an amendment thereof, the terms and conditions of Statutory Second Ranking Senior Liabilities or the most junior sub-class within
the unsubordinated and unsecured liabilities class, are different in any respect from the terms and conditions of the Second Ranking Senior Debt Securities set forth herein. Further, with respect to each series of Second Ranking Senior Debt
Securities, an Alignment Event will be deemed to have occurred if the Senior Ranking Amendment Legislation requires that only securities issued on or following a certain date which is after the issue date of the Second Ranking Senior Debt Securities
of such series may qualify as Statutory Second Ranking Senior Liabilities or as the most junior sub-class within the unsubordinated and unsecured liabilities class. 

Section 3.03. Replacement of Definitions. With respect to the Senior Non Preferred Notes only, Section 1.01 of the Base
Indenture is amended to replace in their entirety the following definitions: 
 A “TLAC/MREL Disqualification Event” shall
have occurred at any time, on or following the TLAC/MREL Requirement Date, that all or part of the outstanding nominal amount of a series of Second Ranking Senior Debt Securities does not fully qualify as TLAC/MREL-Eligible Instruments of the
Company and/or the Group, except where such non-qualification (i) is due solely to the remaining maturity of the Second Ranking Senior Debt Securities of such series being less than any period prescribed
for TLAC/MREL-Eligible Instruments by the Applicable TLAC/MREL Regulations or (ii) is as a result of the Second Ranking Senior Debt Securities of such series being bought back by or on behalf of the Company or a buy back of the Second Ranking
Senior Debt Securities of such series which is funded by or on behalf of the Company. 
 A TLAC/MREL Disqualification Event shall, without
limitation, be deemed to include where such non-qualification arises as a result of (a) any legislation which gives effect to the EC Proposals in the Kingdom of Spain differing in any respect from the
form of the EC Proposals as published by the European Commission on 23 November 2016 (the “Draft EC Proposals”) (including if the EC Proposals are not implemented in full in the Kingdom of Spain) or (b) the official
interpretation or application of the Draft EC Proposals or the EC Proposals as implemented in the Kingdom of Spain (including any interpretation or pronouncement by any relevant court, tribunal or authority) differing in any respect from the manner
in which the Draft EC Proposals have been reflected herein. 
 Section 3.04. Amendment of Definitions. Any references to
“Second Ranking Senior Debt Securities” in the Base Indenture (as amended by this Third Supplemental Indenture) shall be deemed to include the Senior Non Preferred Debt Securities. 

  
 16 

 Section 3.05. Collection of Indebtedness and Suits for Enforcement by the Trustee.
With respect to the Senior Non Preferred Notes only, Section 5.03 of the Base Indenture is amended in part to add the following sentences at the end of the section: 

No remedy against the Company other than as referred to in this Article 5 shall be available to the Holders, whether for the recovery of
amounts owing to the Holders in respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture or in respect of any breach by the Company of any of its other obligations under or in respect of the
Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture, except that the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act. 

Section 3.06. Deletion of Satisfaction and Discharge Provisions. With respect to the Senior Non Preferred Notes only, Article 4 of
the Base Indenture is deleted in its entirety. 
 Section 3.07. Deletion of Provisions with Respect to Selection by the Trustee of
Senior Non Preferred Debt Securities to Be Redeemed. With respect to the Senior Non Preferred Notes only, the first paragraph of Section 11.03 of the Base Indenture is deleted in its entirety. 

Section 3.08. Deletion of Provisions with Respect to Optional Early Redemption (Call). With respect to the Senior Non Preferred
Notes only, Section 11.10 of the Base Indenture is deleted in its entirety. 
 Section 3.09. Payment. Notwithstanding
Section 3.07 of the Base Indenture, payments of interest, if any, and any Additional Amounts on the Senior Non Preferred Notes may be made by wire transfer of immediately available funds. 

Section 3.10. Replacement of Provisions with Respect to Events of Default. With respect to the Senior Non Preferred Notes only,
Section 5.01(ii) of the Base Indenture is hereby replaced with the following: 
 Winding up: any order is made by any competent court
or resolution passed for the winding up or dissolution of Banco Santander (except in any such case for the purpose of reconstruction or a merger or amalgamation which has been previously approved by the holders of at least a majority of the
outstanding principal amount of the second ranking senior debt securities of that series, or a merger, reconstruction or amalgamation, in this case even without being approved by holders of the second ranking senior debt securities of such series,
provided that such merger, reconstruction or amalgamation is carried out in compliance with the requirements set forth in Section 8.01 of the Base Indenture). 

Section 3.11. Replacement of Provisions with Respect to Optional Redemption Due to Changes in Tax Treatment. With respect to the
Senior Non Preferred Notes only, Section 11.08 of the Base Indenture is hereby replaced with the following: 
 Unless otherwise
provided as contemplated by Section 3.01 with respect to any series of Second Ranking Senior Debt Securities, if, in relation to the Second Ranking Senior Debt Securities of any series, (i) as a result of any change in the laws or
regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any 

  
 17 

 
such laws or regulations which becomes effective on or after the date of issue of the first issued Second Ranking Senior Debt Securities of such series or any earlier date specified pursuant to
Section 3.01, the Company shall determine that (a) the Company would be required to pay Additional Amounts pursuant to Section 10.04 or (b) the Company would not be entitled to claim a deduction in computing tax liabilities in
Spain in respect of any interest to be paid on the next interest payment date on such series of Second Ranking Senior Debt Securities or the value of such deduction to the Company would be materially reduced or (c) the applicable tax treatment
of the Second Ranking Senior Debt Securities of such series changes in a material way that was not reasonably foreseeable at the issuer date and (ii) such circumstances are evidenced by the delivery by the Company to the Trustee of a copy of
the Supervisory Permission for the redemption, if required, the Company may, at its option and having given no less than 30 nor more than 60 days’ notice (ending, in the case of Second Ranking Senior Debt Securities which bear interest at a
floating rate, on a day upon which interest is payable) to the Holders of the Second Ranking Senior Debt Securities of such series in accordance with Section 11.04 (which notice shall be irrevocable) and a concurrent copy thereof to the
Trustee, redeem in whole, but not in part, the outstanding Second Ranking Senior Debt Securities of such series (in accordance with the requirements of Applicable Banking Regulations in force at the relevant time) at their early tax redemption
amount (the “Early Redemption Amount (Tax)”) (which shall be their principal amount or at such other Early Redemption Amount (Tax) as may be specified in or determined pursuant to Section 3.01), together with any accrued interest
thereon to (but excluding) the date fixed for redemption; provided, however, that (i) in the case of (a) above, no such notice of redemption may be given earlier than 90 days (or, in the case of Second Ranking Senior Debt Securities which
bear interest at a floating rate a number of days which is equal to the aggregate of the number of days falling within the then current interest period applicable to the Second Ranking Senior Debt Securities of such series plus 60 days) prior to the
earliest date on which the Company would be obliged to pay such Additional Amounts were a payment in respect of the Second Ranking Senior Debt Securities of such series then due and (ii) redemption for taxation reasons pursuant to this
Section 11.08 may only take place in accordance with Applicable Banking Regulations in force at the relevant time and is subject to the Company obtaining prior Supervisory Permission therefor, if required. 

Section 3.12. Replacement of Provisions with Respect to Optional Redemption For TLAC/MREL Disqualification Event. With respect to
the Senior Non Preferred Notes only, Section 11.09 of the Base Indenture is hereby replaced with the following: 
 Unless otherwise
provided as contemplated by Section 3.01 with respect to any series of Second Ranking Senior Debt Securities if, in relation to the Second Ranking Senior Debt Securities of any series, following the TLAC/MREL Requirement Date, a TLAC/MREL
Disqualification Event has occurred and is continuing, then the Company may, subject to being permitted by Applicable TLAC/MREL Regulations and having given not less than 30 nor more than 60 days’ notice (ending, in the case of Second Ranking
Senior Debt Securities which bear interest at a floating rate, on a day upon which interest is payable) to the Holders of the Second Ranking Senior Debt Securities of such series in accordance with Section 11.04 below (which notice shall be
irrevocable) 

  
 18 

 
and a concurrent copy thereof to the Trustee, redeem in whole but not in part the outstanding Second Ranking Senior Debt Securities of such series at their principal amount, together with any
accrued and unpaid interest thereon to (but excluding) the date fixed for redemption (“Early Redemption Amount (TLAC/MREL Disqualification Event)”). 

Redemption on the basis of a TLAC/MREL Disqualification Event is subject to the Company obtaining prior Supervisory Permission therefor, if
required, and may only take place in accordance with TLAC/MREL Regulations in force at the relevant time. 
 Section 3.13.
Replacement of Provisions with Respect to Substitution and Variation. With respect to the Senior Non Preferred Notes only, Section 8.04 of the Base Indenture is hereby replaced with the following: 

If a TLAC/MREL Disqualification Event or an event that would entitle the Company to redeem the Second Ranking Senior Debt Securities of any
series as set forth in Section 11.08 occurs and is continuing, the Company may substitute all (but not some) of the Second Ranking Senior Debt Securities of any series or modify the terms of all (but not some) of the Second Ranking Senior Debt
Securities of such series, without any requirement for the consent or approval of the holders of the Second Ranking Senior Debt Securities of such series, so that they are substituted for, or varied to, become, or remain, Qualifying Notes, subject
to having given not less than 30 nor more than 60 days’ notice to the Holders of such series in accordance with Section 1.06 and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as
applicable, variation), and subject to obtaining supervisory permission therefor as required under Applicable TLAC/MREL Regulations, if required. 

Any such notice shall specify the relevant details of the manner in which such substitution or variation shall take effect and where the
Holders of such series can inspect or obtain copies of the new terms and conditions of the Second Ranking Senior Debt Securities of such series. Such substitution or variation will be effected without any cost or charge to such Holders. 

The Second Ranking Senior Debt Securities of any series shall cease to bear interest from (an including) the date of substitution thereof.

 Any Holder or beneficial owner of the Second Ranking Senior Debt Securities of any series shall, by virtue of its acquisition of the
Second Ranking Senior Debt Securities of any series or any beneficial interest therein, be deemed to accept the substitution or variation of the terms of the Second Ranking Senior Debt Securities of such series as set forth in this Section 8.04
and to grant to the Company full power and authority to take any action and/or to execute and deliver any document in the name and/or on behalf of such Holder which is necessary or convenient to complete the substitution or variation of the terms of
the Second Ranking Senior Debt Securities of such series, as applicable. 

  
 19 

 ARTICLE 4 

MISCELLANEOUS 
 Section 4.01.
Effect Of Supplemental Indenture. Upon the execution and delivery of this Third Supplemental Indenture by each of the Company and the Trustee, the Base Indenture shall be supplemented in accordance herewith, and this Third Supplemental
Indenture shall form a part of the Base Indenture for all purposes in respect of the Senior Non Preferred Notes or otherwise as applicable. 

Section 4.02. Confirmation Of Indenture. The Base Indenture, as supplemented and amended by this Third Supplemental Indenture with
respect to the Senior Non Preferred Notes or otherwise as applicable, is in all respects ratified and confirmed, and the Base Indenture, this Third Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Senior Non
Preferred Notes or otherwise as applicable, be read, taken and construed as one and the same instrument. This Third Supplemental Indenture constitutes an integral part of the Senior Non Preferred Indenture and, where applicable, with respect to the
Senior Non Preferred Notes. In the event of a conflict between the terms and conditions of the Base Indenture and the terms and conditions of this Third Supplemental Indenture, the terms and conditions of this Third Supplemental Indenture shall
prevail where applicable. 
 Section 4.03. Concerning The Trustee. The Trustee does not make any representations as to the
validity, sufficiency or adequacy of this Third Supplemental Indenture or the Senior Non Preferred Notes. The recitals and statements herein and in the Senior Non Preferred Notes are deemed to be those of the Company and not the Trustee. In entering
into this Third Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 

Section 4.04. Governing Law. The Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be governed by and
construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Base Indenture, Sections 2.01(r), 2.02(r) and 2.03(r) of this Third Supplemental Indenture
and the status provisions of the Senior Non Preferred Notes, which shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred
Indenture and the Senior Non Preferred Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of the Company and the Trustee, as the case may be. 

Section 4.05. Separability. In case any provision contained in this Third Supplemental Indenture 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. 

  
 20 

 Section 4.06. Counterparts. This Third Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or
electronic format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental
Indenture for all purposes. 
 [Signature Pages Follow] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of
the date first written above. 
  

							
		 	 BANCO SANTANDER, S.A., as Issuer
  
	  	
		 	By:    	 	             /s/ José Antonio
Soler
	  	
		 		 	Name: José Antonio Soler	  	
		 		 	Title:   Authorized Representative	  	

 [Signature Page to Third Supplemental Indenture] 

  
 22 

							
		 	 THE BANK OF NEW YORK MELLON, as Trustee
  

		 	By:    	 	             /s/ Charlotte Davidson
	  	
		 		 	Name: Charlotte Davidson	  	
		 		 	Title:   Vice President	  	

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS
NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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 RANKING OF THIS NOTE IS SET FORTH IN SECTION 2.01(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS
OF THAT SECTION 2.01(r), AND THE HOLDER OF THIS NOTE, BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 2.01(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

  
 A-1 

 CUSIP No. 05964H AG0 

ISIN No. US05964HAG02 
 SERIES 37
3.848% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2023 
 Issued by 

BANCO SANTANDER, S.A. 
  

	 No.     
	 $ 

 BANCO SANTANDER, S.A., a
sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $                    
(                    dollars) on April 12, 2023 or on such earlier date as the principal hereof may become due in accordance with the terms
hereof and to pay interest thereon semi-annually in arrears on April 12 and October 12 of each year, commencing on October 12, 2018, and ending on April 12, 2023 (each, a “Payment Date”). Interest so payable on any
Payment Date shall be paid to the Holder in whose name this Note is registered on the 15th calendar day immediately preceding the relevant Payment Date, whether or not such day is a Business Day, as defined in the Senior Non Preferred Indenture
(each a “Regular Record Date”). 
 Interest shall accrue on this Note from day to day from the date of issuance hereof or from the
most recent Payment Date at the rate of 3.848% per annum, until the principal amount hereof is paid or made available for payment. 

Payments of interest on this Note shall be computed on the basis of a 360-day year divided into twelve
months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 
 Payment of the principal
amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such
payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the
Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after
such payment date. 
 The 2023 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in
excess thereof. 

  
 A-2 

 For information purposes only, without any substantive effect whatsoever and solely in order to
comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2023
Fixed Rate Notes, i.e., US$1,250,000,000, was equivalent to approximately €1,011,245,044.90, based on the exchange rate as of April 10, 2018 of US $1.2361 per €1.00. Amounts due on the Notes shall not under any circumstances whatsoever be
payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any Additional Amounts with
respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Non Preferred Indenture or be valid or obligatory for any purpose. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2023 Fixed Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any
Bail-in Power by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts
Due on this Note into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of this Note to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this Note further acknowledges and agrees that the rights of the Holder of this Note are subject to—and will be varied, if necessary, so as to give effect to— the exercise of
any Bail-in Power by the Relevant Resolution Authority: 
 For these purposes, “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on this Note. References to such amounts will include amounts that have become due and payable, but which
have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

For these purposes, “Bail-in Power” means any statutory write-down and/or conversion power
existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the resolution of Regulated Entities applicable to the Company or other Regulated Entities of the group, including (but not
limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time, (ii) Regulation (EU) No. 806/2014 of
the European Parliament and of the Council of 15 July 2014, establishing uniform 

  
 A-3 

 
rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and
amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the “SRM Regulation”) and (iii) the instruments, rules and standards created thereunder, pursuant to which any obligation of a Regulated Entity
(or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into shares or other securities or obligations of such Regulated Entity (or affiliate of such Regulated Entity) or any other person. 

The term “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
investment firms, as amended or superseded from time to time. 
 The term “Regulated Entity” means any legal person to which BRRD,
as implemented in the Kingdom of Spain (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies, which includes, certain credit entities, investment firms, and certain parent or holding companies. 

The term “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single
Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 

The public deed of issuance (escritura de emisión) related to the Notes represented hereby was executed on April 11, 2018
before Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 1578 of his records. 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: April 12, 2018 
  

							
		 	 BANCO SANTANDER, S.A.
  
	  	

							
		 	By:	 	      
	  	
		 	Name:	  	
		 	Title:	  	

							
				
		 	By:	 	      
	  	
		 	Name:	  	
		 	Title:	  	

 [Global Note Signature Page] 

  
 A-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2023 Fixed Rate Notes referred to in the within-mentioned Senior Non Preferred Indenture. 

Dated: April 12, 2018 
  

							
		 	 THE BANK OF NEW YORK MELLON,

            as Trustee

 

		 	By:	 	      
	  	
		 		 	Authorized Signatory	  	

 [Global Note Signature Page] 

  
 A-6 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “2023 Fixed Rate Notes”) issued and to
be issued in one or more series under a Second Ranking Senior Debt Securities Indenture, dated as of April 11, 2017, as heretofore supplemented and amended (herein called the “Base Indenture”), among the Company, as issuer and The
Bank of New York Mellon acting through its London Branch, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as supplemented by the Third Supplemental Indenture, dated as of April
12, 2018, among the Company and the Trustee (the “Third Supplemental Indenture”, and, together with the Base Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2023 Fixed Rate Notes and of the terms upon which the 2023 Fixed
Rate Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the 2023 Fixed Rate Notes include those stated in the Senior
Non Preferred Indenture. The 2023 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of
any inconsistency between the terms of this 2023 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,250,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the 2023 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first Interest Payment Date, as the 2023 Fixed Rate Notes; provided, however, that such additional 2023 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2023 Fixed Rate Notes unless the additional 2023 Fixed Rate Notes are fungible with the 2023 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2023 Fixed Rate Notes, together with the 2023 Fixed Rate Notes, will constitute a single series of 2023 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Second Ranking Senior Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2023 Fixed Rate Notes
will constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law 11/2015, but
subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article
92.1o or 92.3o to 92.7o of Law 22/2003 (Ley Concursal) dated 9 July 2003 (the “Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among themselves and with any
Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2023 Fixed Rate Notes will be met after
payment in full of the Senior Higher Priority Liabilities), and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law.

  
 A-7 

 Claims of holders of 2023 Fixed Rate Notes in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 92.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 “Law
11/2015” means Law 11/2015 of 18 June on recovery and resolution of credit institutions and investment firms, as amended from time to time. 

“Senior Higher Priority Liabilities” means any obligations of the Company which specify their status as ordinary senior instruments
and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial matters, and as
further amended from time to time (including any 2023 Fixed Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities.

 The provisions of Section 2.01(r) of the Third Supplemental Indenture shall apply only to rights or claims payable with respect to
the 2023 Fixed Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base
Indenture, or the rights and remedies of the Trustee in respect thereof. 
 The Company agrees with respect to the 2023 Fixed Rate Notes and
each holder of the 2023 Fixed Rate Notes, by his or her acquisition of the 2023 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of
priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2023 Fixed Rate Notes. In addition, each holder of the 2023 Fixed Rate Notes by his or her
acquisition of such 2023 Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2023 Fixed Rate Notes as provided in the Base Indenture and
appoints the Trustee his or her attorney-in-fact for any and all such purposes. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2023 Fixed Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any
Bail-in Power by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts
Due on this Note into shares or other securities or other obligations of the Company or another person, including by means of a variation to the 

  
 A-8 

 
terms of the 2023 Fixed Rate Notes to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this Note
further acknowledges and agrees that the rights of the Holders of the 2023 Fixed Rate Notes are subject to—and will be varied, if necessary, so as to give effect to— the exercise of any Bail-in Power
by the Relevant Resolution Authority: 
 For these purposes, “Amounts Due” means the principal amount of, premium, if any,
together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2023 Fixed Rate Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of
the Bail-in Power by the Relevant Resolution Authority. 
 For these purposes, “Bail-in Power” means any statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the
resolution of Regulated Entities applicable to the Company or other Regulated Entities of the group, including (but not limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any
other implementing regulations) as amended or superseded from time to time, (ii) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the
resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the
“SRM Regulation”) and (iii) the instruments, rules and standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into
shares or other securities or obligations of such Regulated Entity (or affiliate of such Regulated Entity) or any other person. 
 The term
“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended or superseded from time to time. 

The term “Regulated Entity” means any legal person to which BRRD, as implemented in the Kingdom of Spain (including but not limited
to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies,
which includes, certain credit entities, investment firms, and certain parent or holding companies. 
 The term “Relevant Resolution
Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 
 Upon the Company being informed or
notified by the Relevant Resolution Authority of the actual exercise of the date from which the Bail-in Power is effective with respect to the 2023 Fixed Rate Notes, the Company will provide a written notice
to the holders of the 2023 Fixed Rate Notes through DTC without delay regarding such exercise of Bail-in Power. The Company will also deliver a copy of such notice to the Trustee for information purposes. Any
delay or failure by the Company to give notice shall not affect the validity and enforceability of the Bail-in Power nor the effects on the 2023 Fixed Rate Notes described in this clause. 

  
 A-9 

 No repayment or payment of Amounts Due, if any, on the 2023 Fixed Rate Notes, will become due and
payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such
exercise. 
 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes each holder of a
beneficial interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that
the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with
respect to this Note. 
 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and agrees that, upon the
exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the Trustee will not be
required to take any further directions from the Holders of the 2023 Fixed Rate Notes with respect to any portion of the 2023 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non Preferred Indenture,
which authorizes holders of a majority in aggregate outstanding principal amount of the outstanding 2023 Fixed Rate Notes to direct certain actions relating to the 2023 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2023 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2023 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2023 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2023 Fixed Rate Notes will give rise to a default for
purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2023 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2023 Fixed Rate Notes. 

  
 A-10 

 Each Holder of this Note that acquires such 2023 Fixed Rate Notes in the secondary market
(including each beneficial owner) shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2023 Fixed Rate Notes that acquire the 2023 Fixed Rate Notes upon
their initial issuance, including, without limitation, with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2023 Fixed Rate Notes, including in relation to the Bail-in-Power. 
 Additional terms of the 2023 Fixed Rate Notes, including but not limited to
events of default, remedies, payment of additional amounts in respect of withholding tax, substitution and variation of the 2023 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

The Senior Non Preferred Indenture and the 2023 Fixed Rate Notes shall be governed by and construed in accordance with the laws of the State
of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Base Indenture and Sections 2.01(r), 2.02(r) and 2.03(r) of the Third Supplemental Indenture and the status of the 2023 Fixed Rate Notes, which
shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the 2023 Fixed Rate Notes shall be governed by (in
addition to the laws of the State of New York relevant to execution) the respective jurisdictions of the Company and the Trustee, as the case may be. 

The 2023 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
 A-11 

 EXHIBIT B 

FORM OF GLOBAL NOTE 
 THIS
NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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 RANKING OF THIS NOTE IS SET FORTH IN SECTION 2.02(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THIS NOTE IS ISSUED SUBJECT
TO THE PROVISIONS OF THAT SECTION 2.02(r), AND THE HOLDER OF THIS NOTE, BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 2.02(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE
GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

  
 B-1 

 CUSIP No. 05964H AJ4 

ISIN No. US05964HAJ41 
 SERIES 38
4.379% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2028 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	No.	  	$

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $                    
(                    dollars) on April 12, 2028 or on such earlier date as the principal hereof may become due in accordance with the terms
hereof and to pay interest thereon semi-annually in arrears on April 12 and October 12 of each year, commencing on October 12, 2018, and ending on April 12, 2028 (each, a “Payment Date”). Interest so payable on any
Payment Date shall be paid to the Holder in whose name this Note is registered on the 15th calendar day immediately preceding the relevant Payment Date, whether or not such day is a Business Day,
as defined in the Senior Non Preferred Indenture (each a “Regular Record Date”). 
 Interest shall accrue on this Note from day to
day from the date of issuance hereof or from the most recent Payment Date at the rate of 4.379% per annum, until the principal amount hereof is paid or made available for payment. 

Payments of interest on this Note shall be computed on the basis of a 360-day year divided into twelve
months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 
 Payment of the principal
amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such
payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the
Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after
such payment date. 
 The 2028 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in
excess thereof. 

  
 B-2 

 For information purposes only, without any substantive effect whatsoever and solely in order to
comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2028
Fixed Rate Notes, i.e., US$1,250,000,000, was equivalent to approximately €1,011,245,044.90, based on the exchange rate as of April 10, 2018 of US$1.2361 per €1.00. Amounts due on the Notes shall not under any circumstances whatsoever be
payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any Additional Amounts with
respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Non Preferred Indenture or be valid or obligatory for any purpose. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2028 Fixed Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any
Bail-in Power by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts
Due on this Note into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of this Note to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this Note further acknowledges and agrees that the rights of the Holder of this Note are subject to—and will be varied, if necessary, so as to give effect to— the exercise of
any Bail-in Power by the Relevant Resolution Authority: 
 For these purposes, “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on this Note. References to such amounts will include amounts that have become due and payable, but which
have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

For these purposes, “Bail-in Power” means any statutory write-down and/or conversion power
existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the resolution of Regulated Entities applicable to the Company or other Regulated Entities of the group, including (but not
limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time, (ii) Regulation (EU) No. 806/2014 of
the European Parliament and of the Council of 15 July 2014, establishing uniform 

  
 B-3 

 
rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and
amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the “SRM Regulation”) and (iii) the instruments, rules and standards created thereunder, pursuant to which any obligation of a Regulated Entity
(or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into shares or other securities or obligations of such Regulated Entity (or affiliate of such Regulated Entity) or any other person. 

The term “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
investment firms, as amended or superseded from time to time. 
 The term “Regulated Entity” means any legal person to which BRRD,
as implemented in the Kingdom of Spain (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies, which includes, certain credit entities, investment firms, and certain parent or holding companies. 

The term “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single
Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 

The public deed of issuance (escritura de emisión) related to the Notes represented hereby was executed on April 11, 2018
before Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 1578 of his records. 

  
 B-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: April 12, 2018 
  

	
	BANCO SANTANDER, S.A.
	
	By:__________________________________
	Name:
	Title:
	
	By:__________________________________
	Name:
	Title:

 [Global Note Signature Page] 

  
 B-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2028 Fixed Rate Notes referred to in the within-mentioned Senior Non Preferred Indenture. 

Dated: April 12, 2018 
  

	
	 THE BANK OF NEW YORK MELLON,

            as Trustee

 

	By:___________________________
	                Authorized Signatory

 [Global Note Signature Page] 

  
 B-6 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “2028 Fixed Rate Notes”) issued and to
be issued in one or more series under a Second Ranking Senior Debt Securities Indenture, dated as of April 11, 2017, as heretofore supplemented and amended (herein called the “Base Indenture”), among the Company, as issuer and The
Bank of New York Mellon acting through its London Branch, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as supplemented by the Third Supplemental Indenture, dated as of April
12, 2018, among the Company and the Trustee (the “Third Supplemental Indenture”, and, together with the Base Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2028 Fixed Rate Notes and of the terms upon which the 2028 Fixed
Rate Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the 2028 Fixed Rate Notes include those stated in the Senior
Non Preferred Indenture. The 2028 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of
any inconsistency between the terms of this 2028 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,250,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the 2028 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first Interest Payment Date, as the 2028 Fixed Rate Notes; provided, however, that such additional 2028 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2028 Fixed Rate Notes unless the additional 2028 Fixed Rate Notes are fungible with the 2028 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2028 Fixed Rate Notes, together with the 2028 Fixed Rate Notes, will constitute a single series of 2028 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Second Ranking Senior Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2028 Fixed Rate Notes
will constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law 11/2015, but
subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article
92.1o or 92.3o to 92.7o of Law 22/2003 (Ley Concursal) dated 9 July 2003 (the “Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among themselves and with any
Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the 2028 Fixed Rate Notes will be met after
payment in full of the Senior Higher Priority Liabilities), and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 92 of the Spanish Insolvency Law.

  
 B-7 

 Claims of holders of 2028 Fixed Rate Notes in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 92.3o of the Spanish Insolvency Law
and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 “Law 11/2015” means Law
11/2015 of 18 June on recovery and resolution of credit institutions and investment firms, as amended from time to time. 

“Senior Higher Priority Liabilities” means any obligations of the Company which specify their status as ordinary senior instruments
and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial matters, and as
further amended from time to time (including any 2028 Fixed Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities.

 The provisions of Section 2.02(r) of the Third Supplemental Indenture shall apply only to rights or claims payable with respect to
the 2028 Fixed Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base
Indenture, or the rights and remedies of the Trustee in respect thereof. 
 The Company agrees with respect to the 2028 Fixed Rate Notes and
each holder of the 2028 Fixed Rate Notes, by his or her acquisition of the 2028 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of
priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2028 Fixed Rate Notes. In addition, each holder of the 2028 Fixed Rate Notes by his or her
acquisition of such 2028 Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2028 Fixed Rate Notes as provided in the Base Indenture and
appoints the Trustee his or her attorney-in-fact for any and all such purposes. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
2028 Fixed Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any
Bail-in Power by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts
Due on this Note into shares or other securities or other obligations of the Company or another person, including by means of a variation to the 

  
 B-8 

 
terms of the 2028 Fixed Rate Notes to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this Note
further acknowledges and agrees that the rights of the Holders of the 2028 Fixed Rate Notes are subject to—and will be varied, if necessary, so as to give effect to— the exercise of any Bail-in Power
by the Relevant Resolution Authority: 
 For these purposes, “Amounts Due” means the principal amount of, premium, if any,
together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2028 Fixed Rate Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of
the Bail-in Power by the Relevant Resolution Authority. 
 For these purposes, “Bail-in Power” means any statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the
resolution of Regulated Entities applicable to the Company or other Regulated Entities of the group, including (but not limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any
other implementing regulations) as amended or superseded from time to time, (ii) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the
resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the
“SRM Regulation”) and (iii) the instruments, rules and standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into
shares or other securities or obligations of such Regulated Entity (or affiliate of such Regulated Entity) or any other person. 
 The term
“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended or superseded from time to time. 

The term “Regulated Entity” means any legal person to which BRRD, as implemented in the Kingdom of Spain (including but not limited
to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies,
which includes, certain credit entities, investment firms, and certain parent or holding companies. 
 The term “Relevant Resolution
Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 
 Upon the Company being informed or
notified by the Relevant Resolution Authority of the actual exercise of the date from which the Bail-in Power is effective with respect to the 2028 Fixed Rate Notes, the Company will provide a written notice
to the holders of the 2028 Fixed Rate Notes through DTC without delay regarding such exercise of Bail-in Power. The Company will also deliver a copy of such notice to the Trustee for information purposes. Any
delay or failure by the Company to give notice shall not affect the validity and enforceability of the Bail-in Power nor the effects on the 2028 Fixed Rate Notes described in this clause. 

  
 B-9 

 No repayment or payment of Amounts Due, if any, on the 2028 Fixed Rate Notes, will become due and
payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such
exercise. 
 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes each holder of a
beneficial interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that
the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with
respect to this Note. 
 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and agrees that, upon the
exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the Trustee will not be
required to take any further directions from the Holders of the 2028 Fixed Rate Notes with respect to any portion of the 2028 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non Preferred Indenture,
which authorizes holders of a majority in aggregate outstanding principal amount of the outstanding 2028 Fixed Rate Notes to direct certain actions relating to the 2028 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2028 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2028 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2028 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2028 Fixed Rate Notes will give rise to a default for
purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2028 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2028 Fixed Rate Notes. 

  
 B-10 

 Each Holder of this Note that acquires such 2028 Fixed Rate Notes in the secondary market
(including each beneficial owner) shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2028 Fixed Rate Notes that acquire the 2028 Fixed Rate Notes upon
their initial issuance, including, without limitation, with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2028 Fixed Rate Notes, including in relation to the Bail-in-Power. 
 Additional terms of the 2028 Fixed Rate Notes, including but not limited to
events of default, remedies, payment of additional amounts in respect of withholding tax, substitution and variation of the 2028 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

The Senior Non Preferred Indenture and the 2028 Fixed Rate Notes shall be governed by and construed in accordance with the laws of the State
of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Base Indenture, Sections 2.01(r), 2.02(r) and 2.03(r) of the Third Supplemental Indenture and the status of the 2028 Fixed Rate Notes, which
shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the 2028 Fixed Rate Notes shall be governed by (in
addition to the laws of the State of New York relevant to execution) the respective jurisdictions of the Company and the Trustee, as the case may be. 

The 2028 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
 B-11 

 EXHIBIT C 

FORM OF GLOBAL NOTE 
 THIS
NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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 RANKING OF THIS NOTE IS SET FORTH IN SECTION 2.03(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS
OF THAT SECTION 2.03(r), AND THE HOLDER OF THIS NOTE, BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 2.03(r) OF THE BASE INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND SHALL BE
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

  
 C-1 

 CUSIP No. 05964H AH8 

ISIN No. US05964HAH84 
 SERIES 36
SENIOR NON PREFERRED FLOATING RATE NOTES DUE 2023 
 Issued by 

BANCO SANTANDER, S.A. 
  

	 No. 
	 $ 

 BANCO SANTANDER, S.A., a
sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called the “Company,” which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$                    (                    
dollars) on April 12, 2023 or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon quarterly in arrears on January 12, April 12, July 12 and October 12
commencing on July 12, 2018, and ending on April 12, 2023 (each, a “Floating Rate Note Interest Payment Date”). Interest so payable on any Floating Rate Note Interest Payment Date shall be paid to the Holder in whose name this
Note is registered on the 15th calendar day immediately preceding the relevant Floating Rate Note Interest Payment Date, whether or not such day is a Business Day, as defined in the Senior Non
Preferred Indenture; provided, however, that interest payable on the maturity date or any redemption date shall be payable to the person to whom the principal of such Floating Rate Notes shall be payable (each such date a “Regular
Record Date”). 
 This Note shall bear interest at a floating rate determined in the manner provided herein. 

If any Floating Rate Notes Interest Payment Date (other than the maturity date or any redemption date) falls on a day that is not a Business
Day, the Floating Rate Notes Interest Payment Date will be postponed to the next succeeding Business Day and interest will accrue to but excluding such Floating Rate Notes Interest Payment Date, except that if such Business Day falls in the next
succeeding calendar month, the applicable Floating Rate Notes Interest Payment Date will be the immediately preceding Business Day. If the maturity date or any redemption date of the Floating Rate Notes falls on a day that is not a Business Day, the
payment of principal, premium and Additional Amounts, if any, and interest, if any, otherwise payable on such date will be postponed to the next succeeding Business Day, and no interest on such payment will accrue from and after the maturity date or
such redemption date, as applicable. 
 Payment of the principal amount of and any interest on, this Note will be made by wire transfer of
immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the
Company for collection by 

  
 C-2 

 
the Holder. If the date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Senior Non Preferred Indenture) such payment shall
be made on the next succeeding Business Day with the same force and effect as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after such payment date. 

The Floating Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof. 

For information purposes only, without any substantive effect whatsoever and solely in order to comply with Article 413(d) of the Spanish
Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the Floating Rate Notes, i.e., US $500,000,000, was
equivalent to approximately €404,498,017.96, based on the exchange rate as of April 10, 2018 of US $1.2361 per €1.00. Amounts due on the Notes shall not under any circumstances whatsoever be payable in any currency other than U.S. Dollars.

 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any Additional Amounts with respect to such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Non Preferred Indenture or be valid or obligatory for any purpose. 

Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the
Floating Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority that may result in the write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts Due
on this Note into shares or other securities or other obligations of the Company or another person, including by means of a variation to the terms of this Note to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this Note further acknowledges and agrees that the rights of the Holder of this Note are subject to—and will be varied, if necessary, so as to give effect to— the exercise of
any Bail-in Power by the Relevant Resolution Authority: 
 For these purposes, “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on this Note. References to such amounts will include amounts that have become due and payable, but which
have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

  
 C-3 

 For these purposes, “Bail-in Power” means any
statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the resolution of Regulated Entities applicable to the Company or other
Regulated Entities of the group, including (but not limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to
time, (ii) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the
framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the “SRM Regulation”) and (iii) the instruments, rules and
standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into shares or other securities or obligations of such Regulated Entity (or
affiliate of such Regulated Entity) or any other person. 
 The term “BRRD” means Directive 2014/59/EU establishing a framework
for the recovery and resolution of credit institutions and investment firms, as amended or superseded from time to time. 
 The term
“Regulated Entity” means any legal person to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time
to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies, which includes, certain credit entities, investment firms, and certain parent or holding companies. 

The term “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single
Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 

The public deed of issuance (escritura de emisión) related to the Notes represented hereby was executed on April 11, 2018 before
Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 1578 of his records. 

  
 C-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: April 12, 2018 
  

	
	BANCO SANTANDER, S.A.
	
	By:__________________________________
	Name:
	Title:
	
	By:__________________________________
	Name:
	Title:

 [Global Note Signature Page] 

  
 C-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Floating Rate Notes referred to in the within-mentioned Senior Non Preferred Indenture. 

Dated: April 12, 2018 
  

	
	 THE BANK OF NEW YORK MELLON,

            as Trustee

	
	By:___________________________
	                Authorized Signatory

 [Global Note Signature Page] 

  
 C-6 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Floating Rate Notes”) issued and to be
issued in one or more series under a Second Ranking Senior Debt Securities Indenture, dated as of April 11, 2017, as heretofore supplemented and amended (herein called the “Base Indenture”), among the Company, as issuer and The Bank
of New York Mellon acting through its London Branch, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Second Ranking Senior Indenture), as supplemented by the Third Supplemental Indenture,
dated as of April 12, 2018, among the Company and the Trustee (the “Third Supplemental Indenture”, and, together with the Base Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the Floating Rate Notes and of the terms
upon which the Floating Rate Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the Floating Rate Notes include
those stated in the Senior Non Preferred Indenture. The Floating Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law,
in the event of any inconsistency between the terms of this Floating Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

The initial Calculation Agent for the Floating Rate Notes shall be the Trustee. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $500,000,000; provided, that
the Company may, from time to time, without the consent of the Holders of the Floating Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first Interest Floating Rate Note Interest Payment Date, as the Floating Rate Notes; provided, however, that such
additional Floating Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding Floating Rate Notes unless the additional Floating Rate Notes are fungible with the Floating Rate Notes for U.S. federal income tax
purposes. Any such additional Floating Rate Notes, together with the Floating Rate Notes, will constitute a single series of Floating Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Second Ranking
Senior Debt Securities” in the Base Indenture where the context requires. 
 The interest rate with respect to the Floating Rate Notes
will be reset quarterly on January 12, April 12, July 12 and October 12 of each year, beginning on July 12, 2018 through January 12, 2023 (each an “Interest Reset Date”). However, if any Interest Reset Date
would otherwise be a day that is not a Business Day, such Interest Reset Date will be the next succeeding day that is a Business Day, except that if the next succeeding Business Day falls in the next succeeding calendar month, the applicable
Interest Reset Date will be the immediately preceding Business Day. 

  
 C-7 

 A “London Business Day” is a day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market and the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 System”), or any successor thereto, is open for business. 

The interest periods will be the periods from and including an Interest Reset Date to but excluding the immediately succeeding Interest Reset
Date, except that (i) the final interest period will be the period from and including the Interest Reset Date immediately preceding the maturity date to but excluding the maturity date and (ii) the initial interest period will be the
period from and including April 12, 2018 to but excluding the first Interest Reset Date (each a “Floating Rate Notes Interest Period”). The interest rate per year for the Floating Rate Notes in any Floating Rate Notes Interest Period
will be equal to Three-Month USD LIBOR plus 112 basis points (the “Floating Rate Notes Interest Rate”), as determined by the Calculation Agent. The Floating Rate Notes Interest Rate in effect for the 15 calendar days prior to any
redemption date earlier than the maturity date will be the Floating Rate Notes Interest Rate in effect on the 15th day preceding such earlier redemption date. 

The Floating Rate Notes Interest Rate will be limited to the maximum rate permitted by New York law, as the same may be modified by United
States law of general application. 
 Upon the request of any holder of Floating Rate Notes, the Calculation Agent will provide the Floating
Rate Notes Interest Rate then in effect and, if determined, the Floating Rate Notes Interest Rate that will become effective on the next Interest Reset Date. 

The Calculation Agent will determine Three-Month USD LIBOR for each Interest Period on the second London Business Day prior to the first day
of such Interest Period (the “Interest Determination Date”). 
 “Three-Month USD LIBOR” with respect to any Interest
Determination Date, will be the offered rate for deposits of U.S. dollars having a maturity of three months that appears on “Reuters Page LIBOR01” at approximately 11:00 a.m., London time, on such Interest Determination Date. If on an
Interest Determination Date, such rate does not appear on the “Reuters Page LIBOR01” as of 11:00 a.m., London time, or if “Reuters Page LIBOR01” is not available on such date, the Calculation Agent will obtain such rate from
Bloomberg L.P.’s page “BBAM.” 
 If no offered rate appears on “Reuters Page LIBOR01” or Bloomberg L.P.
page “BBAM” on an Interest Determination Date, LIBOR will be determined for such Interest Determination Date on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in
U.S. dollars are offered to prime banks in the London inter-bank market by four major banks in such market selected by the Company, for a term of three months commencing on the applicable Interest Reset Date and in a principal amount equal to an
amount that in the judgment of the Calculation Agent is representative for a single transaction in U.S. dollars in such market at such time. The Calculation Agent will request the principal London office of each of such banks to provide a quotation
of its rate. If at least two such quotations are provided, Three-Month LIBOR for such Interest Period will be the arithmetic mean of such quotations. If fewer than two such quotations are provided, Three-Month LIBOR for such Interest Period will be
the arithmetic mean of the rates quoted at approximately 

  
 C-8 

 
11:00 a.m. in New York City on such Interest Determination Date by three major banks in New York City, selected by the Company, for loans in U.S. dollars to leading European banks, for a
term of three months commencing on the applicable Interest Reset Date and in a principal amount equal to an amount that in the judgment of the Calculation Agent is representative for a single transaction in U.S. dollars in such market at such time;
provided, however, that if the banks so selected are not quoting as mentioned above, the then-existing Three-Month LIBOR rate will remain in effect for such Interest Period, or, if none, the interest rate will be the initial interest rate. 

All percentages resulting from any calculation of any Floating Rate Notes Interest Rate will be rounded, if necessary, to the nearest one
hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all U.S. dollar
amounts will be rounded to the nearest cent, with one-half cent being rounded upward. The amount of interest payable in respect of each Floating Rate Note will be calculated by applying the applicable Floating
Rate Notes Interest Rate for such Interest Period to the outstanding principal amount of such Floating Rate Notes, multiplying the product by the actual number of days in such Interest Period and dividing by 360. Each calculation of the Floating
Rate Notes Interest Rate by the Calculation Agent will (in the absence of manifest error) be final and binding on the Company, the Trustee and the Holders of the Floating Rate Notes. 

Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee (if the Calculation Agent is not the Trustee)
of the Floating Rate Notes Interest Rate for the new Floating Rates Notes Interest Period 
 The payment obligations of the Company under
the Floating Rate Notes will constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of
Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company (and unless they qualify as subordinated claims (créditos subordinados)
pursuant to Article 92.1o or 92.3o to 92.7o of Law 22/2003 (Ley Concursal) dated 9 July 2003 (the “Spanish Insolvency Law”)), such payment obligations in respect of principal rank (i) pari passu among
themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company, the claims in respect of the Floating Rate
Notes will be met after payment in full of the Senior Higher Priority Liabilities), and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 92 of the
Spanish Insolvency Law. 
 Claims of holders of Floating Rate Notes in respect of interest accrued but unpaid as of the commencement of
any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 92.3o of the Spanish Insolvency Law and no further
interest shall accrue from the date of the declaration of insolvency of the Company. 
 “Law 11/2015” means Law 11/2015 of
18 June on recovery and resolution of credit institutions and investment firms, as amended from time to time. 

  
 C-9 

 “Senior Higher Priority Liabilities” means any obligations of the Company which specify
their status as ordinary senior instruments and any other unsecured and unsubordinated obligations (créditos ordinarios) of the Company, other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015, as amended by Royal Decree-Law 11/2017, of 23 June, on urgent measures in financial matters, and as
further amended from time to time (including any Floating Rate Notes), and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities. 

The provisions of Section 2.03(r) of the Third Supplemental Indenture shall apply only to rights or claims payable with respect to the
Floating Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture,
or the rights and remedies of the Trustee in respect thereof. 
 The Company agrees with respect to the Floating Rate Notes and each holder
of the Floating Rate Notes, by his or her acquisition of the Floating Rate Notes will be deemed to have agreed to the ranking as described herein. Each such holder will be deemed to have irrevocably waived his or her rights of priority which would
otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the Floating Rate Notes. In addition, each holder of the Floating Rate Notes by his or her acquisition of such Floating Rate
Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such Floating Rate Notes as provided in the Base Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
 Notwithstanding
any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the Floating Rate Notes, by its acquisition of this Note, each Holder (which, for the purposes of this clause, includes each
holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority that may result in the
write-down or cancellation of all or a portion of the Amounts Due on this Note and/or the conversion of all or a portion of the Amounts Due on this Note into shares or other securities or other obligations of the Company or another person, including
by means of a variation to the terms of the Floating Rate Notes to give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of this further acknowledges and agrees
that the rights of the Holders of the Floating Rate Notes are subject to—and will be varied, if necessary, so as to give effect to— the exercise of any Bail-in Power by the Relevant Resolution
Authority: 
 For these purposes, “Amounts Due” means the principal amount of, premium, if any, together with any accrued but
unpaid interest, and Additional Amounts, if any, due on the Floating Rate Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

  
 C-10 

 For these purposes, “Bail-in Power” means any
statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the resolution of Regulated Entities applicable to the Company or other
Regulated Entities of the group, including (but not limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to
time, (ii) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the
framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the “SRM Regulation”) and (iii) the instruments, rules and
standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted into shares or other securities or obligations of such Regulated Entity (or
affiliate of such Regulated Entity) or any other person. 
 The term “BRRD” means Directive 2014/59/EU establishing a framework
for the recovery and resolution of credit institutions and investment firms, as amended or superseded from time to time. 
 The term
“Regulated Entity” means any legal person to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time
to time), the SRM Regulation, or any other Spanish law relating to Bail-in Power, applies, which includes, certain credit entities, investment firms, and certain parent or holding companies. 

The term “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks or the European Single
Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time. 

Upon the Company being informed or notified by the Relevant Resolution Authority of the actual exercise of the date from which the Bail-in Power is effective with respect to the Floating Rate Notes, the Company will provide a written notice to the holders of the Floating Rate Notes through DTC without delay regarding such exercise of Bail-in Power. The Company will also deliver a copy of such notice to the Trustee for information purposes. Any delay or failure by the Company to give notice shall not affect the validity and enforceability of the Bail-in Power nor the effects on the Floating Rate Notes described in this clause 
 No repayment or
payment of Amounts Due, if any, on the Floating Rate Notes, will become due and payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts
have been reduced, converted, cancelled, amended or altered as a result of such exercise. 
 By its acquisition of this Note, each Holder of
this Note, (which, for the purposes of this clause, includes each holder of a beneficial interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for,
agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to this Note. 

  
 C-11 

 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and agrees
that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the
Trustee will not be required to take any further directions from the Holders of the Floating Rate Notes with respect to any portion of the Floating Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non Preferred
Indenture, which authorizes holders of a majority in aggregate outstanding principal amount of the outstanding Floating Rate Notes to direct certain actions relating to the Floating Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the Floating Rate Notes remain outstanding, there will at all times be a Trustee for the Floating Rate Notes in accordance with
the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or amendment is agreed
upon in the event the Floating Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Floating Rate Notes will give rise to a default for
purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the Floating Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the Floating Rate Notes. 
 Each
Holder of this Note that acquires such Floating Rate Notes in the secondary market (including each beneficial owner) shall be deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the
Holders of the Floating Rate Notes that acquire the Floating Rate Notes upon their initial issuance, including, without limitation, with respect to the acknowledgment and agreement to be bound by and consent to the terms of the Floating Rate Notes,
including in relation to the Bail-in-Power. 

  
 C-12 

 Additional terms of the Floating Rate Notes, including but not limited to events of default,
remedies, payment of additional amounts in respect of withholding tax, substitution and variation of the Floating Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture 

The Senior Non Preferred Indenture and the Floating Rate Notes shall be governed by and construed in accordance with the laws of the State of
New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Base Indenture, Sections 2.01(r), 2.02(r) and 2.03 (r) of the Third Supplemental Indenture and the status of the Floating Rate Notes, which shall
be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the Floating Rate Notes shall be governed by (in addition to
the laws of the State of New York relevant to execution) the respective jurisdictions of the Company and the Trustee, as the case may be. 

The Floating Rate Notes and this Note have been issued in the State of New York. 

  
 C-13

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