Document:

EX-10.4

 Exhibit 10.4 
 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ] 
 AMENDED AND RESTATED

 TRUST AGREEMENT 
 between 
 SANTANDER DRIVE AUTO RECEIVABLES LLC, 

as the Depositor 
 and 

[                      
                                      ], 

as the Owner Trustee 
 Dated as of [            ], 20[   ] 

 TABLE OF CONTENTS 

 
  

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1. Capitalized Terms
	  	 	1	  
	 SECTION 1.2. Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II ORGANIZATION
	  	 	2	  
		
	 SECTION 2.1. Name
	  	 	2	  
	 SECTION 2.2. Office
	  	 	2	  
	 SECTION 2.3. Purposes and Powers
	  	 	2	  
	 SECTION 2.4. Appointment of the Owner Trustee
	  	 	3	  
	 SECTION 2.5. Initial Capital Contribution of Trust Estate
	  	 	3	  
	 SECTION 2.6. Declaration of Trust
	  	 	3	  
	 SECTION 2.7. Organizational Expenses; Liabilities of the Holders
	  	 	3	  
	 SECTION 2.8. Title to the Trust Estate
	  	 	4	  
	 SECTION 2.9. Representations and Warranties of the Seller
	  	 	4	  
	 SECTION 2.10. Situs of Issuer
	  	 	5	  
	 SECTION 2.11. Covenants of the Residual Interestholders
	  	 	5	  
		
	 ARTICLE III RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES
	  	 	5	  
		
	 SECTION 3.1. Initial Ownership
	  	 	5	  
	 SECTION 3.2. Authorization of the Certificates
	  	 	5	  
	 SECTION 3.3. Form of the Certificate
	  	 	5	  
	 SECTION 3.4. Registration of the Certificates
	  	 	5	  
	 SECTION 3.5. Transfer of the Certificate
	  	 	6	  
	 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	7	  
	 SECTION 3.7. Appointment of the Certificate Paying Agent
	  	 	8	  
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	8	  
		
	 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters
	  	 	8	  
	 SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters
	  	 	9	  
	 SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy
	  	 	9	  
	 SECTION 4.4. Restrictions on Residual Interestholder’s Power
	  	 	9	  
	 SECTION 4.5. Majority Control
	  	 	10	  
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	10	  
		
	 SECTION 5.1. Application of Trust Funds
	  	 	10	  
	 SECTION 5.2. Method of Payment
	  	 	10	  
	 SECTION 5.3. Signature on Returns
	  	 	10	  
	 SECTION 5.4. Certificate Distribution Account
	  	 	10	  
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	11	  
		
	 SECTION 6.1. General Authority
	  	 	11	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 6.2. General Duties
	  	 	11	  
	 SECTION 6.3. Action upon Instruction
	  	 	11	  
	 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions
	  	 	12	  
	 SECTION 6.5. No Action Except under Specified Documents or Instructions
	  	 	12	  
	 SECTION 6.6. Restrictions
	  	 	12	  
		
	 ARTICLE VII CONCERNING OWNER TRUSTEE
	  	 	13	  
		
	 SECTION 7.1. Acceptance of Trusts and Duties
	  	 	13	  
	 SECTION 7.2. Furnishing of Documents
	  	 	15	  
	 SECTION 7.3. Representations and Warranties
	  	 	15	  
	 SECTION 7.4. Reliance; Advice of Counsel
	  	 	15	  
	 SECTION 7.5. Not Acting in Individual Capacity
	  	 	16	  
	 SECTION 7.6. The Owner Trustee May Own Notes
	  	 	16	  
	 SECTION 7.7. Compliance with Patriot Act
	  	 	16	  
		
	 ARTICLE VIII COMPENSATION OF OWNER TRUSTEE
	  	 	16	  
		
	 SECTION 8.1. The Owner Trustee’s Compensation
	  	 	16	  
	 SECTION 8.2. Indemnification
	  	 	17	  
	 SECTION 8.3. Payments to the Owner Trustee
	  	 	17	  
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	 	18	  
		
	 SECTION 9.1. Dissolution of Issuer
	  	 	18	  
	 SECTION 9.2. Termination of Trust Agreement
	  	 	18	  
	 SECTION 9.3. Limitations on Termination
	  	 	18	  
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	18	  
		
	 SECTION 10.1. Eligibility Requirements for the Owner Trustee
	  	 	18	  
	 SECTION 10.2. Resignation or Removal of the Owner Trustee
	  	 	19	  
	 SECTION 10.3. Successor Owner Trustee
	  	 	19	  
	 SECTION 10.4. Merger or Consolidation of the Owner Trustee
	  	 	20	  
	 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee
	  	 	20	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	21	  
		
	 SECTION 11.1. Amendments
	  	 	21	  
	 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder
	  	 	23	  
	 SECTION 11.3. Limitations on Rights of Others
	  	 	23	  
	 SECTION 11.4. Notices
	  	 	23	  
	 SECTION 11.5. Severability
	  	 	23	  
	 SECTION 11.6. Separate Counterparts
	  	 	23	  
	 SECTION 11.7. Successors and Assigns
	  	 	23	  
	 SECTION 11.8. No Petition
	  	 	24	  
	 SECTION 11.9. Information Request
	  	 	25	  

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 SECTION 11.10. Headings
	  	 	25	  
	 SECTION 11.11. GOVERNING LAW
	  	 	25	  
	 SECTION 11.12. [Limitation of Rights of Swap Counterparty
	  	 	25	  
	 SECTION 11.13. Waiver of Jury Trial
	  	 	25	  
	 SECTION 11.14. Form 10-D and Form 10-K Filings
	  	 	25	  
	 SECTION 11.15. Form 8-K Filings
	  	 	25	  
	 SECTION 11.16. Indemnification
	  	 	26	  
	 SECTION 11.17. Information to Be Provided by the Owner Trustee
	  	 	26	  

  
 -iii-

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of
[                ], 20[ ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”) between SANTANDER
DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability company, as the depositor (the “Seller”), and
[                            ], a
[            ], as the owner trustee (the “Owner Trustee”). 
 RECITALS 
 WHEREAS, the Seller and the Owner Trustee entered into that
certain Trust Agreement dated as of [                        ], 20[ ] (the “Original Trust Agreement”),
pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the
parties have agreed to amend and restate the Original Trust Agreement; 
 NOW THEREFORE, IN CONSIDERATION of the mutual
agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to
the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, the Servicer, and
[            ], as Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
 SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless
otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in
this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control);
(b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or
to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term
“including” and all variations thereof means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation;
and (g) references to any Person include that Person’s successors and assigns. 

 ARTICLE II 
 ORGANIZATION 
 SECTION 2.1. Name. The trust created under the
Original Trust Agreement shall be known as “Santander Drive Auto Receivables Trust 20[ ]-[ ]” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other
instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Issuer shall be in
care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Residual Interestholder, the Seller and the Administrator. 

SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in
the following activities: 
 (a) to issue the Notes pursuant to the Indenture and, if so requested by the
Residual Interestholder, to issue the Certificates, pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of the Notes and distributions to the Residual Interestholder;

 (b) [to enter into and perform its obligations under any interest rate protection agreement or agreements
relating to the Notes between the Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the
foregoing or any combination of any of the foregoing;] 
 (c) to acquire the property and assets set forth in
the Sale and Servicing Agreement from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer;

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

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

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

  
 2 

 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer.
Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents.

 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee as trustee of the Issuer
effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital
Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the
Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the
Residual Interestholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Act and that this Agreement
constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for federal income or state and local income, franchise and value added tax purposes, so long as there is a single beneficial owner
of the Residual Interest, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will
not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its owner. In the event that the Issuer is deemed to have more than one beneficial
owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership (that is not treated as a publicly traded partnership), and this Agreement shall be
amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein to the extent not
inconsistent herewith, and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a)
of the Statutory Trust Act. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

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

(b) No Residual Interestholder (including the Seller if the Seller becomes a Residual Interestholder) shall have any
personal liability for any liability or obligation of the Issuer. 

  
 3 

 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be
vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9. Representations and Warranties of the
Seller. The Seller hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and
Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority required to own its assets and operate its
business as presently owned or operated, and to execute, deliver and to perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the
failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction
Document to which it is a party and the Underwriting Agreement (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational instruments or (C) any material agreement or instrument to which the Seller is a party or by which its properties are bound (other than violations of such laws, rules, regulations or agreements which do
not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its
obligations under, the Transaction Documents to which it is a party). 
 (c) No Consent Required. No
approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than UCC filings and other than
(i) approvals and authorizations that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the
ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 
 (d) Binding Effect. Each of the Transaction Documents to which the Seller is a party and the Underwriting Agreement constitutes the legal, valid and binding obligation of the Seller enforceable
against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights
generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar laws of general application relating to or affecting the enforcement of
creditors’ rights generally and subject to general principles of equity. 

  
 4 

 (e) No Proceedings. There are no actions, orders, suits or
proceedings pending or, to the knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents,
(ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and
adversely affect the performance by the Seller of its obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer. The Issuer shall be located in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware).

 SECTION 2.11. Covenants of the Residual Interestholders. Each Residual Interestholder, by becoming a beneficial owner
of the Residual Interest, hereby acknowledges and agrees (a) that the Residual Interestholder is subject to the terms, provisions and conditions of the Certificate, to which the Residual Interestholder agrees to be bound; and (b) that it
shall not take any position in such Residual Interestholder’s tax returns inconsistent with Section 2.6 herein and Section 2.14 of the Indenture. 
 ARTICLE III 
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES

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

SECTION 3.2. Authorization of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the board, its president, its
chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Seller. The Certificates shall represent 100% of the
beneficial interest in the Issuer and shall be fully paid and nonassessable. 
 SECTION 3.3. Form of the Certificate.
Each Certificate, upon issuance, will be issued in the form of a typewritten Certificate representing a definitive Certificate, substantially in the form of Exhibit A hereto. The Owner Trustee shall execute and authenticate or cause to be
authenticated, each definitive Certificate in accordance with the written instructions of the Seller. 
 SECTION 3.4.
Registration of the Certificates. The Owner Trustee shall maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Residual Interestholder at the time of such
appointment, a register for the registration and transfer of any Certificate. 

  
 5 

 SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign,
convey or otherwise transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such
transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes and (ii) the Certificate may not be acquired by or for the account of or with any assets of a Benefit Plan or any governmental,
non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law; provided that the condition set forth in (i) above will not apply to a transfer of 100% of the Certificate or
Certificates to an Affiliate of the Seller or its designated nominee, provided such Affiliate shall certify in writing to the Owner Trustee that it is a C Corporation for U.S. federal income tax purposes (within the meaning of
Section 1361(a)(2) of the Code) or a disregarded entity 100% owned (directly or indirectly) by a C Corporation for U.S. federal income tax purposes (within the meaning of Section 1361(a)(2) of the Code). By accepting and holding a
Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest therein) on behalf of or with any assets of, a Benefit Plan or any
governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in (ii) above is met and
shall incur no liability to any person in the event the holder of the Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any
portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person
or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument
of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a
Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor
transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a
transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat the Person in whose name any
Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 
 (b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or
other governmental charges required to be paid in connection with such transfer. 
 (c) The Owner Trustee shall
not be obligated to register any transfer of a Certificate unless each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not
limited to clauses (d) and (e) of this Section 3.5. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 

  
 6 

 (d) No transfer (or purported transfer) of all or any part of a
Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and
no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates. For purposes of determining whether the Issuer
will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation
(each such entity, a “flow-through entity”) shall be treated as a Certificateholder or Noteholder, as applicable, unless the Seller determines in its sole and absolute discretion, after consulting with qualified tax counsel, that
less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

(e) No transfer shall be permitted if the same is effected through an established securities market or secondary market
or substantial equivalent thereof within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of the Code. 

(f) Each transferee (i) shall be required to represent and warrant that it is a Person who is a U.S. Tax Person and
(ii) shall provide a certification of non-foreign status, in such form as may be requested by the Seller or the Owner Trustee (e.g. IRS Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of
counsel as may be requested by the Seller or the Owner Trustee). 
 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If
(i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the
Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the
Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6,
the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the
reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

  
 7 

 SECTION 3.7. Appointment of the Certificate Paying Agent. The Certificate Paying
Agent shall make distributions to Residual Interestholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the Servicer; provided,
however, that no such reports shall be required so long as the Seller or an affiliate of the Seller is the sole Residual Interestholder. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent shall initially be
[                ], and any co-paying agent chosen by the Certificate Paying Agent.
[                ] shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Owner Trustee. If
[                ] shall no longer be the Certificate Paying Agent, the Owner Trustee shall appoint a successor to act as Certificate Paying Agent (which shall be
a bank or trust company). The Owner Trustee shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such
successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent shall hold all sums, if
any, held by it for payment to the Residual Interestholders in trust for the benefit of the Residual Interestholders entitled thereto until such sums shall be paid to such Residual Interestholders. The Certificate Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. The rights, protections, indemnities and immunities of the Owner
Trustee under this Agreement shall apply to the Owner Trustee also in its role as Certificate Paying Agent or Certificate Registrar for so long as the Owner Trustee shall act as Certificate Paying Agent or Certificate Registrar and, to the extent
applicable, to any other paying agent, certificate registrar or authenticating agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise.

 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Residual
Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 10 days before the taking of such action (or if 10 days’ advance notice is impracticable, as much
advance notice as is practicable), the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual Interestholder shall not have notified the Owner Trustee in writing that the Residual
Interestholder has withheld consent or provided alternative direction: 
 (a) the amendment of the Indenture by
a supplemental indenture in circumstances where the consent of any Noteholder is required; 

  
 8 

 (b) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Residual Interestholder; 
 (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner
that would not materially adversely affect the interests of the Residual Interestholder; or 
 (d) the
appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 

SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the power,
except upon the direction of the Residual Interestholder, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions
referred to in the preceding sentence only upon written instructions signed by the Residual Interestholder. 
 SECTION 4.3.
Action by Residual Interestholder with Respect to Bankruptcy. 
 (a) The Issuer shall not, without
the prior written consent of the Owner Trustee and 100% of the Residual Interestholders, commence a Bankruptcy Event with respect to the Issuer. In considering whether to give or withhold written consent to the Bankruptcy Event by the Issuer, the
Owner Trustee, with the consent of the Residual Interestholder, shall consider the interests of the Noteholders in addition to the interests of the Issuer and whether the Issuer is insolvent. The Owner Trustee shall have no duty to give such written
consent to a Bankruptcy Event by the Issuer if the Owner Trustee shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national
reputation stating that in the opinion of such firm the Issuer is then insolvent. The Owner Trustee shall not be personally liable to any Noteholder or Residual Interestholder on account of the Owner Trustee’s good faith reliance on the
provisions of this Section and no Noteholder or Residual Interestholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for giving or withholding its consent to any such Bankruptcy Event. 

(b) The parties hereto stipulate and agree that no Residual Interestholder has power to commence any Bankruptcy Action on
the part of the Issuer. 
 SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual
Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or
would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

  
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 SECTION 4.5. Majority Control. To the extent that there is more than one Residual
Interestholder, any action which may be taken or consent or instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest
in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of such action. 
 ARTICLE V

 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made in accordance with the provisions of
the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Certificate Paying Agent shall promptly distribute to the Residual Interestholder all other amounts (if any) received by the Certificate Paying Agent on
behalf of the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of
the Trust Estate at the direction of the Residual Interestholder. 
 SECTION 5.2. Method of Payment. Subject to the
Indenture, distributions required to be made to the Residual Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this Agreement
or any other Transaction Document shall be made to the Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to the Owner Trustee and
Indenture Trustee in writing. 
 SECTION 5.3. Signature on Returns. Subject to Section 2.6, the Residual
Interestholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of
the Residual Interestholder. 
 SECTION 5.4. Certificate Distribution Account. The Certificate Distribution Account shall
be established pursuant to Section 4.1 of the Sale and Servicing Agreement. The Residual Interestholder shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account
and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit
of the Residual Interestholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by
the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days (or such longer period) establish a new Certificate Distribution Account as an Eligible Account and shall transfer any cash then on deposit in the Certificate
Distribution Account to such new Certificate Distribution Account. 

  
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 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General
Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each certificate or other document attached as an exhibit to or contemplated
by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and
at the written direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$[                ], Class A-2 Notes in the aggregate principal amount of
$[                ], Class A-3 Notes in the aggregate principal amount of
$[                ], Class A-4 Notes in the aggregate principal amount of
$[                ], Class B Notes in the aggregate principal amount of
$[                ] and Class C Notes in the aggregate principal amount of
$[                ]. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer
pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator or the Residual Interestholder recommends or directs in writing with respect to the Transaction
Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder for such action. 
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other
Transaction Documents in the interest of the Residual Interestholder, subject to Transaction Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under
any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the
Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the
administration, servicing or collection of the Receivables. 
 SECTION 6.3. Action upon Instruction. (a) Subject to
Article IV, and in accordance with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written
instruction of the Residual Interestholder pursuant to Article IV. 
 (b) Subject to
Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in
liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 

  
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 (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its
application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee
is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Residual Interestholder requesting instruction as to the course of
action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Residual Interestholder received, the Owner Trustee shall not be
liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Residual
Interestholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4. No Duties Except as
Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written
instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties (including fiduciary duties existing at law or in equity) or obligations shall be read into this Agreement or any Transaction Document against the
Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it
hereunder or to prepare or file any Commission filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document.
[                            ] nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against,
[                            ] that are not related to the ownership or the administration of the
Trust Estate. 
 SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not
manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in
accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the
actual 

  
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knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax
purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership
taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section.

 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and
Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received
by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances
notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by [                        ] in its individual capacity, (iii) for
liabilities arising from the failure of [                        ] to perform obligations expressly undertaken by it in
the last sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to
the exemptions set forth in the preceding sentence): 
 (a) The Owner Trustee shall not be liable for any error
of judgment made in good faith by any officer or employee of the Owner Trustee. 
 (b) Under no circumstances
shall the Owner Trustee be personally liable hereunder for any indebtedness of the Issuer. 
 (c) The Owner
Trustee shall not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 

(d) No provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or liability
is not assured or provided to its reasonable satisfaction. 
 (e) Under no circumstance shall the Owner Trustee
be liable for any representation, warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing. 

  
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 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be
taken by the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale and
Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 

(g) The Owner Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement,
or for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Transaction Documents or any other document
contemplated thereby to which the Owner Trustee is not a party. 
 (h) Notwithstanding anything contained herein or in any of
the Transaction Documents to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization
or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to
personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee contemplated hereby. 

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

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

 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Residual Interestholder promptly upon
receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

SECTION 7.3. Representations and Warranties.
[                        ] hereby represents and warrants to the Seller for the benefit of the Residual Interestholder,
that: 
 (a) It is a
[                ] duly incorporated and validly existing in good standing under the laws of Delaware and having an office within the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable
bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks generally and to equitable limitations on the availability of specific remedies.

 (d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the
transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment
or order binding on it, or constitute any default under its charter documents or by-laws. 
 SECTION 7.4. Reliance; Advice of
Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it
to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the 

  
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determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be
personally liable for the conduct or misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected in good faith and (ii) may consult with counsel, accountants and other skilled
persons knowledgeable in the relevant area to be selected in good faith and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with
the written opinion or advice of any such counsel, accountants or other such persons. 
 SECTION 7.5. Not Acting in
Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created,
[                        ] acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 

SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator, the Underwriters and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee,
and the Seller, the Indenture Trustee, the Administrator, the Underwriters and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

SECTION 7.7. Compliance with Patriot Act. In order to comply with laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Owner Trustee is required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly, the Seller shall cause to be provided to the Owner Trustee upon its reasonable request from time to time such identifying information
and documentation as may be available to the Seller in order to enable the Owner Trustee to comply with Applicable Law. 

ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 SECTION 8.1. The Owner Trustee’s
Compensation. The Issuer shall cause the Servicer to pay to [                            ]
pursuant to Section 3.11 of the Sale and Servicing 

  
 16 

 
Agreement from time to time compensation for all services rendered by
[                    ] under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee,
shall reimburse [                    ] upon its request for all reasonable expenses, disbursements and advances incurred or made by
[                    ] in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements
of such agents, experts and counsel as [                    ] may employ in connection with the exercise and performance of its rights and its
duties hereunder), except any such expense may be attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid by the
Issuer in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Seller shall cause the Servicer to indemnify
[                    ] in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the
“Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by,
or asserted against [                    ] in its individual capacity and as trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of
[                    ] hereunder; provided, however, that neither the Seller nor the Servicer shall be liable for or required to
indemnify [                    ] from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own
willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by
[                    ] in its individual capacity, (iii) liabilities arising from the failure of
[                    ] to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) taxes,
fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be paid by the Issuer in accordance with, and solely to the
extent set forth in, Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. The provisions of this Section 8.2 shall survive the termination of this Agreement and the
resignation or removal of the Owner Trustee. 
 SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 

  
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 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Dissolution of Issuer.
The Issuer shall upon the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate this
Agreement or the Issuer, nor (y) entitle the Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or
Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 SECTION 9.2.
Termination of Trust Agreement. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the
Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the
Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of
Section 3808(e) of the Statutory Trust Act. The Certificate Paying Agent, upon surrender of the outstanding Certificates shall distribute the remaining Trust Estate (if any) in accordance with Article V hereof and, at the written direction and
expense of the Residual Interestholder, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the
Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 
 SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither the Seller nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer.

 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized
to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

  
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 SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of resignation, the
Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in
no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail
to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may remove the Owner Trustee. If
the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Seller shall provide (or shall cause
to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3.
Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Seller, the Administrator and to its predecessor Owner Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner
Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

  
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 No successor Owner Trustee shall accept appointment as provided in this Section unless at
the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and
each of the Rating Agencies. If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the
expense of the Seller. Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business of
such successor Owner Trustee in the State of Delaware. 
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any
Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding
to all or substantially all of the corporate trust business of the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding,
be the successor of the Owner Trustee hereunder; provided that such corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the Certificate of
Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Seller and the Administrator. 
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to
Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

  
 20 

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

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

  
 21 

 (i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to
the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Seller notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 
 provided, [that such amendment shall
not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (which consent shall not be
unreasonably withheld or delayed)]. 
 (b) This Agreement may also be amended from time to time by the Seller
and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will
be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

(c) Any term or provision of this Agreement may also be amended from time to time by the Seller and the Owner Trustee for
the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person, provided, however, that the Seller shall provide written
notification of such amendment to the Indenture Trustee and promptly after execution of any such amendment, the Seller shall furnish a copy of such amendment to the Indenture Trustee. 

(d) Prior to the execution of any amendment pursuant to this Section 11.1, the Seller shall provide written
notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which affects the rights, protections or duties of the Indenture Trustee without the prior written consent of
such Person (which consent shall not be unreasonably withheld or delayed). 
 (e) Prior to the execution of any
amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
to the execution and delivery of such 

  
 22 

 
amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under
this Agreement. 
 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder
shall not have legal title to any part of the Trust Estate. The Residual Interestholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title or interest of the Residual Interestholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3.
Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. 
 SECTION 11.4. Notices. (a) Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested or via electronic transmission, if to the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party. 
 (b) Any notice required or permitted to be given to a
Residual Interestholder shall be given by first-class mail, postage prepaid, at the address of such Residual Interestholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed
in this Agreement shall be conclusively presumed to have been duly given, whether or not the Residual Interestholder receives such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Seller, the Owner Trustee and its

  
 23 

 
successors and the Residual Interestholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the
Residual Interestholder shall bind the successors and assigns of the Residual Interestholder. 
 SECTION 11.8. No
Petition. 
 (a) To the fullest extent permitted by law each of the Owner Trustee (in its individual
capacity), the Seller, the Residual Interestholder, by accepting the Residual Interest, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which
is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such party shall not commence, join or institute against, with any other Person,
any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

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

  
 24 

 SECTION 11.9. Information Request. The Owner Trustee shall provide any information
regarding the Issuer in its possession reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting
rule or principle. 
 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.11.
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.12. [Limitation of Rights of Swap Counterparty. All of the
rights of the Swap Counterparty in, to and under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms hereof and the payment in full of all amounts owing to the Swap
Counterparty.] 
 SECTION 11.13. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto
irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.

 SECTION 11.14. Form 10-D and Form 10-K Filings. So long as the Seller is filing Exchange Act Reports with respect to
the Issuer (i) no later than each Payment Date, the Owner Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and
substance reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 20[ ], the Owner Trustee shall notify the Seller in writing of any affiliations or relationships between the
Owner Trustee and any Item 1119 Party; provided, that no such notification need by made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year. 

SECTION 11.15. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Owner
Trustee shall promptly notify the Seller, but in no event later than five (5) Business Days after its occurrence, of any Reportable Event of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event
described in clause (a) or (b) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates
to the Owner Trustee in its individual capacity or any action by the Owner Trustee under this Agreement. 

  
 25 

 SECTION 11.16. Indemnification.
(a) [            ] shall indemnify the Seller, each Affiliate of the Seller or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon: 

(i) (A) any untrue statement of a material fact contained in any information provided in writing by
[            ] to the Seller or its affiliates under Sections 11.14 or 11.15 (such information, the “Provided Information”), or (B) the omission to state
in the Provided Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by
way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other information communicated in connection with a sale or purchase of securities, without regard
to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 
 (ii) any failure by [            ] to deliver any information, report, or other material when and as required under Sections 11.14 or
11.15. 
 (b) In the case of any failure of performance described in clause (a)(ii) of this Section,
[            ] shall promptly reimburse the Seller for all costs reasonably incurred in order to obtain the information, report or other material not delivered as required by
[            ]. 
 (c) Notwithstanding anything to the contrary
contained herein, in no event shall [            ] be liable under this Section 11.16 for special, indirect or consequential damages of any kind whatsoever, including but not
limited to lost profits, even if [            ] has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 11.17. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the Seller and the Servicer (each,
a “Santander Party” and, collectively, the “Santander Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to a Responsible Officer of
the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 2.3 of the Sale and Servicing Agreement or Section 3.3 of the Purchase Agreement, as applicable and (ii) promptly upon reasonable
request by a Santander Party to facilitate compliance by the Santander Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a “securitizer” as
defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB. 

[Remainder of Page Intentionally Left Blank] 

  
 26 

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

			
	[                        ], AS OWNER
TRUSTEE
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	S-1	  	Trust Agreement

 
			
	SANTANDER DRIVE AUTO RECEIVABLES LLC
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	S-2	  	Trust Agreement

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	NUMBER	  	100% BENEFICIAL INTEREST
	R-            	  	

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ] 

CERTIFICATE 

Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle
receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans. 
 (This Certificate does not represent an interest in or obligation of Santander Drive Auto Receivables LLC, Santander Consumer USA Inc. or any of their respective Affiliates, except to the extent
described below.) 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
 NEITHER THIS
CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION
4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY OR (D) ANY GOVERNMENTAL, NON-U.S., OR CHURCH PLAN OR ANY OTHER
EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”). 

THIS CERTIFIES THAT
                            is the registered owner of a 100% nonassessable, fully-paid, beneficial
interest in the Trust Estate of SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”) formed by Santander Drive Auto Receivables LLC, a Delaware limited liability company, as depositor (the
“Seller”). 

  
 A-1

 The Issuer was created pursuant to a Trust Agreement dated as of
[                        ], 20[ ] (as amended and restated as of
[                        ], 20[ ], the “Trust Agreement”), between the Seller and
[                        ], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of
[                    ], 20[ ], between the Seller, the Issuer,
[                    ], as Indenture Trustee, and Santander Consumer USA Inc., as Servicer, as the same may be amended or supplemented from time to
time. 
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their
entirety herein. 
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect
of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this Certificate, the Certificateholder hereby
covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such Person shall not commence,
join or institute against, with any other Party, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

By accepting and holding this Certificate (or any interest herein), the holder hereof shall be deemed to have represented and warranted
that it is not and is not purchasing on behalf of or with any assets of, a Benefit Plan or a governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law. 

It is the intention of the parties to the Trust Agreement that, solely for federal income or state and local income, franchise and value
added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one Certificateholder, the Issuer will be treated as a
partnership that is not treated as a publicly traded partnership; and (ii) the Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax
treatment. 

  
 A-2

 By accepting this Certificate, the Certificateholder acknowledges that this Certificate
represents a beneficial interest in the Issuer only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may
be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

  
 A-3

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

 

									
		 		 		 	 SANTANDER DRIVE AUTO RECEIVABLES
 TRUST 20[ ]-[ ]

					
		 		 		 	By:	 	
[                         
                                         
  ], not in its
 individual capacity, but solely as Owner Trustee

		 		 		 		 	
		 		 		 		 	
	Dated:	 	 	 		 	By:	 	 

  
 A-4

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	
[                         
                               ], not in its

individual capacity but solely as Owner Trustee

		
	By:	 	 
		 	Authenticating Agent
		
	By:	 	 
		 	Authorized Signatory

  
 A-5EX-10.5

 SCHEDULE 
 to the 
 MASTER AGREEMENT 

dated as of [            ] 

between 
 BANCO
SANTANDER S.A. (“Party A”) 
 and 

SANTANDER DRIVE AUTO RECEIVABLES TRUST [            ] (“Party
B”)              
 Part 1.
Termination Provisions 
  

	 	(a)	“Specified Entity” means, with respect to Party A for all purposes of this Agreement, none specified, and with respect to Party B for all
purposes of this Agreement, none specified. 

  

	 	(b)	“Specified Transaction” has its meaning as defined in Section 14 of this Agreement. 

 

	 	(c)	The “Automatic Early Termination” provision of Section 6(a) of this Agreement does not apply to Party A or Party B.

  

	 	(d)	The “Transfer to Avoid Early Termination” provision of Section 6(b)(ii) shall be amended by deleting the words “or if a Tax Event upon
Merger occurs and the Burdened Party is the Affected Party.” 

  

	 	(e)	Payments on Early Termination. Except as otherwise provided in this Schedule, “Market Quotation” and the “Second Method” apply. In the case
of any Terminated Transaction that is, or is subject to, any unexercised option, the words “economic equivalent of any payment or delivery” appearing in the definition of “Market Quotation” shall be construed to take into account
the economic equivalent of the option. 

  

	 	(f)	“Termination Currency” means United States Dollars. 

 

	 	(g)	Timing of Party B Termination Payment. If an amount calculated as being due in respect of an Early Termination Date under Section 6(e) of this Agreement is
an amount to be paid by Party B to Party A then, notwithstanding the provisions of Section 6(d)(ii) of this Agreement, such amount will be payable on the first distribution date for the Notes (“Distribution Date”) following the date
on which the payment would have been payable as determined in accordance with Section 6(d)(ii); provided that if the date on which the payment would have been payable as determined in accordance with Section 6(d)(ii) is a
Distribution Date, then the payment will be payable on the date determined in accordance with Section 6(d)(ii). 

	 	(h)	Limitation on Defaults by Party A and Party B. The Events of Default specified in Section 5 of this Agreement shall not apply to Party A or Party B except
for the following: 

  

	 	(i)	Section 5(a)(i) of this Agreement (Failure to Pay or Deliver) shall be applicable to Party A and Party B, subject to the provisions of the last paragraph hereof;

  

	 	(ii)	With respect to Party A only, Section 5(a)(ii) of this Agreement (Breach of Agreement); provided that Section 5(a)(ii) will not apply to Party A with
respect to Party A’s failure to comply with its obligations under Part 5(b)(ii) or 5(b)(iii) herein or under the Credit Support Annex; 

  

	 	(iii)	With respect to Party A only, Section 5(a)(iii) of this Agreement (Credit Support Default) subject to the provisions of the last paragraph hereof; provided
that Section 5(a)(iii)(1) shall apply to Party B with respect to Party B’s obligations under Paragraph 3(b) of any Credit Support Annex; 

  

	 	(iv)	With respect to Party A only, Section 5(a)(iv) of this Agreement (Misrepresentation); 

 

	 	(v)	With respect to Party A only, Section 5(a)(vi) of this Agreement (Cross Default). For the purposes of this Part 1 h(v), “Threshold Amount”
shall mean, with respect to Party A, (x) 3% of Party A’s “Total Equity Capital” as described in its most recently published Call Report, or (y) if Party A is not Banco Santander S.A., 3% of the shareholder’s equity
(excluding deposits) of such Person; “Specified Indebtedness,” with respect to Party A, shall have the meaning specified in Section 14, provided that Specified Indebtedness shall not include deposits received in
the course of Party A’s ordinary banking business; and “Call Report” shall mean, a “Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Officers” of Party A, filed with Federal
Deposit Insurance Corporation on a quarterly basis or, if such form is not required to be filed, such other comparable form applicable to Party A from time to time; 

 

	 	(vi)	Section 5(a)(vii) of this Agreement (Bankruptcy) shall apply to Party A and Party B; provided that clauses (2), (7) and (9) thereof shall not
apply with respect to Party B, provided further that clause (4) shall not apply to Party B to the extent that it refers to proceedings or petitions instituted or presented by Party A or any of its Affiliates, provided further that
clause (6) shall not apply to Party B to the extent that it refers to (i) any appointment that is effected by or pursuant to the Transaction Documents or (ii) any appointment to which Party B has not become subject, and provided
further that clause (8) shall not apply to Party B to the extent that clause (8) relates to clauses (2), (4), (6) and (7) (except to the extent that such provisions are not disapplied to Party B); and

  

	 	(vii)	Section 5(a)(viii) of this Agreement (Merger Without Assumption) shall be applicable to Party A and Party B. 

  
 2 

	    	Notwithstanding Sections 5(a)(i) and 5(a)(iii) of this Agreement, any failure by Party A to comply with or perform any obligation to be complied with or performed by
Party A under the Credit Support Annex shall not be an Event of Default unless (i) a Moody’s Second Trigger Downgrade Event has occurred and at least 30 Local Business Days have elapsed since the last time Moody’s Second Trigger
Downgrade Event occurred, and (ii) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A. 

 

	(i)	Limitation on Termination Events by Party A and Party B. The Termination Events specified in Section 5 of this Agreement shall not apply to Party A or Party
B except for the following: 

  

	 	(i)	Section 5(b)(i) of this Agreement (Illegality); 

  

	 	(ii)	Section 5(b)(ii) of this Agreement (Tax Event); provided that Section 5(b)(ii) shall be amended by deleting the words “(x) any action taken by a
taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y)”; and

  

	 	(iii)	Section 5(b)(iii) of this Agreement (Tax Event Upon Merger); provided that Party A shall not be entitled to designate an Early Termination Date by reason of
a Tax Event upon Merger in respect of which it is the Affected Party. 

  

	(j)	Additional Termination Events. The occurrence of any of the following events shall be an Additional Termination Event. 

 

	 	(i)	Second Trigger Rating Replacement. A Moody’s Second Trigger Downgrade Event has occurred and is continuing and at least 30 Local Business Days have elapsed
since such Moody’s Second Trigger Downgrade Event first occurred, and at least one Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Early Termination Date, qualify as a Market Quotation (on the basis that
Part 1(k)(i) applies) and which remains capable of becoming legally binding upon acceptance. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions.

  

	 	(ii)	S&P Ratings Event. Party A fails to comply with the downgrade provisions as set forth in Part 5(b)(iii), after giving effect to the relevant time frame
specified therein. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

 

	 	(iii)	Fitch Ratings Event. Party A fails to comply with the downgrade provisions as set forth in Part 5(b)(v), after giving effect to the relevant time frame specified
therein. With respect to the foregoing Additional Termination Event, Party A shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  
 3 

	 	(iv)	Regulation AB. Party A fails to comply with Part 5(r)(ii) of this Agreement. With respect to the foregoing Additional Termination Event, Party A shall be the
sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(v)	Termination. Party B or the Trust Estate cease to exist. With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party and
all Transactions shall be Affected Transactions. 

  

	 	(vi)	Acceleration. The Trustee declares the Notes due and payable for any reason and such declaration is (or becomes) unrescindable or irrevocable. With respect to
the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(vii)	Redemption. Any mandatory redemption, auction call redemption, optional redemption, tax redemption, clean-up call or other prepayment in full or repayment in
full of all Notes outstanding occurs under the Indenture (or any notice is given to that effect and such mandatory redemption, auction call redemption, optional redemption, tax redemption, clean-up call or other prepayment or repayment is not
capable of being rescinded); provided that, for the avoidance of doubt, any such redemption, clean-up call or other prepayment shall be with respect to all outstanding Notes. With respect to the foregoing Additional Termination Event, Party B
shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

  

	 	(viii)	Default. Any Event of Default (as defined in the Indenture) occurs under the Indenture (or any notice is given by the Trustee or any other authorized party to
that effect), the Notes have been declared due and payable under the Indenture (and such declaration has not been rescinded and annulled in accordance with the Indenture), and the Trustee, the Noteholders or any other party authorized under the
terms of the Indenture and Sale and Servicing Agreement and any other Transaction Documents, or by law: (1) sells, liquidates or disposes of any of the Collateral under the Indenture; (2) institutes Proceedings for the collection of all
amounts payable under the Indenture; (3) institutes Proceedings for the complete or partial foreclosure of the Indenture with respect to the Collateral; or (4) exercises any remedies of a secured party under the UCC with respect to the
Collateral, and any such action is not to judgment or final decree. With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions. 

 

	 	(ix)	Amendment. Any Transaction Document is amended or modified without the prior written consent of Party A (provided that the prior written consent of Party
A is required under any such Transaction Document) and such amendment or modification could have a materially adverse effect on Party A; provided, however, that it shall not be an Additional Termination Event where such amendment or
modification involves the appointment of any successor trustee, securities administrator, master servicer or servicer pursuant to the terms of the Indenture. With respect to the foregoing Additional Termination Event, Party B shall be the sole
Affected Party and all Transactions shall be Affected Transactions. 

  
 4 

	 	(x)	Notwithstanding anything in Section 6 of this Agreement to the contrary, any amounts due as a result of the occurrence of an Additional Termination Event described
in Parts 1(j)(v) through (ix) of this Schedule may be calculated prior to the Early Termination Date and shall be payable on the Early Termination Date. With respect to the foregoing Additional Termination Event, Party B shall be the sole
Affected Party and all Transactions shall be Affected Transactions. 

  

	(k)	Calculations. Notwithstanding Section 6 of this Agreement, if an Early Termination Date is designated at a time when Party A is: (A) the sole Affected
Party in respect of an Additional Termination Event or a Tax Event Upon Merger; or (B) the Defaulting Party in respect of any Event of Default, the following shall apply: 

 

	 	(i)	The definition of “Market Quotation” shall be deleted in its entirety and replaced with the following: 

 

	 	    	“Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer which is (1) made by a Reference Market-maker
that is an Eligible Replacement, (2) for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration of an agreement between Party B and such Reference Market-maker to
enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent
and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transactions or group of Terminated Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date, (3) made on the basis that Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation, any payment or delivery that would,
but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included and (4) made in respect of a Replacement Transaction with terms
that are, in all material respects, no less beneficial for Party B than those of this Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions) as determined by Party B. 

 

	 	(ii)	Settlement Amount. The definition of Settlement Amount shall be deleted in its entirety and replaced with the following: 

“Settlement Amount” means, with respect to any Early Termination Date, an amount (as determined by Party B) equal
to: 

  
 5 

	 	(a)	if, on or prior to such Early Termination Date, a Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so
as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; 

  

	 	(b)	if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions has been accepted by Party B so as
to become legally binding and one or more Market Quotations from Approved Replacements have been communicated to Party B and remain capable of becoming legally binding upon acceptance by Party B, the Termination Currency Equivalent of the amount
(whether positive or negative) of the lowest of such Market Quotations (for the avoidance of doubt, (I) a Market Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive number and (II) the lower of two
Market Quotations expressed as negative numbers is the one with the largest absolute value); or 

  

	 	(c)	if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is accepted by Party B so as to
become legally binding and no Market Quotation from an Approved Replacement has been communicated to Party B and remains capable of becoming legally binding upon acceptance by Party B, Party B’s Loss (whether positive or negative and without
reference to any Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions.” 

  

	 	(iii)	For the purpose of determining satisfaction of clause (4) of the definition of Market Quotation, Party B (and the Trustee on behalf of Party B) shall act in a
commercially reasonable manner. 

  

	 	(iv)	At any time on or before the Latest Settlement Amount Determination Day at which two or more Market Quotations remain capable of becoming legally binding upon
acceptance, Party B shall be entitled to accept only the lowest of such Market Quotations. 

  

	 	(v)	If Party B requests Party A in writing to obtain Market Quotations, Party A shall use its reasonable efforts to do so before the Latest Settlement Amount Determination
Day. 

  

	 	(vi)	If the Settlement Amount is a negative number, Section 6(e)(i)(3) of this Agreement shall be deleted in its entirety and replaced with the following:

  
 6 

 Second Method and Market Quotation. If Second Method and Market Quotation (without
giving effect to the amendment to “Market Quotation” in Part 1(k)(i)) apply, (1) Party B shall pay to Party A an amount equal to the absolute value of the Settlement Amount in respect of the Terminated Transactions,
(2) Party B shall pay to Party A the Termination Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts owing to Party B; provided
that, (i) the amounts payable under (2) and (3) shall be subject to netting in accordance with Section 2(c) of this Agreement and (ii) notwithstanding any other provision of this Agreement, any amount payable by Party A
under (3) shall not be netted-off against any amount payable by Party B under (1). 
  

	(l)	Designation of Early Termination Date. Notwithstanding any other provision of this Agreement, Party B shall not designate an Early Termination Date, and no
transfer of any rights or obligations under this Agreement shall be made by either party, unless each Rating Agency has been given prior written notice of such amendment, designation or transfer. 

 

	(m)	Amendments. This Agreement shall not be amended unless each Rating Agency has been given prior written notice and, with respect to S&P only, the Rating
Agency Condition has been satisfied. 

 Part 2. Tax Provisions 

 

	(a)	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, each party makes the following representation: None. 

 

	(b)	Gross Up. Section 2(d)(i)(4) shall not apply to Party B as X, and Section 2(d)(ii) shall not apply to Party B as Y, in each case such that Party B
shall not be required to pay any additional amounts referred to therein. 

  

	(c)	Indemnifiable Tax. The definition of “Indemnifiable Tax” in Section 14 is deleted in its entirety and replaced with the following:

 “Indemnifiable Tax” means, in relation to payments by Party A, any Tax and, in relation
to payments by Party B, no Tax. 
  

	(d)	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement: 

 

	 	(i)	Party A makes the following representation(s): None 

  

	 	(ii)	Party B makes the following representation(s): None. 

  

	(e)	Tax Forms. 

  

	 	(i)	 Delivery of Tax Forms. For the purpose of Section 4(a)(i), and without limiting Section 4(a)(iii), each party agrees to duly complete,
execute and deliver to the 

  
 7 

	 	
other party the tax forms specified below with respect to it (A) before the first Payment Date under this Agreement, (B) promptly upon reasonable demand by the other party and
(C) promptly upon learning that any such form previously provided by Party has become obsolete or incorrect. 

In addition, in the case of any tax form that is a Periodic Tax Form required to be delivered by Party B under this Agreement, Party B
agrees to renew such tax form prior to its expiration by completing, executing and delivering to Party A that tax form (“Renewal Tax Form”) in each succeeding third year following the year of execution of any such tax form or
Renewal Tax Form delivered by Party B to Party A under this Agreement so that Party A receives each Renewal Tax Form not later than December 31 of the relevant year. “Periodic Tax Form” means any IRS Form W-8BEN, W-8IMY
or W-8EXP that is delivered by Party B to Party A without a U.S. Taxpayer Identification Number. 
  

	 	(ii)	Tax Forms to be Delivered by Party A: None specified. 

  

	 	(iii)	Tax forms to be Delivered by Party B: 

 Party B will deliver a correct, complete and duly executed U.S. Internal Revenue Service Form W-9 (or successor thereto) that eliminates U.S. federal back-up withholding tax on payments to Party B under
this Agreement. 
 Part 3. Documents 
  

	(a)	Delivery of Documents. When it delivers this Agreement, each party shall also deliver its Closing Documents to the other party in form and substance reasonably
satisfactory to the other party. For each Transaction, a party shall deliver, promptly upon request, a duly executed incumbency certificate for the person(s) executing the Confirmation for that Transaction on behalf of that party.

  

	(b)	Closing Documents. 

  

	 	(i)	For Party A, “Closing Documents” means: 

  

	 	(A)	an opinion of Party A’s counsel addressed to Party B and the Rating Agencies in form and substance acceptable to Party B; 

 

	 	(B)	a duly executed incumbency certificate for each person executing this Agreement for Party A, or in lieu thereof, a copy of the relevant pages of its official signature
book; and 

  

	 	(C)	each Credit Support Document (if any) specified for Party A in this Schedule, together with a duly executed incumbency certificate for the person(s) executing that
Credit Support Document, or in lieu thereof, a copy of the relevant pages of its official signature book. 

  
 8 

	 	(ii)	For Party B, “Closing Documents” means: 

  

	 	(A)	an opinion of Party B’s counsel addressed to Party A and the Rating Agencies in form and substance acceptable to Party A; 

 

	 	(B)	a duly executed copy of the Indenture and the other operative documents relating thereto and referred to therein, executed and delivered by the parties thereto; and

  

	 	(C)	a duly executed certificate of an authorized officer of the Owner Trustee of Party B certifying the name and true signature of each person authorized to execute this
Agreement and enter into Transactions for Party B. 

 Part 4. Miscellaneous 

 

	(a)	Addresses for Notices. For purposes of Section 12(a) of this Agreement, all notices to a party shall, with respect to any particular Transaction, be sent to
its address, telex number or facsimile number specified in the relevant Confirmation, provided that any notice under Section 5 or 6 of this Agreement, and any notice under this Agreement not related to a particular Transaction, shall be
sent to a party at its address, telex number or facsimile number specified below; provided, further, that any notice under the Credit Support Annex shall be sent to a party at its address, telex number or facsimile number specified in
the Credit Support Annex. 

 To Party A: [Please confirm] 

 

			
	 Madrid Head Office:

		
	Address:	 	 Ciudad Grupo Santander Edificio Marisma, Planta Baja
 28660 Boadilla del Monte, Madrid.

	Attn.:	 	Swaps Administration
	Telex:	 	42362 / 45928 BADER E
	Swift:	 	BSCHESMM
	Fax:	 	(341) 2571228
	Tel.:	 	(341) 2893116
		 	For all purposes and with respect to Transactions through that Office

 New York Branch: 
  

			
	Address:	 	45 East 53rd Street, N.Y. 10022 New York
	Attn.:	 	Swaps Department
	Telex:	 	BANSAN 662480 UW
	Swift:	 	BSCHUS33
	Fax:	 	(212) 350 3535
	Tel.:	 	(212) 350 3500
		 	Only with respect to Transactions through that Office

  
 9 

 To Party B: 
 Santander Drive Auto Receivables Trust [            ] 
 c/o U.S. Bank Trust National Association 
 300 Delaware Avenue, 9th Floor

 Wilmington, Delaware, 19801 
  

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 

	    	Party A appoints as its Process Agent: Not applicable 

  

	    	Party B appoints as its Process Agent: Not applicable. 

  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

 

	(d)	Multibranch Party. For the purpose of Section 10(c) of this Agreement, neither party is a Multibranch Party. 

 

	(e)	“Calculation Agent” means Party A; provided that if Party A is the Defaulting Party, the Calculation Agent shall be any designated party
mutually agreed to by the parties until such time as Party A is no longer the Defaulting Party. 

  

	(f)	Credit Support Document. 

  

	 	(i)	For Party A, the following is a Credit Support Document: the Credit Support Annex dated the date hereof (the “Credit Support Annex”) and duly
executed and delivered by Party A and Party B and any Eligible Guarantee, if applicable. 

  

	 	(ii)	For Party B, the following is a Credit Support Document: the Credit Support Annex. 

 

	(g)	Credit Support Provider. 

  

	 	(i)	For Party A, Credit Support Provider means the guarantor under any Eligible Guarantee, if any. 

 

	 	(ii)	For Party B, the Credit Support Provider means: none. 

  

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the law (and not the law of conflicts except with respect to §§
5-1401 and 5-1402 of the New York General Obligations Law) of the State of New York. 

  

	(i)	Waiver of Jury Trial. To the extent permitted by applicable law, each party irrevocably waives any and all right to trial by jury in any legal proceeding in
connection with this Agreement, any Credit Support Document to which it is a party, or any Transaction. 

  

	(j)	Netting of Payments. Section 2(c)(ii) of this Agreement will apply to all Transactions. 

  
 10 

	(k)	“Affiliate” has its meaning as defined in Section 14 of this Agreement, provided that Party B shall be deemed to have no Affiliates.

  

	(l)	Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance, shall be held to be
illegal, invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the illegal, invalid or
unenforceable portion eliminated, so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this
Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement; provided, however, that this severability provision shall not be applicable if any provision of Section 1(c), 2, 5,
6 or 13 (or any definition or provision in Section 14 to the extent it relates to, or is used in or in connection with any such Section) shall be held to be invalid or unenforceable. 

 

	(m)	Single Agreement. Section 1(c) shall be amended by adding the words “, the credit support annex entered into between Party A and Party B in relation to
this Agreement” after the words “Master Agreement.” 

  

	(n)	Local Business Day. The definition of Local Business Day in Section 14 of this Agreement shall be amended by the addition of the words “or any Credit
Support Document” after “Section 2(a)(i)” and the addition of the words “or Credit Support Document” after “Confirmation”. 

 Part 5. Other Provisions 
  

	(a)	2006 ISDA Definitions. This Agreement and each Transaction are subject to the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. (the “2006 ISDA Definitions”) and will be governed by the provisions of the 2006 ISDA Definitions. The provisions of the 2006 ISDA Definitions are incorporated by reference in, and shall form part of, this
Agreement and each Confirmation. Any reference to a “Swap Transaction” in the 2006 ISDA Definitions is deemed to be a reference to a “Transaction” for purposes of this Agreement or any Confirmation, and any reference to a
“Transaction” in this Agreement or any Confirmation is deemed to be a reference to a “Swap Transaction” for purposes of the 2006 ISDA Definitions. The provisions of this Agreement (exclusive of the 2006 ISDA Definitions) shall
prevail in the event of any conflict between such provisions and the 2006 ISDA Definitions. 

“Transaction Documents” shall have the meaning ascribed to such term in Appendix A of that certain Sale and
Servicing Agreement dated as of [            ], as amended, modified or supplemented from time to time, among [Santander Drive Auto Receivables LLC, as seller, Party B, as Issuer, Santander
Consumer USA Inc., as Servicer, and Wells Fargo Bank, National Association, as Indenture Trustee]. 

  
 11 

 All other capitalized terms used herein and not defined herein shall have the definitions
ascribed to them in the Indenture and Credit Support Annex. 
  

	(b)	Downgrade Provisions. 

  

	 	(i)	Second Trigger Failure Condition. So long as a Moody’s Second Trigger Downgrade Event has occurred, Party A shall, at its own expense use commercially
reasonable efforts, as soon as reasonably practicable, to either (i) furnish an Eligible Guarantee of Party A’s obligations under this Agreement from a guarantor that maintains the First Trigger Required Ratings and/or the Moody’s
Second Trigger Ratings Threshold or (ii) effect a transfer pursuant to Part 6(a). 

  

	 	(ii)	S&P Collateralization Event. It shall be a collateralization event if either (A) the unsecured, short-term debt obligations of the Relevant Entity are
rated below “A-1” by S&P or (B) if the Relevant Entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of a Relevant Entity are rated below “A” by S&P
(“S&P Collateralization Event”). For the avoidance of doubt, the parties hereby acknowledge and agree that notwithstanding the occurrence of an S&P Collateralization Event, this Agreement and each Transaction
hereunder shall continue to be a Swap Agreement for purposes of the Transaction Documents. 

  

	 	(iii)	S&P Ratings Event. It shall be a ratings event if at any time after the date hereof, the Relevant Entity fails to satisfy the Hedge Counterparty Ratings
Threshold or the Relevant Entity is no longer rated by S&P (“S&P Ratings Event”). Within 60 calendar days from the date an S&P Ratings Event has occurred and so long as such S&P Ratings Event is continuing,
Party A shall, at its sole expense, (x) obtain an Eligible Replacement that upon satisfaction of the Rating Agency Condition, assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and
substance reasonably satisfactory to Party B) or (y) obtain at its sole cost and expense an Eligible Guarantee from an entity that satisfies the Hedge Counterparty Rating Requirements subject to the satisfaction of the Rating Agency Condition
with respect to such guaranty. 

  

	 	(iv)	Fitch Collateralization Event. It shall be a collateralization event if either (A) the unsecured, short-term debt obligations of the Relevant Entity are
rated below “F1” by Fitch or (B) the unsecured, long-term senior debt obligations of a Relevant Entity are rated below “A” by Fitch (“Fitch Collateralization Event”). For the avoidance of doubt, the
parties hereby acknowledge and agree that notwithstanding the occurrence of an Fitch Collateralization Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Transaction Documents.

  

	 	(v)	 Fitch Ratings Event. It shall be a ratings event if at any time after the date hereof, the Relevant Entity fails to satisfy the Hedge
Counterparty Ratings Threshold or the Relevant Entity is no longer rated by Fitch (“Fitch Ratings  

  
 12 

	 	
Event”). Within 30 calendar days from the date an Fitch Ratings Event has occurred and so long as such Fitch Ratings Event is continuing, Party A shall, at its sole expense,
(x) obtain an Eligible Replacement that assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or (y) obtain at its sole cost and
expense an Eligible Guarantee from an entity that satisfies the Hedge Counterparty Rating Requirements with respect to such guaranty. 

  

	 	(vi)	Downgrade Definitions. 

  

	 	(A)	“DBRS” means DBRS, Inc. 

  

	 	(B)	“Eligible Guarantee” means an unconditional and irrevocable guarantee of all present and future obligations of Party A under this Agreement (or,
solely for purposes of the definition of Eligible Replacement, all present and future obligations of such Eligible Replacement under this Agreement or its replacement, as applicable) which is provided by a guarantor as principal debtor rather than
surety and which is directly enforceable by Party B, the form and substance of which guarantee are subject to the Rating Agency Condition with respect to S&P, and either (A) a law firm has given a legal opinion confirming that none of the
guarantor’s payments to Party B under such guarantee will be subject to deduction or Tax collected by withholding and such opinion has been delivered to Moody’s, or (B) such guarantee provides that, in the event that any of such
guarantor’s payments to Party B are subject to deduction or Tax collected by withholding, such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any
Tax collected by withholding) will equal the full amount Party B would have received had no such deduction or withholding been required, or (C) in the event that any payment under such guarantee is made net of deduction or withholding for Tax,
Party A is required, under Section 2(a)(i), to make such additional payment as is necessary to ensure that the net amount actually received by Party B from the guarantor will equal the full amount Party B would have received had no such
deduction or withholding been required. 

  

	 	(C)	 “Eligible Replacement” means an entity (A) that lawfully could perform the obligations owing to Party B under this
Agreement (or its replacement, as applicable) and (B) (I) (x) which has credit ratings from S&P [and Fitch] that satisfy the Hedge Counterparty Ratings Requirement or (y) all present and future obligations of which entity
owing to Party B under this Agreement (or its replacement, as applicable) are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with credit ratings from S&P [and Fitch] that satisfy the Hedge Counterparty Ratings Requirement,
in either case if S&P [and Fitch] is a Rating Agency, and (II)(x) which has credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold or (y) all present and future obligations of which entity

  
 13 

	 	
owing to Party B under this Agreement (or its replacement, as applicable) are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with credit ratings from Moody’s at least
equal to the Moody’s Second Trigger Ratings Threshold, in either case if Moody’s is a Rating Agency, and (III)(x) which has credit ratings from Fitch that satisfy the Hedge Counterparty Ratings Requirement or (y) all present and
future obligations of which entity owing to Party B under this Agreement (or its replacement, as applicable) are guaranteed pursuant to an Eligible Guarantee provided by a guarantor with credit ratings from Fitch that satisfy the Hedge Counterparty
Ratings Requirement, in either case if Fitch is a Rating Agency. 

  

	 	(D)	“Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance. 

 

	 	(E)	“First Trigger Required Ratings” means with respect to an entity, either (i) where the entity is the subject of a Moody’s Short-term
Rating, such entity’s Moody’s Short-term Rating is “Prime-I” and the entity’s long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A2” or above by
Moody’s or (ii) where the entity is not the subject of a Moody’s Short-term Rating, its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “AI” or above by Moody’s.

  

	 	(F)	“Fitch” means Fitch ratings. 

  

	 	(G)	“Hedge Counterparty Ratings Requirement” means (i) a short-term senior unsecured debt rating of at least “A-1” by S&P, or a
long-term senior unsecured debt rating of at least “A+” by S&P if it has no short-term rating, or (ii) a short-term senior unsecured debt rating of at least “F1” by Fitch, and, if such entity has a long-term senior
unsecured debt rating by Fitch, a long-term senior unsecured debt rating of at least “A” by Fitch. For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the substitute counterparty (or
against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a guarantee, security or support of the obligations of the substitute counterparty. 

 

	 	(H)	“Hedge Counterparty Ratings Threshold” means (i) such entity has a short-term rating of at least “A-2” by S&P, or a long-term
rating of at least “BBB+” by S&P if it has no short-term rating and (ii) if such entity is rated by Fitch, such entity has a short-term rating of at least “F2” by Fitch, or a long-term rating of at least “BBB+”
by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of an S&P Ratings Event [or a Fitch Ratings Event], this Agreement and each Transaction hereunder shall continue to be a Swap
Agreement for purposes of the Transaction Documents. 

  
 14 

	 	(I)	“Moody’s” means Moody’s Investors Service, Inc. 

 

	 	(J)	“Moody’s Second Trigger Downgrade Event” means that no Relevant Entity has credit ratings from Moody’s at least equal to the
Moody’s Second Trigger Ratings Threshold. 

  

	 	(K)	“Moody’s Second Trigger Ratings Threshold” means, with respect to Party A, the guarantor under an Eligible Guarantee, or an Eligible
Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term
unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt
rating or counterparty rating from Moody’s of “A3”. 

  

	 	(L)	“Moody’s Short-term Rating” means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s
short-term, unsecured and unsubordinated debt obligations. 

  

	 	(M)	“Rating Agency” shall mean S&P, Moody’s, [Fitch and DBRS]. 

 

	 	(N)	“Rating Agency Condition” shall mean first receiving prior written confirmation from S&P [and Fitch] [and DBRS] that their then-current
ratings of the rated Notes will not be downgraded or withdrawn by such Rating Agency. 

  

	 	(O)	“Relevant Entity” means Party A and any guarantor under an Eligible Guarantee in respect of all of Party A’s present and future obligations
under this Agreement. 

  

	 	(P)	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

 

	(c)	Additional Representations. Section 3 of this Agreement is hereby amended by adding the following Sections 3(g), (h), (i) and (j):

  

	 	“(g)	 Non-Reliance. For any Relevant Agreement: (i) it acts as principal and not as agent, (ii) it acknowledges that the other party acts
only arm’s length and is not its agent, broker, advisor or fiduciary in any respect, and any agency, brokerage, advisory or fiduciary services that the other party (or any of its affiliates) may otherwise provide to the party (or to any of its
affiliates) excludes the Relevant Agreement, (iii) it is relying solely upon its own evaluation of the Relevant Agreement (including the present and future results, consequences, risks, and benefits thereof, whether financial, accounting, tax,
legal, or otherwise) and upon advice from its own professional advisors, (iv) it understands the Relevant Agreement and those risks, has determined they are appropriate for it, and willingly assumes those risks, (v) it has not relied and
will not be relying upon any evaluation 

  
 15 

	 	
or advice (including any recommendation, opinion, or representation) from the other party, its affiliates or the representatives or advisors of the other party or its affiliates (except
representations expressly made in the Relevant Agreement or an opinion of counsel required thereunder); and (vi) if a party is acting as a Calculation Agent or Valuation Agent, it does so not as the other party’s agent or fiduciary, but on
an arm’s length basis for the purpose of performing an administrative function in good faith. 

“Relevant Agreement” means this Agreement, each Transaction, each Confirmation, any Credit Support Document, and any
agreement (including any amendment, modification, transfer or early termination) between the parties relating thereto or to any Transaction. 
  

	 	(h)	Eligibility. It is an “eligible contract participant” within the meaning of the Commodity Exchange Act (as amended by the Commodity Futures
Modernization Act of 2000). 

  

	 	(i)	FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C. § 1823(e), its execution, delivery and performance of this Agreement (including
the Credit Support Annex and each Confirmation) have been approved by its board of directors or its loan committee, such approval is reflected in the minutes of said board of directors or loan committee, and this Agreement (including the Credit
Support Annex and each Confirmation) will be maintained as one of its official records continuously from the time of its execution (or in the case of any Confirmation, continuously until such time as the relevant Transaction matures and the
obligations therefor are satisfied in full). 

  

	 	(j)	ERISA. It is not (i) an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) or a plan as defined in Section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”), subject to Title I of ERISA or Section 4975 of the Code, or a plan as so
defined but which is not subject to Title I of ERISA or Section 4975 of the Code (each, an “ERISA Plan”), (ii) a person or entity acting on behalf of an ERISA Plan, or (iii) a person or entity the assets of
which constitute assets of an ERISA Plan.” 

  

	(d)	Recorded Conversations. Each party and any of its Affiliates may electronically record any of its telephone conversations with the other party or with any of the
other party’s Affiliates in connection with this Agreement or any Transaction, and any such recordings may be submitted in evidence in any proceeding to establish any matters pertinent to this Agreement or any Transaction.

  

	(e)	Transfers by Party A. 

  

	 	(i)	 Section 7 of this Agreement shall not apply to Party A and, subject to Part 5(e)(ii), Party A shall not transfer, whether by way of security or
otherwise, any interest or obligation in or under this Agreement without first satisfying the Rating Agency 

  
 16 

	 	
Condition (with respect to S&P) and without the prior written consent of Party B; provided that, to the extent that Party A or Party B makes a transfer pursuant to this Part 6, it
shall first provide prior written notice to the Rating Agencies of such transfer; provided that, to avoid any doubt, the parties hereto acknowledge and agree that notwithstanding any provision in the Agreement to the contrary (including, but
not limited to Part 5(e)(ii)), with respect to any and all transfers, the Rating Agency Condition (with respect to S&P) must in any event be satisfied. 

 

	 	(ii)	Subject to Part 1(1), Party A may (at its own cost) transfer its rights and obligations with respect to this Agreement to any other entity (a “Transferee”)
that is an Eligible Replacement through a novation or other assignment and assumption agreement or similar agreement in form and substance reasonably satisfactory to Party B; provided that: 

 

	 	(A)	the Transferee contracts with Party B on terms that (x) are identical to the terms of this Agreement in respect of any obligation (whether absolute or contingent)
to make payment or delivery after the effective date of such transfer and (y) insofar as they do not relate to payment or delivery obligations, are, in all material respects, no less beneficial for Party B than the terms of this Agreement
immediately before such transfer; 

  

	 	(B)	unless such transfer is effected for the purpose of Section 5(e)(ii) or at a time when First Rating Trigger Requirements apply, Party B has determined that the
condition in Part 5(e)(ii)(A)(y) above is satisfied. 

 The “First Rating Trigger
Requirements” shall apply so long as no Relevant Entity has the First Trigger Required Ratings. 
 An entity shall
have the “First Trigger Required Ratings” (A) where such entity is the subject of a Moody’s Short-term Rating, if such rating is Moody’s “Prime-1” and its long-term, unsecured and unsubordinated debt
or counterparty obligations are rated “A2” or above by Moody’s and (B) where such entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt or counterparty obligations are
rated “Al” or above by Moody’s. 
  

	 	(C)	as of the date of such transfer the Transferee will not be required to withhold or deduct on account of a Tax from any payments under this Agreement unless the
Transferee will be required to make payments of additional amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect of such Tax, (B) a Termination Event or Event of Default does not occur under this Agreement as a result of such
transfer, and (C) Party A receives confirmation from S&P that transfer to the Transferee does not violate the Rating Agency Condition. Following such transfer, all references to Party A shall be deemed to be references to the Transferee.

  
 17 

	 	(iii)	In determining whether or not a transfer satisfies the condition in Part 5(e)(ii)(A)(y) above, Party B shall act in a commercially reasonable manner.

  

	 	(iv)	If an entity has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with
Part 5(e)(ii) above, Party B shall, at Party A’s written request and cost, take any reasonable steps required to be taken by it to effect such transfer. 

 

	 	(v)	Section 5(e)(ii) shall be amended by (i) replacing the words “all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist” with the words “its rights and obligations under this Agreement in respect of the Affected Transactions in accordance with Part 5(e) of the Schedule
(on the basis that each reference to “Agreement” in Part 5(e) is replaced by the words “Agreement in respect of the Affected Transactions”)” and (ii) the deletion of the sentence: “Any such transfer by a party
under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed.”. 

  

	 	(vi)	Following a transfer in accordance with Part 5(e)(ii), all references to Party A shall be deemed to be references to the Transferee. 

 

	 	(vii)	Except as specified otherwise in the documentation evidencing a transfer, a transfer of all the obligations of Party A made in compliance with this Part 5(e) will
constitute an acceptance and assumption of such obligations (and any related interests so transferred) by the transferee, a novation of the transferee in place of Party A with respect to such obligations (and any related interests so transferred),
and a release and discharge by Party B of Party A from, and an agreement by Party B not to make any claim for payment, liability, or otherwise against Party A with respect to, such obligations from and after the effective date of the transfer.

  

	(f)	Permitted Security Interest. For purposes of Section 7 of this Agreement, Party A hereby consents to the Permitted Security Interest, subject to the provisions of
paragraph (c) below. 

 “Permitted Security Interest” means the collateral assignment
by Party B of the Swap Collateral to the Trustee pursuant to the Indenture, and the granting to the Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 

“Swap Collateral” means all right, title and interest of Party B in this Agreement, each Transaction hereunder,
and all present and future amounts payable by Party A to Party B under or in connection with this Agreement or any Transaction governed by this Agreement, whether or not evidenced by a Confirmation, including, without limitation, any transfer or
termination of any such Transaction. 
 “Trustee” means [Wells Fargo Bank, National Association] or any
successor acting as indenture trustee pursuant to the Indenture. 

  
 18 

	(g)	Effect of Permitted Security Interest. 

  

	 	(i)	Notwithstanding the Permitted Security Interest, Party B shall not be released from any of its obligations under this Agreement or any Transaction, and Party A may
exercise its rights and remedies under this Agreement without notice to, or the consent of the Trustee or any Noteholder except as otherwise expressly provided in this Agreement. 

 

	 	(ii)	Party A’s consent to the Permitted Security Interest is expressly limited to the Trustee for the benefit of the secured parties under the Indenture, and Party A
does not consent to the sale or transfer by the Trustee of the Swap Collateral to any other person or entity (other than a successor to the Trustee under the Indenture acting in that capacity). 

 

	 	(iii)	Party B hereby acknowledges that, as a result of the Permitted Security Interest, all of its rights under this Agreement, including any Transaction, have been assigned
to the Trustee pursuant to the Indenture and notwithstanding any other provision in this Agreement, Party B may not take any action hereunder to exercise any of such rights without the prior written consent of the Trustee, including, without
limitation, providing any notice under this Agreement the effect of which would be to cause an Early Termination Date to occur or be deemed to occur. If Party B gives any notice to Party A for the purposes of exercising any of Party B’s rights
under this Agreement, Party A shall have the option of treating that notice as void unless that notice is signed by the Trustee acknowledging its consent to the provisions of that notice. Nothing herein shall be construed as requiring the consent of
the Owner Trustee, the Trustee or any Noteholder for the performance by Party B of any of its obligations hereunder. 

  

	 	(iv)	Except as expressly provided in this Agreement for any transfer (as provided in Part 6 hereof), Event of Default, Termination Event, Additional Termination Event, Party
A and Party B may not enter into any agreement to dispose of any Transaction, whether in the form of a termination, unwind, transfer or otherwise without the prior written consent of the Trustee. 

 

	 	(v)	Except as expressly provided in this Agreement, no amendment, modification, or waiver in respect of this Agreement will be effective unless (A) evidenced by a
writing executed by each party hereto, and (B) the Trustee has acknowledged their consent thereto in writing and S&P confirms that the amendment, modification or waiver will not cause the reduction or withdrawal of its then current rating
on any Notes under the Indenture. 

  

	(h)	Payments. All payments to Party B under this Agreement or any Transaction shall be made to the appropriate account under the Transaction Documents.

  

	(i)	 Set-off. Except as otherwise provided in this Schedule, Party A and Party B hereby waive any and all right of setoff with respect to any amounts
due under this Agreement or any Transaction, provided that nothing herein shall be construed to waive or otherwise 

  
 19 

	 	
limit the netting provisions contained in Sections 2(c) and 6 of this Agreement or the setoff rights contained in the Credit Support Annex. Section 6(e) shall be amended by the deletion of
the following sentence: “The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Setoff”. 

 

	(j)	Indenture. 

  

	 	(i)	Party B hereby acknowledges that Party A is a secured party under the Indenture with respect to this Agreement and a third-party beneficiary under the Indenture and
Party B agrees for the benefit of Party A that neither it nor any other Person will take any action (whether in the form of an amendment, a modification, supplement, waiver, approval, consent or otherwise) which may have a material adverse effect
with respect to the rights, interest or benefits granted to Party A under the Indenture with respect to this Agreement, whether or not this Agreement is specifically referred to or identified therein without the prior written consent of Party A (to
the extent such consent is required under the Indenture). 

 “Indenture” means that certain
Indenture, by and among Party B as Issuer, and the Trustee, dated as of [            ], as the same may be amended, modified, supplemented or restated from time to time. 

 

	 	(ii)	On the date Party B executes and delivers this Agreement and on each date on which a Transaction is entered into, Party B hereby represents and warrants to Party A:
that the Indenture is in full force and effect; that Party B is not party to any separate agreement with any of the parties to the Indenture that would have the effect of diminishing or impairing the rights, interests or benefits that have been
granted to Party A under, and which are expressly set forth in, the Indenture; that Party B’s obligations under this Agreement are secured under the Indenture; that this Agreement constitutes a “Swap Agreement” under the
Transaction Documents applicable to it; that each Transaction entered into under this Agreement is a Swap Agreement under the Transaction Documents applicable to it; that Party A constitutes a Swap Provider under the Transaction Documents applicable
to it; that no Event of Default has occurred and is continuing as defined in the Transaction Documents applicable to it; that nothing herein violates or conflicts with any of the provisions of the Transaction Documents applicable to it or any other
documents executed in connection therewith. In addition, on each date on which a Transaction is entered into, Party B hereby represents and warrants to Party A: that the Transaction meets all of the requirements under the Transaction Documents
applicable to it and does not violate or conflict with any of the provisions of the Transaction Documents applicable to it or any other documents executed in connection therewith; and that under the terms of the Transaction Documents applicable to
it, neither the consent of the Owner Trustee, the Trustee nor of any of the Noteholders under the Transaction Documents is required for Party B to enter into that Transaction or for Party A to be entitled for that Transaction to the rights,
interests and benefits granted to Party A under the Transaction Documents. 

  
 20 

	 	(iii)	Party B will provide at least ten days’ prior written notice to Party A of any proposed amendment or modification to the Transaction Documents.

  

	(k)	Consent to Notice & Communications. Party B hereby consents to the giving to the Trustee of notice by Party A of Party A’s address and telecopy and
telephone numbers for all purposes of the Transaction Documents, and in addition, Party A shall also be entitled at any time to provide the Trustee with copies of this Agreement, including all Confirmations. In addition, Party A shall not be
precluded from communicating with the Trustee or any party to, or any third party beneficiary under, the Transaction Documents for the purpose of exercising, enforcing or protecting any of Party A’s rights or remedies under this Agreement or
any rights, interests or benefits granted to Party A under the Transaction Documents. 

  

	(l)	No Bankruptcy Petition. Without impairing any right afforded to it under the Transaction Documents as a third party beneficiary, Party A shall not institute
against or cause any other person to institute against, or join any other person in instituting against the Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state
bankruptcy, dissolution or similar law, for a period of one year and one day following indefeasible payment in full of the Notes. Nothing shall preclude, or be deemed to stop, Party A (i) from taking any action prior to the expiration of the
aforementioned one year and one day period, or if longer the applicable preference period then in effect, in (A) any case or proceeding voluntarily filed or commenced by Party B or (B) any involuntary insolvency proceeding filed or
commenced by a Person other than Party A, or (ii) from commencing against Party B or any of the Collateral any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or similar proceeding. The
provisions of this paragraph shall survive termination of this Agreement. 

  

	(m)	Limitation of Liability. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Trustee not
individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made
and intended not as a personal representation, undertaking or agreement by the Trustee but is made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on the part
of the Trustee, 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 (iv) under no circumstances shall the Trustee be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement. 

  

	(n)	 Party A Rights Solely Against Collateral. The liability of Party B to Party A hereunder is limited in recourse to the assets of the Trust, and
to distributions of interest proceeds and principal proceeds thereon applied in accordance with the terms of the Indenture. Upon application of and exhaustion of all of the assets of the Trust (and proceeds thereof)

  
 21 

	 	
in accordance with the Indenture, Party A shall not be entitled to take any further steps against Party B to recover any sums due but still unpaid hereunder or thereunder, all claims in respect
of which shall be extinguished. Notwithstanding the foregoing or anything herein to the contrary, Party A shall not be precluded from declaring an Event of Default or from exercising any other right or remedy as set forth in this Agreement or the
Indenture. The provisions of this paragraph shall survive termination of this Agreement. 

  

	(o)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition of the words “to another account in the same legal and tax
jurisdiction as the original account” following the word “delivery” in the first line thereof. 

  

	(p)	Notice of Certain Events or Circumstances. Each party agrees, upon learning of the occurrence or existence of any event or condition that constitutes (or that
with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such
event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist
before becoming an Event of Default or Termination Event); provided that failure to provide notice of such event or condition pursuant to this provision shall not constitute an Event of Default or a Termination Event. Each party agrees to
provide to the other party any other notice reasonably expected to be provided to facilitate compliance with the terms of this Agreement and the Credit Support Document. 

 

	(q)	Regarding Party A. Party B acknowledges and agrees that Party A has had and will have no involvement in and, accordingly Party A accepts no responsibility for:
(i) the establishment, structure, or choice of assets of Party B; (ii) the selection of any person performing services for or acting on behalf of Party B; (iii) the selection of Party A as the Counterparty; (iv) the terms of the
Notes, (v) other than with respect to the Prospectus Information (as defined herein), the preparation of or passing on the disclosure and other information contained in any offering circular or offering document for the Notes, the Transaction
Documents, or any other agreements or documents used by Party B or any other party in connection with the marketing and sale of the Notes; (vi) the ongoing operations and administration of Party B, including the furnishing of any information to
Party B which is not specifically required under this Agreement or (vii) any other aspect of Party B’s existence. 

  

	(r)	Compliance with Regulation AB. 

  

	 	(i)	Party A has been advised by Party B that Santander Consumer USA Inc. (the “Sponsor”), and Party B are required under Regulation AB under the
Securities Act of 1933 and the Securities Exchange Act of 1934, as amended (“Regulation AB”), to disclose certain information regarding Party A. Such information may include financial information to the extent required under
Item 1115 of Regulation AB. 

  
 22 

	 	(ii)	If required, upon written request, Party A shall provide to Party B or the Sponsor the applicable financial information described under Item 1115(b) of Regulation
AB (the “Reg AB Financial Information”) within ten (10) Business Days of receipt of a written request for such Reg AB Financial Information by the Sponsor or Party B (the “Response Period”), so
long as the Sponsor or Party B has reasonably determined, in good faith, that such information is required under Regulation AB. In the event that Party A does not provide any such Reg AB Financial Information by the end of the related Response
Period, Party A promptly, but in no event later than ten (10) Local Business Days following the end of such Response Period shall either, at Party A’s own expense (1) find a replacement counterparty that (A) has the ability to
provide its applicable Reg AB Financial Information, (B) satisfies the Rating Agency Condition, (C) is acceptable to Party B and (D) enters into an agreement with Party B substantially in the form of this Agreement (such replacement
counterparty, a “Reg AB Approved Entity”); (2) obtain a guaranty of Party A’s obligations under this Agreement from an affiliate of Party A that complies with the financial information disclosure requirements of
Item 1115 of Regulation AB, and cause such affiliate to provide Swap Financial Disclosure and any future Swap Financial Disclosure and other information pursuant to clause (1), such that disclosure provided in respect of such affiliate will
satisfy any disclosure requirements applicable to the Swap Provider, or (3) transfer Eligible Collateral to Party B’s Custodian in an amount (taking into account any amount posted pursuant to the Credit Support Annex, if any) which is
sufficient, as reasonably determined in good faith by the Sponsor, to reduce the aggregate significance percentage below 10% (or, so long as Party A is able to provide the Swap Financial Disclosure required pursuant to Item 1115(b)(1) of
Regulation AB, below 20%, in the event Party A is requested to provide the Swap Financial Disclosure required pursuant to Item 1115(b)(2) of Regulation AB). 

 

	 	(iii)	If Party B or the Sponsor request (in writing) the Reg AB Financial Information from Party A, then the Sponsor or Party B will promptly (and in any event within one
(1) Business Day of the date of the request for the Reg AB Financial Information) provide Party A with a written explanation of how the significance percentage was calculated. 

 

	 	(iv)	Party A represents and warrants that the statements appearing in the Prospectus Supplement dated
[            ], as supplemented by the Supplement dated [            ], or in the Prospectus, dated
[            ], each relating to Santander Drive Auto Receivables Trust [            ] under the headings “The Swap
Counterparty” (the “Prospectus Information”) are true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. 

  

	 	(v)    (A)  	Party A shall indemnify and hold harmless Party B, the Sponsor, their respective directors or officers and any person controlling Party B or the Sponsor, from and
against any and all losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a 

  
 23 

	 	    	material fact contained in the Prospectus Information or in any Reg AB Financial Information that Party A provides to Party B or the Sponsor pursuant to this Part 5(r)
(the “Party A Information”) or caused by any omission or alleged omission to state in the Party A Information a material fact required to be stated therein or necessary to make the statements therein not misleading.

  

	 	      (B)  	The Sponsor shall indemnify and hold harmless Party A, its respective directors or officers and any person controlling Party A, from and against any and all losses,
claims, damages and liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Prospectus Supplement referred to in clause (iv) above (together with the accompanying base Prospectus),
the Prospectus Supplement referred to in clause (iv) above (together with the accompanying base Prospectus) (collectively, the “Prospectus Disclosure”) or caused by any omission or alleged omission to state in the
Prospectus Disclosure a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor shall not be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement in or omission or alleged omission made in any such Prospectus Disclosure in
the Party A Information. 

  

	 	(vi)	 Promptly after the indemnified party under Part 5(r)(v) receives notice of the commencement of any such action, the indemnified party will, if a claim
in respect thereof is to be made pursuant to Part 5(r)(v), promptly notify the indemnifying party in writing of the commencement thereof. In case any such action is brought against the indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought
(in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party except as set forth below); provided, however, that such counsel shall be
reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) such indemnified party shall have been advised by such counsel that there may be one or more legal defenses
available to it which are different from or additional to those available to the indemnifying party and in the reasonable judgment of such counsel it is advisable for such indemnified party to employ separate counsel, (ii) a conflict or
potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party, 

  
 24 

	 	
(iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the
institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. The indemnifying party will not, without the prior written consent of the
indemnified party, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
the indemnified party is an actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding. No indemnified party will settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder without the consent of the indemnifying party, which consent shall not be unreasonably withheld. 

[Signatures follow] 

  
 25 

 TN WITNESS WHEREOF the parties have executed this Schedule on the respective dates specified
below with effect from the date specified on the first page of this document. 
  

											
	BANCO SANTANDER S.A.	 		 	 SANTANDER DRIVE AUTO

RECEIVABLES TRUST [ ]

					
	By:	 	  	 		 	 By:
	 	[U S. BANK TRUST NATIONAL
		 		 		 		 	 ASSOCIATION], not in its individual
 capacity, but solely as Owner Trustee

		 		 		 		 		 	
		 		 		 		 	By:	 	  
		 		 		 		 		 	Name:
		 		 		 		 		 	Title:
		 		 		 		 		 	Date:

  
 26

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