Document:

Exhibit 10.3

 

	SECURITY AGREEMENT
	 
	dated as of
	 
	July 19, 2018
	among
	 
	THE GRANTORS IDENTIFIED HEREIN
	 
	and
	 
	VICTORY PARK MANAGEMENT, LLC,
	as Administrative Agent

 

    	 		 

     

    

   

	 	ARTICLE I	 
	 	 	 
	 	Definitions	 
	 	 	 
	SECTION 1.01	Secured Transaction Documents; Uniform Commercial Code	1
	SECTION 1.02	Other Defined Terms	1
	 	 	 
	 	ARTICLE II	 
	 	 	 
	 	Pledge of Securities	 
	 	 	 
	SECTION 2.01	Pledge	6
	SECTION 2.02	Delivery of the Pledged Securities	7
	SECTION 2.03	Representations, Warranties and Covenants	8
	SECTION 2.04	Certification of Limited Liability Company and Limited Partnership Interests	9
	SECTION 2.05	Registration in Nominee Name; Denominations	10
	SECTION 2.06	Voting Rights; Dividends and Interest	10
	 	 	 
	 	ARTICLE III	 
	 	 	 
	 	Security Interests in Personal Property	 
	 	 	 
	SECTION 3.01	Security Interest	12
	SECTION 3.02	Representations and Warranties	13
	SECTION 3.03	Covenants	15
	 	 	 
	 	ARTICLE IV	 
	 	 	 
	 	Remedies	 
	 	 	 
	SECTION 4.01	Remedies Upon Default	18
	SECTION 4.02	Application of Proceeds	19
	SECTION 4.03	Grant of License to Use Intellectual Property	19
	SECTION 4.04	Effect of Securities Laws	20
	SECTION 4.05	Deficiency	20
	 	 	 
	 	ARTICLE V	 
	 	 	 
	 	Subordination	 
	 	 	 
	SECTION 5.01	Subordination	20

  

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	 	ARTICLE VI	 
	 	 	 
	 	Miscellaneous	 
	 	 	 
	SECTION 6.01	Notices	20
	SECTION 6.02	Waivers; Amendment	21
	SECTION 6.03	Administrative Agent’s Fees and Expenses; Indemnification	21
	SECTION 6.04	[Reserved]	21
	SECTION 6.05	Survival of Agreement	21
	SECTION 6.06	Counterparts; Effectiveness; Several Agreement	22
	SECTION 6.07	Severability	22
	SECTION 6.08	Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process	22
	SECTION 6.09	Headings	22
	SECTION 6.10	Security Interest Absolute	22
	SECTION 6.11	Termination, Release or Subordination	23
	SECTION 6.12	Additional Grantors	23
	SECTION 6.13	Administrative Agent Appointed Attorney-in-Fact	23
	SECTION 6.14	General Authority of the Administrative Agent	24
	SECTION 6.15	Reasonable Care	24
	SECTION 6.16	Delegation; Limitation	24
	SECTION 6.17	Reinstatement	24
	 	 	 
	Schedules	 	 
	 	 	 
	Schedule I	Subsidiary Parties	 
	Schedule II	Pledged Equity and Pledged Debt	 
	Schedule III	Commercial Tort Claims	 
	Schedule IV	Locations of Equipment and Inventory	 
	Schedule V	Intellectual Property	 
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit I	Form of Security Agreement Supplement	 
	Exhibit II	[Reserved]	 
	Exhibit III	Form of Patent Security Agreement	 
	Exhibit IV	Form of Trademark Security Agreement	 
	Exhibit V	Form of Copyright Security Agreement	 

  

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SECURITY AGREEMENT dated
as of July 19, 2018 (as amended, restated, amended and restated, supplemented and otherwise modified from time to time, the “Agreement”),
by and among the Grantors (as defined below) and Victory Park Management, LLC, as Administrative Agent for the Secured Parties
(in such capacity and together with its successors and permitted assigns in such capacity, the “Administrative Agent”).

 

Reference is made to
the Agreement Among Noteholders dated as of the date hereof (as amended, restated, amended and restated, refinanced, replaced,
supplemented or otherwise modified from time to time, the “Agreement Among Noteholders”), among the holders
from time to time party thereto (together with their successors and assigns, the “Holders” and “Secured
Parties”), Rimini Street, Inc., a Delaware corporation (the “Debtor”), and Victory Park Management,
LLC, as Administrative Agent. Debtor has entered into those certain Convertible Secured Promissory Notes dated as of even date
herewith (such Convertible Secured Promissory Notes, as from time to time amended, supplemented, restated, modified, replaced or
refinanced in whole or in part, the “Notes”), among Debtor, as borrower, and the Holders, pursuant to which
the Holders have agreed to advance funds and extend credit to Debtor. The obligations of the Holders to extend such credit are
conditioned upon, among other things, the execution and delivery of this Agreement. Debtor and the Subsidiary Parties who are affiliates
of the Debtor, will derive substantial benefits from the extension of credit to the Debtor pursuant to the Notes, and are willing
to execute and deliver this Agreement in order to induce the Holders to extend such credit. Accordingly, the parties hereto agree
as follows:

 

ARTICLE
I

Definitions

 

SECTION 1.01      Secured
Transaction Documents; Uniform Commercial Code.

 

(a)     
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Notes and
Agreement Among Noteholders. All terms defined in the UCC (as defined herein) and not defined in this Agreement have the
meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the UCC.

 

SECTION 1.02      Other
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Account Debtor”
means any Person who is or who may become obligated to any Grantor under, with respect to or on account of an Account.

 

“Accounts”
has the meaning specified in Article 9 of the UCC.

 

“Administrative
Agent” has the meaning assigned to such term in the recitals of this Agreement.

 

“Article 9 Collateral”
has the meaning assigned to such term in Section 3.01(a).

 

“Collateral”
means the Article 9 Collateral and the Pledged Collateral.

  

    	 		 

     

    

   

“Copyright License”
means any written agreement, now or hereafter in effect, granting any use right to any third party under any Copyright now or hereafter
owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright
now or hereafter owned by any third party, and all rights of such Grantor under any such agreement.

 

“Copyrights”
means all of the following now owned or hereafter owned or acquired by any Grantor: (a) all copyright rights in any work subject
to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and
applications for registration of any such copyright in the United States, including registrations, recordings, supplemental registrations
and pending applications for registration in the USCO.

 

“De Minimis
Accounts” means deposit accounts or securities accounts of a Grantor with a balance not exceeding $500,000 at any time
or an aggregate balance for all such deposit accounts and securities accounts not exceeding $1,000,000 at any time.

 

“Debtor”
has the meaning assigned to such term in the recitals of this Agreement.

 

“Equity Interests”
means with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated)
of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other
rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

 

“Excluded Accounts”
means: payroll accounts, zero-balance accounts, disbursement accounts, employee benefit accounts, withholding tax and other fiduciary
accounts, escrow accounts in respect of arrangements with non-affiliated third parties, worker’s compensation accounts, customs
accounts, trust and tax withholding accounts which are funded by the Grantors in the ordinary course of business or as required
by any requirement of law, cash collateral accounts subject to Liens permitted under the Securities Purchase Agreement, and De
Minimis Accounts.

  

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“Excluded
Assets” means (i) Excluded Tax Collateral; (ii) any United States intent-to-use trademark applications to the
extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability
of such intent-to-use trademark applications under applicable federal law, provided that upon submission and acceptance by the
USPTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark
application shall be considered Collateral; (iii) any asset with respect to which the Administrative Agent in its sole discretion
has determined that the costs of obtaining, perfecting or maintaining a security interest in such asset are excessive in relation
to the benefit to the Holders afforded thereby; (iv) any of such Grantor's right, title or interest in any lease, permit, governmental
authorization, license, license agreement, contract or agreement to which such Grantor is a party or any of its right, title or
interest thereunder to the extent, but only to the extent, that such a grant would, under the express terms of such lease, permit,
license, license agreement, contract or agreement result in a breach of the terms of, or constitute a default under, such lease,
permit, license, license agreement, contract or agreement (other than to the extent that (A) any such term has been waived, (B)
the consent of the other party to such lease, permit, license, license agreement, contract or agreement has been obtained, or (C)
such terms would be rendered ineffective pursuant to Sections 9-406, 9-408, 9-409 of the UCC or other applicable provisions of
the UCC of any relevant jurisdiction or any other applicable law (including bankruptcy laws) or principles of equity); provided,
that (x) immediately upon the ineffectiveness, lapse, termination or waiver of any such provision, the Collateral shall
include, and such Grantor shall be deemed to have granted a security interest in, all such right, title and interest as if such
provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise
affect the Administrative Agent's unconditional continuing security interest in and liens upon any rights or interests of a Grantor
in or to (1) the proceeds of, or any monies due or to become due under, any such lease, permit, license, license agreement, contract
or agreement (including any Accounts, proceeds of Inventory or Equity Interests), and (2) the proceeds from the sale, license,
lease, or other dispositions of any such lease, permit, license, license agreement, contract or agreement; (v) any motor vehicles
and other assets subject to certificates of title (other than to the extent a security interest can be perfected by the filing
of a UCC-1 financing statement); (vi) any letter of credit rights (other than to the extent a security interest can be perfected
by the filing of a UCC-1 financing statement) with a value less than $200,000 individually and $500,000 in the aggregate; (vii)
or Commercial Tort Claims (other than to the extent a security interest can be perfected by the filing of a UCC-1 financing statement)
with a value of less than $250,000; (viii) capital stock in a joint venture or other non-wholly-owned Subsidiary to the extent
that granting a security interest in or Lien on such capital stock is not permitted by the governing documents of such joint venture
or other non-wholly-owned Subsidiary or would require the consent of any Person who owns capital stock of such joint venture or
non-wholly-owned Subsidiary (other than any Loan Party or its Subsidiaries) which consent has not been obtained; (ix) any governmental
licenses or state or local franchises, charters or authorizations, to the extent security interests in such licenses, franchises,
charters and authorizations are prohibited or restricted thereby; (x) any property or assets subject to a Lien with respect to
any purchase money Indebtedness, capital lease obligations or other Indebtedness permitted pursuant to the terms of the Securities
Purchase Agreement if the contract, agreement or document to which such Lien is granted (or in the contract, agreement or document
providing for such capital lease obligations) prohibits or requires the consent of any Person as a condition to the creation of
any other Lien on such property or asset or if such creation would result in a default or termination under the relevant contract,
agreement or document; (xi) any Excluded Accounts; (xii) Intellectual Property to the extent subsisting or arising under the laws
outside of the United States; and (xiii) Excluded Tax Collateral.

 

“General Intangibles”
has the meaning specified in Article 9 of the UCC.

 

“Grantor”
means the Debtor, each Obligor that is a party hereto, and each Obligor that becomes a party to this Agreement after the Closing
Date.

 

“Holders”
has the meaning assigned to such term in the recitals of this Agreement.

 

“Intellectual
Property” means all intellectual property of every kind and nature now owned or hereafter owned or acquired by any Grantor,
including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, the intellectual property rights in software
and databases and related documentation and all additions and improvements to the foregoing, and renewals and extensions thereof.

  

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“Intellectual
Property Security Agreements” means the short-form Patent Security Agreement, short-form Trademark Security Agreement,
and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits III, IV and
V, respectively.

 

“License”
means any Patent License, Trademark License, Copyright License or other Intellectual Property license or sublicense agreement to
which any Grantor is a party.

 

“Patent License”
means any written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention
on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence,
or granting to any Grantor any right to make, use or sell any invention on which a Patent, now or hereafter owned by any third
party, is in existence, and all rights of any Grantor under any such agreement.

 

“Patents”
means all of the following now owned or hereafter owned or acquired by any Grantor: (a) all letters patent of the United States
in or to which any Grantor now or hereafter owns or acquires any right, title or interest, all registrations and recordings thereof,
and all applications for letters patent of the United States, including registrations, recordings and pending applications in
the USPTO; and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof,
and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed
therein. 

 

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“Permitted Liens”
means (i) Liens in respect of secured Indebtedness permitted to be incurred pursuant to the Securities Purchase Agreement, (ii)
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases,
government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money or other Indebtedness), (iii) Liens that constitute banker’s Liens, rights of set-off,
or similar rights as to deposit accounts, securities accounts, investment accounts or other funds maintained with a bank or other
financial institution (but only to the extent such banker’s Liens, rights of set-off or other rights are in respect of customary
service charges relative to such accounts and other funds, and not in respect of any loans or other extensions of credit by such
bank or other financial institution to any Grantor), (iv) licenses not restricted by the terms of the Notes (including, without
limitation, non-exclusive licenses and sublicenses of intellectual property rights), (v) any attachment or judgment Lien with respect
to a judgment or decree (and pledges or cash deposits made in lieu of, or to secure the performance of appeal or other surety bonds
related to such judgments or decrees), (vi) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’,
materialmen’s and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness
for borrowed money) that are not overdue by more than 60 days or are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted and reserves required by GAAP have been made, (vii) easements, covenants, conditions, rights
of way, restrictions, building code and land use requirements of law, encroachments, zoning restrictions and other similar encumbrances
on real property and minor irregularities in the title or survey matters thereto that do not secure obligations for the payment
of money and do not materially impair the use or value of such property or its use by any Grantor or any of its Subsidiaries in
the ordinary conduct of such Person’s business, (viii) Liens of landlords and mortgagees of landlords (a) arising by statute
or under any lease or related contractual obligation entered into in the ordinary course of business, (b) on fixtures and movable
tangible property located on the real property leased or subleased from such landlord, or (c) for amounts not yet due or that are
being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves or other appropriate
provisions are maintained on the books of such Person in accordance with GAAP, (ix) the title and interest of a lessor or sublessor
in and to personal property leased or subleased (other than through a capital lease), in each case extending only to such personal
property, (x) Liens on assets of Debtor and its Subsidiaries (a) in favor of customs and revenue authorities arising as a matter
of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business or (b)
on specific items of inventory or other goods or assets and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods or assets in the ordinary course of business, (xi) Liens constituting rights
of first refusal or similar contractual rights or restrictions on the capital stock of a joint venture pursuant to the applicable
joint venture agreement and Liens arising from contractual restrictions arising in connection with agreements to sell the capital
stock of a joint venture and (xii) ground leases in respect of real property on which facilities owned or leased by Debtor and
its Subsidiaries are located.

 

“Pledged Collateral”
has the meaning assigned to such term in Section 2.01.

 

“Pledged Debt”
has the meaning assigned to such term in Section 2.01.

 

“Pledged Equity”
has the meaning assigned to such term in Section 2.01.

 

“Pledged Securities”
means the Pledged Equity and Pledged Debt.

 

“Secured Obligations”
shall mean (i) all Obligations owing to the Holders or the Administrative Agent by Debtor pursuant to the Notes, (ii) amounts owed
by any guarantor pursuant to any Guaranty executed in connection with the Notes (including all reasonable costs and expenses (including,
without limitation, to the extent permitted by law, reasonable attorneys' fees and other legal expenses) incurred by Administrative
Agent or Holder, as applicable, in the enforcement and collection of such Guaranty) and (iii) all amounts owing to the Administrative
Agent by Debtor pursuant to the terms of the Agreement Among Noteholders.

 

“Security Agreement
Supplement” means an instrument substantially in the form of Exhibit I hereto.

 

“Security Interest” has
the meaning assigned to such term in Section 3.01.

 

“Securities
Act” means the Securities Act of 1933, as amended.

  

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“Subsidiary
Parties” means (a) the Subsidiaries identified on Schedule I and (b) each other Subsidiary that becomes a party
to this Agreement as a Subsidiary Party after the Closing Date.

 

“Trademark License”
means any written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter
owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark
now or hereafter owned by any third party, and all rights of any Grantor under any such agreement.

 

“Trademarks”
means all of the following now owned or hereafter owned or acquired by any Grantor: (a) all trademarks, service marks, trade names,
corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, now existing or hereafter
owned, adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in
connection therewith, including registrations and registration applications in the USPTO or any similar offices in any State of
the United States or any political subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks
and service marks used by a Grantor; and (b) all goodwill connected with the use of and symbolized thereby.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York; provided that, if the perfection
or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority.

 

“USCO”
means the United States Copyright Office.

 

“USPTO”
means the United States Patent and Trademark Office.

 

ARTICLE
II

Pledge of Securities

 

SECTION 2.01       Pledge.
As security for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance of
the Secured Obligations, each of the Grantors hereby pledges to the Administrative Agent, its successors and permitted assigns,
for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for
the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to and under
any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such
Grantor now has or at any time in the future may acquire any right, title or interest:

 

(i)          all
Equity Interests held by it, including without limitation, the Equity Interests which are listed on Schedule II, and any
other Equity Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the
“Pledged Equity”); provided that the Pledged Equity shall not include Excluded Assets;

  

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(ii)         (A)
all debt securities owned by it, including without limitation, the debt securities which are listed opposite the name of such
Grantor on Schedule II, (B) any debt securities obtained in the future by such Grantor and (C) the promissory notes and
any other instruments evidencing such debt securities (the “Pledged Debt”); provided that the Pledged
Debt shall not include any Excluded Assets;

 

(iii)        all
other property that may be delivered to and held by the Administrative Agent pursuant to the terms of this Section 2.01;

 

(iv)        subject
to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in
respect of, the securities referred to in clauses (i) and (ii) above;

 

(v)         subject
to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses
(i), (ii), (iii) and (iv) above; and

 

(vi)        all
Proceeds of any of the foregoing

 

(the items referred to in clauses (i)
through (vi) above being collectively referred to as the “Pledged Collateral”). For the avoidance of doubt,
neither “Pledged Collateral” nor any defined term used therein shall include any Excluded Assets.

 

TO HAVE AND TO HOLD the Pledged Collateral,
together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Administrative
Agent, its successors and permitted assigns, for the benefit of the Secured Parties, forever, subject, however, to the
terms, covenants and conditions hereinafter set forth.

 

SECTION 2.02      Delivery
of the Pledged Securities.

 

(a)          As
of the Closing Date, each Grantor has delivered or caused to be delivered to the Administrative Agent, for the benefit of the Secured
Parties, any and all Pledged Equity evidenced by a certificate and, in the case of Pledged Debt, to the extent required to be delivered
pursuant to Section 2.02(b) below. Each Grantor agrees promptly (but in any event within 10 Business Days after receipt by such
Grantor or such longer period as the Administrative Agent may agree in its reasonable discretion) to deliver or cause to be delivered
to the Administrative Agent, for the benefit of the Secured Parties, any and all Pledged Equity acquired after the Closing Date
that is evidenced by a certificate.

 

(b)          Each
Grantor will cause any indebtedness for borrowed money having an aggregate principal amount in excess of $250,000 owed to such
Grantor by any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Administrative Agent,
for the benefit of the Secured Parties, pursuant to the terms hereof.

 

(c)          Upon
delivery to the Administrative Agent, any Pledged Securities shall be accompanied by stock or security powers duly executed in
blank or other instruments of transfer reasonably satisfactory to the Administrative Agent. Each delivery of Pledged Securities
shall be accompanied by a schedule describing the securities, which schedule shall be deemed to supplement Schedule II
and made a part hereof; provided that failure to supplement Schedule II shall not affect the validity of such pledge
of such Pledged Equity. Each schedule so delivered shall supplement any prior schedules so delivered.

  

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SECTION 2.03       Representations,
Warranties and Covenants. Each Grantor represents, warrants and covenants to and with the Administrative Agent, for the benefit
of the Secured Parties, on the date hereof that:

 

(a)          As
of the date hereof, Schedule II includes all Equity Interests, debt securities and promissory notes required to be pledged
by such Grantor hereunder;

 

(b)          the
Pledged Equity has been duly and validly authorized and issued by the issuers thereof and are fully paid and non-assessable (if
applicable);

 

(c)          except
for the security interests granted hereunder, such Grantor (i) is the direct owner, beneficially and of record, of the Pledged
Equity indicated on Schedule II, (ii) holds the same free and clear of all Liens, other than (A) Liens created by the Secured
Transaction Documents and (B) Permitted Liens, and (iii) if requested by the Administrative Agent, will use commercially reasonable
efforts to defend its title or interest thereto or therein against any and all Liens (other than the Liens permitted pursuant to
this Section 2.03(c)), however arising, of all Persons whomsoever;

 

(d)          as
of the Closing Date, except (i) for restrictions and limitations imposed or permitted by the Secured Transaction Documents, or
securities laws generally, and (ii) in the case of Pledged Equity of Persons that are not Subsidiaries, transfer restrictions that
exist at the time of acquisition of Equity Interests in such Persons, the Pledged Collateral is freely transferable and assignable,
and none of the Pledged Collateral is subject to any option, right of first refusal, shareholders agreement, charter or bylaw provisions
or contractual restriction of any nature that could reasonably be expected to prohibit, impair, delay or otherwise affect, in each
case, in any manner material and adverse to the Secured Parties the pledge of such Pledged Collateral hereunder, the sale or disposition
thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder;

 

(e)          the
execution and performance by the Grantors of this Agreement are within each Grantor’s corporate or limited liability company
powers and have been duly authorized by all necessary corporate action or other organizational action;

 

(f)          no
material consent or approval of any governmental authority is necessary to the validity of the pledge effected hereby, except for
(i) approvals, consents, exemptions, authorizations, or other actions, notices or filings and registrations necessary to perfect
the Liens on the Collateral granted by the Grantors in favor of the Secured Parties (or release existing Liens) under applicable
laws of the United States or any political subdivision thereof, (ii) the approvals, consents, exemptions, authorizations, actions,
notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals,
consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make are immaterial;

  

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(g)          by
virtue of the execution and delivery by each Grantor of this Agreement, and delivery of the certificates, if any, evidencing the
Pledged Equity to and continued possession by the Administrative Agent in the State of Illinois, the Administrative Agent for the
benefit of the Secured Parties has a legal, valid and perfected first-priority lien upon and security interest in such Pledged
Equity as security for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance
of the Secured Obligations to the extent such perfection is governed by the UCC;

 

(h)          by
virtue of (i) the filing of Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations
prepared by the Administrative Agent based upon the information provided to the Administrative Agent for filing in the applicable
filing office, in each case, as required by the Secured Transaction Documents, and (ii) delivery of the instruments or certificated
securities, if any, evidencing the Pledged Debt to and continued possession of the Pledged Debt by the Administrative Agent in
the State of Illinois, the Administrative Agent (for the benefit of the Secured Parties) has a legal, valid and perfected security
interest in respect of all Collateral in which the Security Interest in the Pledged Debt may be perfected by filing or recording
in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC or possession
of the Pledged Debt; and

 

(i)          the
pledge effected hereby is effective to vest in the Administrative Agent, for the benefit of the Secured Parties, the rights set
forth herein of the Administrative Agent in the Pledged Collateral.

 

Subject to the terms
of this Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will
comply with instructions of the Administrative Agent with respect to the Equity Interests in such Grantor that constitute Pledged
Equity hereunder without further consent by the applicable owner or holder of such Equity Interests.

 

SECTION 2.04       Certification
of Limited Liability Company and Limited Partnership Interests. Each Grantor shall ensure that no interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity is represented by a certificate unless
such Pledged Equity is a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction. If,
notwithstanding the foregoing, the Grantors obtain knowledge that any Pledged Equity that is not such a “security”
is certificated, then the Grantors shall use commercially reasonable efforts to either destroy any such certificate or deliver
any such certificate to the Administrative Agent in accordance with Section 2.02. If any limited liability company or limited partnership
controlled by any Grantor that constitutes Pledged Equity includes in its limited liability company agreement or partnership agreement
that any interests in such limited liability company or such limited partnership are a “security” as defined under
Article 8 of the UCC, the applicable Grantor shall promptly certificate any Equity Interests in any such limited liability company
or such limited partnership. To the extent an interest in any limited liability company or limited partnership controlled by any
Grantor and pledged under Section 2.01 is certificated or becomes certificated and in either case is a “security” within
the meaning of Article 8 of the UCC of the applicable jurisdiction, (i) each such certificate shall be delivered to the Administrative
Agent, pursuant to Section 2.02(a) and (ii) such Grantor shall fulfill all other requirements under Section 2.02 applicable in
respect thereof.

  

    	 	-9-	 

     

    

   

SECTION 2.05       Registration
in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing, (a) the Administrative Agent,
on behalf of the Secured Parties, shall have the right to hold the Pledged Equity in its own name as pledgee, the name of its
nominee (as pledgee or as subagent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative
Agent and each Grantor will promptly give to the Administrative Agent copies of any written notices or other written communications
received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Administrative Agent shall have
the right to exchange the certificates representing Pledged Equity for certificates of smaller or larger denominations for any
purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Securities.

 

SECTION 2.06       Voting
Rights; Dividends and Interest.

 

(a)          Unless
and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have elected to exercise
its rights hereunder:

 

(i)          Each
Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged
Securities or any part thereof and each Grantor agrees that it shall not exercise such rights in violation of this Agreement and
the other Secured Transaction Documents.

 

(ii)         The
Administrative Agent shall promptly (after advance written notice and at such Grantor’s sole expense)
execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers
of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise
the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above.

 

(iii)        Each
Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or
distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal
and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the
Secured Transaction Documents and applicable laws; provided that any noncash dividends, interest, principal or other distributions
that would constitute Pledged Equity or Pledged Debt, whether resulting from a subdivision, combination or reclassification of
the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any
part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to
which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor,
shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom,
shall be held for the benefit of the Administrative Agent and the Secured Parties and, in the case of Pledged Equity, shall be
promptly (and in any event within 5 Business Days or such longer period as the Administrative Agent may agree in its reasonable
discretion) delivered to the Administrative Agent in the same form as so received (with any endorsement reasonably requested by
the Administrative Agent). So long as no Event of Default has occurred and is continuing, the Administrative Agent shall promptly
deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection
with any exchange or redemption of such Pledged Securities permitted by the Secured Transaction Documents.

  

    	 	-10-	 

     

    

   

(b)          Upon
the occurrence and during the continuance of an Event of Default and the election of the Administrative Agent to exercise its rights
hereunder, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to
receive pursuant to paragraph 2.06(a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested
in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends,
interest, principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary
to the provisions of this Section 2.06 shall be held for the benefit of the Administrative Agent, shall be segregated from other
property or funds of such Grantor and shall be promptly (and in any event within 10 Business Days or such longer period as the
Administrative Agent may agree in its reasonable discretion) delivered to the Administrative Agent upon demand in the same form
as so received (with any endorsement reasonably requested by the Administrative Agent). Any and all money and other property paid
over to or received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the Administrative
Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied
in accordance with the provisions of Section 4.02.

 

(c)          Upon
the occurrence and during the continuance of an Event of Default and the election of the Administrative Agent to exercise its
rights hereunder, then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise
pursuant to paragraph 2.06(a)(i) of this Section 2.06, and the obligations of the Administrative Agent under paragraph 2.06(a)(ii)
of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall
have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that,
unless otherwise directed, the Administrative Agent shall have the right from time to time following and during the continuance
of an Event of Default to permit the Grantors to exercise such rights.

 

(d)          In
order to permit the Administrative Agent to exercise the voting and other consensual rights which it may be entitled to exercise
pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder, each Grantor
shall promptly execute and deliver (or cause to be executed and delivered) to the Administrative Agent all proxies, dividend payment
orders and other instruments as the Administrative Agent may from time to time reasonably request, but in any event solely after
an Event of Default has occurred and is continuing, and each Grantor acknowledges that the Administrative Agent may utilize the
power of attorney set forth in Section 6.13 herein in accordance with the terms thereof.

 

(e)          Any
notice given by the Administrative Agent to the Debtor under Section 2.05 or this Section 2.06 (i) shall be given in writing, (ii)
may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of one or more
Grantors under paragraph 2.06(a)(i) or paragraph 2.06(a)(iii) of this Section 2.06 in part without suspending all such rights (as
specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Administrative
Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred
and is continuing.

 

    	 	-11-	 

     

    

   

ARTICLE
III

Security Interests in Personal Property

 

SECTION 3.01       Security
Interest.

 

(a)          As
security for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance of the
Secured Obligations, each Grantor hereby pledges to the Administrative Agent, its successors and permitted assigns, for the benefit
of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the benefit of
the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to
any and all of the following assets and properties now owned or at any time hereafter owned or acquired by such Grantor or in
which such Grantor now has or at any time in the future may own or acquire any right, title or interest (collectively, the “Article
9 Collateral”):

 

(i)          all
Accounts;

 

(ii)         all
Chattel Paper;

 

(iii)        all
Documents;

 

(iv)        all
Equipment;

 

(v)         all
General Intangibles;

 

(vi)        all
Goods;

 

(vii)       all
Instruments;

 

(viii)      all
Inventory;

 

(ix)         all
Investment Property;

 

(x)          all
books and records pertaining to the Article 9 Collateral;

 

(xi)         all
Letter-of-Credit Rights;

 

(xii)        all
Intellectual Property;

 

(xiii)       all
Commercial Tort Claims listed on Schedule III and on any supplement thereto received by the Administrative Agent pursuant
to Section 3.03(g);

 

(xiv)      all
Money; and

 

    	 	-12-	 

     

    

  

(xv)       to
the extent not otherwise included, all Proceeds, products, accessions, rents and profits of any and all of the foregoing and all
Supporting Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing;

 

provided that, notwithstanding anything
to the contrary in this Agreement, (i) this Agreement shall not constitute a grant of a security interest in any Excluded Assets
and (ii) the Article 9 Collateral (and any defined term therein) shall not include any Excluded Assets.

 

(b)          Each
Grantor hereby irrevocably authorizes the Administrative Agent for the benefit of the Secured Parties at any time and from time
to time to file in any relevant jurisdiction any financing statements with respect to the Collateral or any part thereof and amendments
thereto and continuations thereof that (i) indicate the Collateral as “all assets of the Debtor, whether now existing or
hereafter arising” or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain
the information required by Article 9 of the UCC or the analogous legislation of each applicable jurisdiction for the filing of
any financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required,
any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Administrative
Agent promptly upon any reasonable request.

 

(c)          The
Security Interest is granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or
in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral; provided
that the foregoing will not limit or otherwise affect the obligations and liabilities of the Grantors to the extent set forth
herein and in the other Secured Transaction Documents.

 

(d)          The
Administrative Agent shall be authorized to file with the USPTO or the USCO (or any successor office) such documents as may be
necessary for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in United States
registered or applied for Intellectual Property of each Grantor in which a security interest has been granted by such Grantor,
and naming such Grantor as debtor and the Administrative Agent as secured party.

 

SECTION 3.02       Representations
and Warranties. Each Grantor jointly and severally represents and warrants, as to itself, to the Administrative Agent and
the other Secured Parties on the date hereof that:

 

(a)          Each
Grantor has good record title to or valid rights in Article 9 Collateral with respect to which it has purported to grant a Security
Interest hereunder (other than assets that are not material to the business of Debtor and its Subsidiaries, taken as a whole) and
has full organizational power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral
pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the
consent or approval of any governmental authority other than (i) any consent or approval that has been obtained or (ii) any consent
or approval the failure of which to obtain is immaterial.

  

    	 	-13-	 

     

    

   

(b)          The
Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by the Administrative
Agent based upon the information provided to the Administrative Agent for filing in the applicable filing office (or specified
by notice from the Debtor to the Administrative Agent after the Closing Date in the case of filings, recordings or registrations
(other than filings required to be made in the USPTO and the USCO in order to perfect the Security Interest in Article 9 Collateral
consisting of United States Patents, Trademarks and Copyrights), are all the filings, recordings and registrations that are necessary
to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the Secured
Parties) in respect of all Collateral in which the Security Interest may be perfected by filing, recording or registration in the
United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC.

 

(c)          Each
Grantor represents and warrants that short-form Intellectual Property Security Agreements containing a description of all Article
9 Collateral consisting of material United States registered Patents (and Patents for which United States registration applications
are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending)
and United States registered Copyrights, respectively (other than, in each case, any Excluded Assets), have been delivered to the
Administrative Agent for recording by the USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C.
§ 205 and the regulations thereunder, as applicable (for the benefit of the Secured Parties). To the extent a security interest
may be perfected by filing, recording or registration in the USPTO or the USCO under the Federal intellectual property laws, then
no further or subsequent filing, re-filing, recording, rerecording, registration or reregistration is necessary (other than (i)
such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting
of United States registered or applied for Patents, Trademarks and Copyrights acquired or owned by any Grantor after the date hereof
and (ii) the UCC financing and continuation statements contemplated in Section 3.02(b)).

 

(d)          The
Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment in full
when due (whether at the stated maturity, by acceleration or otherwise) and performance of the Secured Obligations and (ii) subject
to the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest
may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political
subdivision thereof) and its territories and possessions pursuant to the UCC. The Security Interest is and shall be prior to any
other Lien on any of the Article 9 Collateral, other than (i) any statutory or similar Lien that has priority as a matter of Law
and (ii) Permitted Liens.

 

(e)          The
Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens permitted pursuant to the Secured Transaction
Documents and Permitted Liens. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous
document under the UCC or any other applicable laws covering any Collateral, (ii) any assignment in which any Grantor assigns any
Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the USPTO or the USCO
or (iii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any
Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment,
security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to the
Secured Transaction Documents or Permitted Liens.

  

    	 	-14-	 

     

    

   

(f)          As
of the date hereof, no Grantor has any Commercial Tort Claim in respect of which a complaint or a counterclaim has been filed by
such Grantor, seeking damages in an amount reasonably estimated to exceed $250,000, other than the Commercial Tort Claims listed
on Schedule III.

 

(g)        As
of the date hereof, Schedule IV lists the locations at which all material Inventory and Equipment (other than (x) mobile
goods, (y) Inventory or Equipment in transit or out for repair or refurbishment and (z) Equipment in the possession of employees
of the Grantors in the ordinary course of business) are maintained.

 

SECTION 3.03       Covenants.

 

(a)          The
Debtor agrees to notify the Administrative Agent in writing (x) promptly, but at any event thirty (30) days prior to (or such shorter
period as the Administrative Agent may agree in its reasonable discretion) any change in (i) the legal name of any Grantor, (ii)
the identity or type of organization or corporate structure of any Grantor, (iii) the jurisdiction of organization of any Grantor
and (iv) the creation or acquisition of any new Subsidiary, (y) promptly, but at any event thirty (30) days prior to (or such shorter
period as the Administrative Agent may agree in its reasonable discretion) after any change in the chief executive office of any
Grantor and (z) promptly, but at any event thirty (30) days prior to (or such shorter period as the Administrative Agent may agree
in its reasonable discretion), any new location where any material Inventory or Equipment (other than (x) mobile goods, (y) Inventory
or Equipment in transit or out for repair or refurbishment, and (z) Equipment in the possession of employees of the Grantors in
the ordinary course of business) are kept.

 

(b)          Each
Grantor shall, at its own expense, upon the reasonable request of the Administrative Agent, take any and all commercially reasonable
actions necessary to defend title to the Collateral against all Persons and to defend the Security Interest of the Administrative
Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to the Secured Transaction
Documents (except to the extent that the Administrative Agent agrees (in its sole discretion) that the cost of such defense is
excessive in relation to the benefit to the Secured Parties of such security interest and priority); provided that, nothing
in this Agreement shall prevent any Grantor from discontinuing the operation or maintenance of any of its assets or properties
if such discontinuance is permitted by the Secured Transaction Documents or such Grantor determines in its reasonable business
judgment that such assets or properties are no longer used or useful.

 

(c)          Each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be filed all such further instruments and documents
and take all such actions as the Administrative Agent may from time to time reasonably request to better assure, preserve, protect
and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required
in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing
statements or other documents in connection herewith or therewith.

 

    	 	-15-	 

     

    

   

(d)          At
its option, upon five (5) Business Days’ prior written notice to the Debtor, the Administrative Agent may discharge past
due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral
and not permitted pursuant to the Secured Transaction Documents, and may pay for the maintenance and preservation of the Collateral
to the extent any Grantor fails to do so as required by the Secured Transaction Documents and within a reasonable period of time
after the Administrative Agent has required that it do so, and each Grantor jointly and severally agrees to reimburse the Administrative
Agent pursuant to the terms of the Secured Transaction Documents. Nothing in this paragraph shall be interpreted as excusing any
Grantor from the performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform,
any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or
other encumbrances and maintenance as set forth herein or in the other Secured Transaction Documents.

 

(e)          If
at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person to secure payment
and performance of an Account, such Grantor shall promptly grant a security interest to the Administrative Agent for the benefit
of the Secured Parties to the extent not already granted pursuant to this Agreement. Such grant need not be filed of public record
unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account
Debtor or other Person granting the security interest.

 

(f)          Intellectual
Property Covenants.

 

(i)          Other
than to the extent not prohibited herein or in the Secured Transaction Documents or with respect to registrations and applications
no longer used or useful, with respect to registration or pending application of each item of its Intellectual Property for which
such Grantor has standing to do so, each Grantor agrees to take, at its expense, all reasonable steps, including, without limitation,
in the USPTO, the USCO and any other governmental authority located in the United States, to pursue the registration and maintenance
of each Patent, Trademark, or Copyright registration or application now or hereafter included in the Intellectual Property of such
Grantor.

 

(ii)         Other
than to the extent not prohibited herein or in the Secured Transaction Documents, or with respect to registrations and applications
no longer used or useful, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual
Property, excluding Excluded Assets, would lapse, be terminated or placed in the public domain (or in the case of a trade secret,
become publicly known).

 

(iii)        Other
than as excluded or as not prohibited herein or in the Secured Transaction Documents, or with respect to Patents, Copyrights or
Trademarks which are no longer used or useful in the applicable Grantor’s business operations, each Grantor shall take all
reasonable steps to preserve and protect each item of its Intellectual Property, including, without limitation, maintaining the
quality of any and all material products or services used or provided in connection with any of the material Trademarks, consistent
with the quality of the products and services as of the Closing Date, and taking reasonable steps necessary to ensure that all
licensed users of any of the Trademarks abide by the applicable license’s terms with respect to standards of quality.

  

    	 	-16-	 

     

    

   

(iv)        At
least once per fiscal quarter, the Debtor shall provide a list of any additional registrations of Intellectual Property of all
Grantors not previously disclosed to the Administrative Agent including such information as is necessary for such Grantor to make
appropriate filings in the USPTO and USCO.

 

(g)          Commercial
Tort Claims. If the Grantors shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated by
such Grantor to exceed $250,000 for which this clause has not been satisfied and for which a complaint or counterclaim in a court
of competent jurisdiction has been filed, such Grantor shall, within thirty (30) days (or such longer period as the Administrative
Agent may agree in its reasonable discretion) in which such complaint was filed, notify the Administrative Agent thereof in a writing
signed by such Grantor including a summary description of such claim and grant to the Administrative Agent, for the benefit of
the Secured Parties, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement.

 

(h)          Post-Closing
Covenants.

 

(i)          As
soon as reasonably practicable, but in no event later than forty-five (45) days after the Closing Date (as such date may be extended
at the sole discretion of the Administrative Agent), the Grantors shall deliver or cause to be delivered to the Administrative
Agent, pursuant to Section V(6) of the Notes, with respect to each US Deposit Account of the Grantors other than Excluded Accounts,
a "springing" deposit account control agreement covering such account, in form and substance reasonably satisfactory
to the Administrative Agent.

 

(ii)         As
soon as reasonably practicable, but in no event later than thirty (30) days after the Closing Date (as such date may be extended
at the sole discretion of the Administrative Agent), the Grantors shall deliver or cause to be delivered to the Administrative
Agent in form and substance reasonably satisfactory to the Administrative Agent, the insurance certificates and related endorsements
required pursuant to Section V(3) of the Notes.

 

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ARTICLE
IV

Remedies

 

SECTION 4.01       Remedies
Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is agreed that the Administrative
Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations
under the UCC or other applicable law and also may (i) require each Grantor to, and each Grantor agrees that it will at its expense
and upon request of the Administrative Agent, promptly assemble all or part of the Collateral as directed by the Administrative
Agent and make it available to the Administrative Agent at a place and time to be designated by the Administrative Agent that
is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased by
any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate
its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; provided
that the Administrative Agent shall provide the applicable Grantor with written notice thereof prior to such occupancy; (iii)
exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect
of the Collateral; provided that the Administrative Agent shall provide the applicable Grantor with written notice thereof
prior to such exercise; and (iv) subject to the mandatory requirements of applicable law and the notice requirements described
below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private
sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative
Agent shall deem appropriate. The Administrative Agent shall be authorized at any such sale of securities (if it deems it advisable
to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the
Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation
of any such sale the Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers
thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from
any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption,
stay and appraisal which such Grantor now has or may at any time in the future have under any law now existing or hereafter enacted.

 

The Administrative Agent
shall give the applicable Grantors 10 days’ written notice (which each Grantor agrees is commercially reasonable notice within
the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention
to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in
the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale
is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange.
Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative
Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may
be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion)
determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so,
regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice
or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.
In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained
by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall
not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and,
in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by
Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by
law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived
and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account
thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price,
and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability
to any Grantor therefor. No Grantor shall be entitled to the return of the Collateral or any portion thereof upon completion of
a sale in accordance with the terms hereof, notwithstanding the fact that after such sale has been completed, all Events of Default
shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein conferred
upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant
to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed
to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions.

 

    	 	-18-	 

     

    

 

SECTION 4.02       Application
of Proceeds. The Administrative Agent shall apply the proceeds of any collection or sale of Collateral, including any Collateral
consisting of cash, in accordance with the Secured Transaction Documents.

 

The Administrative Agent
shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement.
Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser
or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any
part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication
thereof.

 

The Administrative Agent
shall have no liability to any of the Secured Parties for actions taken in reliance on information supplied to it as to the amounts
of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing
in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied.
All distributions made by the Administrative Agent pursuant to this Section 4.02 shall be final (absent manifest error).

 

SECTION 4.03       Grant
of License to Use Intellectual Property. For the exclusive purpose of enabling the Administrative Agent to exercise rights
and remedies under this Agreement at and during the continuance of such time as the Administrative Agent shall be lawfully entitled
to exercise such rights and remedies at any time after and during the continuance of an Event of Default, each Grantor hereby grants
to the Administrative Agent a nonexclusive, royalty-free, limited license (until the termination or cure of the Event of Default)
to use, license or sublicense any of the Intellectual Property now owned or hereafter owned or acquired by such Grantor, and including
in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer
software used for the compilation or printout thereof. Upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent may also exercise the rights afforded under Section 4.01 of this Agreement with respect to Intellectual Property
contained in the Article 9 Collateral.

 

    	 	-19-	 

     

    

   

SECTION 4.04       Effect
of Securities Laws. Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all
of the Pledged Collateral by reason of certain prohibitions contained in the Securities Act and applicable state securities laws
or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will
be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to
the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other
terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation
to delay a sale of any of the Pledged Collateral for the period of time necessary to permit the applicable issuer thereof to register
such securities for public sale under the Securities Act, or under applicable state securities laws, even if such issuer would
agree to do so.

 

SECTION 4.05       Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
to pay its Secured Obligations and, to the extent set forth herein and in the other Secured Transaction Documents, the fees and
disbursements of any attorneys employed by any Secured Party to collect such deficiency.

 

ARTICLE
V

Subordination

 

SECTION 5.01       Subordination.

 

(a)          Notwithstanding
any provision of this Agreement to the contrary, all rights of the Grantors to indemnity, contribution or subrogation under applicable
law or otherwise shall be fully subordinated to the payment in full of the Secured Obligations. No failure on the part of the Debtor
or any Grantor to make the payments required under applicable law or otherwise shall in any respect limit the obligations and liabilities
of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the Secured
Obligations of such Grantor hereunder.

 

(b)          Each
Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, all indebtedness owed to it by
any other Grantor shall be fully subordinated to the payment in full of the Secured Obligations.

 

ARTICLE
VI

Miscellaneous

 

SECTION 6.01       Notices.
All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided
in the Secured Transaction Documents.

 

    	 	-20-	 

     

    

   

SECTION 6.02       Waivers;
Amendment.

 

(a)          No
failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Secured
Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges of the Secured Parties herein provided, and provided under each other Secured Transaction
Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any
provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given.

 

(b)          Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification
is to apply, subject to the Secured Transaction Documents.

 

SECTION 6.03       Administrative
Agent’s Fees and Expenses; Indemnification.

 

(a)          The
parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its reasonable out-of-pocket expenses
incurred hereunder and indemnity for its actions in connection herewith as provided in Section 4.1 of the Agreement Among Noteholders.

 

(b)          Any
such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Secured Transaction
Documents. The provisions of this Section 6.03 shall remain operative and in full force and effect regardless of the termination
of this Agreement or any other Secured Transaction Document, the consummation of the transactions contemplated hereby, the repayment
of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Secured
Transaction Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts
due under this Section 6.03 shall be payable within 30 days of written demand therefor (including documentation reasonably supporting
such request).

 

SECTION 6.04       [Reserved].

 

SECTION 6.05       Survival
of Agreement. All covenants, agreements, representations and warranties made by the Grantors hereunder and in the other Secured
Transaction Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this
Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the
Secured Transaction Documents, and shall continue in full force and effect as long as this Agreement has not been terminated or
released pursuant to Section 6.11 below.

  

    	 	-21-	 

     

    

   

SECTION 6.06       Counterparts;
Effectiveness; Several Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic
communication of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed
counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf
of such Grantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf
of the Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective
permitted successors and assigns, and shall inure to the benefit of such Grantor, the Administrative Agent and the other Secured
Parties and their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer
its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void) without the prior
written consent of the Administrative Agent. This Agreement shall be construed as a separate agreement with respect to each Grantor
and may be amended, modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor
and without affecting the obligations of any other Grantor hereunder.

 

SECTION 6.07       Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of
the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 6.08       Governing
Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process.

 

(a)          THIS
AGREEMENT AND EACH OTHER SECURED TRANSACTION DOCUMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF DELAWARE.

 

(b)          The
terms of Section 4.10 of the Agreement Among Noteholders with respect to governing law, submission of jurisdiction, venue, waiver
of jury trial and service of process are incorporated herein by reference, mutatis mutandis, and the parties hereto agree
to such terms.

 

SECTION 6.09       Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION 6.10       Security
Interest Absolute. To the extent permitted by law, all rights of the Administrative Agent hereunder, the Security Interest,
the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and
unconditional irrespective of (a) any lack of validity or enforceability of any Secured Transaction Document, any agreement with
respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment
or waiver of or any consent to any departure from any Secured Transaction Document or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under
or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that
might otherwise constitute a defense (other than defense of payment or performance) available to, or a discharge of, any Grantor
in respect of the Secured Obligations or this Agreement.

 

    	 	-22-	 

     

    

   

SECTION 6.11       Termination,
Release or Subordination.

 

(a)          This
Agreement (other than with respect to provisions hereof that expressly survive termination), the Security Interest and all other
security interests granted hereby shall terminate with respect to all Secured Obligations and any Liens arising therefrom shall
be automatically released upon payment in full of all Secured Obligations. In addition. Liens on portions of the Collateral may
be released in accordance with Section 3.7 of the Agreement Among Noteholders.

 

(b)          In
connection with any termination or release pursuant to paragraph (a), the Administrative Agent shall execute and deliver to any
Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination
or release and shall perform such other actions reasonably requested by such Grantor to effect such release, including delivery
of certificates, securities and instruments. Any execution and delivery of documents pursuant to this Section 6.11 shall be without
recourse to or warranty by the Administrative Agent.

 

SECTION 6.12       Additional
Grantors. Pursuant to the Secured Transaction Documents, certain additional Subsidiaries of the Grantors may be required to
enter into this Agreement as Grantors. Upon execution and delivery by the Administrative Agent and a Subsidiary of a Security Agreement
Supplement, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor
herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder, except
to the extent obtained on or prior to such date and in full force and effect on such date. The rights and obligations of each Grantor
hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 

SECTION 6.13       Administrative
Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent as the attorney-in-fact of such Grantor
for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative
Agent may deem necessary or advisable to accomplish the purposes hereof at any time after the occurrence and during the continuance
of an Event of Default, which appointment is irrevocable and coupled with an interest and shall automatically terminate upon the
termination of this Agreement pursuant to Section 6.11(a) or, if sooner, upon the termination or release of such Grantor’s
guarantee of the Secured Obligations. Without limiting the generality of the foregoing, the Administrative Agent shall have the
right, after the occurrence and during the continuance of an Event of Default and, to the extent reasonably practicable, notice
by the Administrative Agent to the applicable Grantor of the Administrative Agent’s intent to exercise such rights, with
full power of substitution either in the Administrative Agent’s name or in the name of such Grantor (a) to receive, endorse,
assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the
Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases
of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral;
(d) upon prior written notice to the Debtor, to send verifications of Accounts to any Account Debtor; (e) to commence and prosecute
any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize
on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust
or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) upon prior written notice to the Debtor,
to notify, or to require the Debtor or any Grantor to notify, Account Debtors to make payment directly to the Administrative Agent;
(h) upon prior written notice to the Debtor, to otherwise communicate with any Account Debtor; (i) to make, settle and adjust
claims in respect of Collateral under policies of insurance, endorse the name of such Grantor on any check, draft, instrument
or other item of payment for the proceeds of such policies of insurance; (j) to make all determinations and decisions with respect
to policies of insurance; (k) to obtain or maintain the policies of insurance required by the Administrative Agent or to pay any
premium in whole or in part relating thereto; and (l) to use, sell, assign, transfer, pledge, make any agreement with respect
to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes
of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all
purposes; provided that nothing herein contained shall be construed as requiring or obligating the Administrative Agent
to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent,
or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys
due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties
shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to
act hereunder, except for their own gross negligence, bad faith, willful misconduct, or material breach of this Agreement or that
of any of their Affiliates, directors, officers, employees, partners, advisors, counsel, agents, attorneys-in-fact or other representatives,
in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction. All sums disbursed by the
Administrative Agent in connection with this paragraph shall be payable pursuant to the terms of the Secured Transaction Documents.

 

    	 	-23-	 

     

    

   

SECTION 6.14       General
Authority of the Administrative Agent. By acceptance of the benefits of this Agreement and any other Secured Transaction Documents,
each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative
Agent as its agent hereunder and under such other Secured Transaction Documents, (b) to confirm that the Administrative Agent shall
have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement
and such other Secured Transaction Documents against any Grantor, the exercise of remedies hereunder or thereunder and the giving
or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations
with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this Agreement or any other Secured
Transaction Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder
or thereunder except as expressly provided in this Agreement or any other Secured Transaction Document and (d) to agree to be bound
by the terms of this Agreement and any other Secured Transaction Documents.

 

SECTION 6.15       Reasonable
Care. The Administrative Agent is required to use reasonable care in the custody and preservation of any of the Collateral
in its possession; provided that the Administrative Agent shall be deemed to have used reasonable care in the custody and
preservation of any of the Collateral, if such Collateral is accorded treatment substantially similar to that which the Administrative
Agent accords its own property.

 

SECTION 6.16       Delegation;
Limitation. The Administrative Agent may execute any of the powers granted under this Agreement and perform any duty hereunder
either directly or by or through agents or attorneys-in-fact, and shall not be responsible to the Holders for the gross negligence
or willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or willful
misconduct.

 

SECTION 6.17       Reinstatement.
The obligations of the Grantors under this Agreement shall be automatically reinstated if and to the extent that for any reason
any payment by or on behalf of the Debtor or other Obligor in respect of the Secured Obligations is rescinded or must be otherwise
restored by any holder of any of the Secured Obligations, whether as a result of any proceedings in bankruptcy or reorganization
or otherwise.

 

[Signature Pages Follow]

  

    	 	-24-	 

     

    

  

IN WITNESS WHEREOF, the
undersigned has caused this Agreement to be duly executed and delivered by its authorized officer as of the date first above written.

 

	 	RIMINI STREET, INC.

  

	 	By: 	/s/ Seth A. Ravin
	 	Name: Seth A. Ravin
	 	Title: Chief Executive Officer

 

[Signature Page to Security Agreement]

 

    	 		 

     

    

  

	 	VICTORY PARK MANAGEMENT, LLC,

as Administrative Agent

  

	 	By: 	/s/ Scott Zemnick
	 	Name: Scott Zemnick
	 	Title: Manager

  

[Signature Page to Security Agreement] 

  

    	 		 

     

    

    

EXHIBIT I TO

SECURITY AGREEMENT

 

SECURITY AGREEMENT SUPPLEMENT,
dated as of [___________], 201[_] (this “Security Agreement Supplement”), made by [______________________],
a [_______________] (the “Additional Grantor”), in favor of Victory Park Management, LLC, as Administrative
Agent for the Secured Parties (in such capacity and together with its successors and permitted assigns in such capacity, the “Administrative
Agent”). Capitalized terms not defined herein shall have the meaning assigned to such terms in the Security Agreement
(as defined below).

 

WITNESSETH:

 

WHEREAS, Rimini Street,
Inc., a Delaware corporation (“Debtor”), the holders from time to time party thereto (together with their successors
and assigns, the “Holders”), and Victory Park Management, LLC, as Administrative Agent,
have entered into that certain Agreement Among Noteholders dated as of July 19, 2018 (as amended, restated, amended
and restated, refinanced, replaced, supplemented or otherwise modified from time to time, the “Agreement Among Noteholders”);

 

WHEREAS, Debtor has
also entered into those certain Convertible Secured Promissory Notes dated as of July 19, 2018 (such Convertible Secured Promissory
Notes, as from time to time amended, supplemented, restated, modified, replaced or refinanced in whole or in part, the “Notes”),
among Debtor, as borrower, and the Holders.

 

WHEREAS, in connection
with the Agreement Among Noteholders and the Notes, the Debtor and certain Subsidiaries of the Debtor (other than the Additional
Grantor) have entered into that certain Security Agreement, dated as of July 19, 2018 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”), in favor of the Administrative
Agent for the Secured Parties;

 

WHEREAS, the Agreement
Among Noteholders and the Notes requires the Additional Grantor to become a party to the Security Agreement; and

 

WHEREAS, the Additional
Grantor has agreed to execute and deliver this Security Agreement Supplement in order to become a party to the Security Agreement;

 

NOW, THEREFORE, IT IS
AGREED:

 

1.          SECURITY
AGREEMENT. By executing and delivering this Security Agreement Supplement, the Additional Grantor, as provided in Section 6.12
of the Security Agreement, hereby becomes a party to the Security Agreement as a Grantor thereunder with the same force and effect
as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly assumes all
obligations and liabilities of a Grantor thereunder. In furtherance of the foregoing, as security for the payment in full when
due (whether at the stated maturity, by acceleration or otherwise) and the performance of the Secured Obligations, the Additional
Grantor hereby pledges to the Administrative Agent, its successors and permitted assigns, for the benefit of the Secured Parties,
and hereby grants to the Administrative Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a
security interest in all of such Additional Grantor’s right, title and interest in, to and under all of its Article 9 Collateral
and all of the Pledged Collateral of such Additional Grantor, whether now owned or at any time hereafter owned or acquired by
such Additional Grantor or in which such Additional Grantor now has or at any time in the future may own or acquire any right,
title or interest. The information set forth in Annex 1-A is hereby added to the information set forth in Schedules [_____]1
to the Security Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties
contained in Section 3.02 of the Security Agreement is true and correct on and as the date hereof (after giving effect to
this Security Agreement Supplement) as if made on and as of such date.

 

 

1        Refer
to each Schedule which needs to be supplemented. 

 

    	 		 

     

    

   

2.          GOVERNING
LAW. THIS SECURITY AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.

 

IN WITNESS WHEREOF, the
undersigned has caused this Security Agreement Supplement to be duly executed and delivered by its authorized officer as of the
date first above written.

 

	 	[NAME OF GRANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    		Exhibit I-2	 

     

    

   

EXHIBIT II

TO SECURITY AGREEMENT

 

[RESERVED]

  

    	 		 

     

    

   

EXHIBIT III

TO SECURITY AGREEMENT

 

FORM OF PATENT SECURITY AGREEMENT

 

This PATENT SECURITY
AGREEMENT, dated as of [__________], 201[_] (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages
hereto (collectively, the “Grantors”) in favor of Victory Park Management, LLC, as Administrative Agent for
the Secured Parties (in such capacity and together with its successors and permitted assigns in such capacity, the “Administrative
Agent”).

 

WHEREAS, Rimini
Street, Inc., a Delaware corporation, and certain other Grantors are party to a Security Agreement, dated as of July 19, 2018
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”),
between each of the Grantors and the other grantors party thereto and the Administrative Agent, pursuant to which the Grantors
granted a security interest to the Administrative Agent in the Patent Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Grantors hereby agree with the Administrative Agent as follows:

 

SECTION. 1.         Defined
Terms

 

Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

 

SECTION 2.          Grant
of Security Interest

 

As collateral security
for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance of the Secured
Obligations, each Grantor hereby pledges to the Administrative Agent, its successors and permitted assigns, for the benefit of
the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the benefit of the
Secured Parties, a security interest in, all right, title or interest in or to any and all of the following assets and properties
(other than Excluded Assets) now owned or at any time hereafter owned or acquired by such Grantor or in which such Grantor now
has or at any time hereafter owned or acquired by such Grantor or in which such Grantor now has or at any time in the future may
own or acquire any right, title, or interest (collectively, the “Patent Collateral”):

 

(i)          (a)
all letters patent of the United States in or to which any Grantor now or hereafter owns or acquires any right, title or interest,
all registrations and recordings thereof, and all applications for letters patent of the United States, including registrations,
recordings and pending applications in the USPTO including any of the foregoing listed in Schedule A; and (b) all reissues, continuations,
divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein,
including the right to make, use and/or sell the inventions disclosed or claimed therein, including any of the foregoing listed
in Schedule A;

  

    	 		 

     

    

   

(ii)         any
written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention on which
a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting
to any Grantor any right to make, use or sell any invention on which a Patent, now or hereafter owned by any third party, is in
existence, and all rights of any Grantor under any such agreement; and

 

(iii)        to
the extent not otherwise included, all additions, improvements, Proceeds, products, accessions, rents, profits, renewals, extensions,
rights to sue or otherwise recover for infringements or other violations thereof of any and all of the foregoing and all Supporting
Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing throughout the world.

 

SECTION 3.          Security
Agreement

 

The security interest
granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Administrative Agent for
the Secured Parties pursuant to the Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies
of the Administrative Agent with respect to the security interest in the Patent Collateral made and granted hereby are more fully
set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth
herein. In the event that any provision of this Agreement is deemed to conflict with the Security Agreement, the provisions of
the Security Agreement shall control.

 

SECTION
4.          Governing Law

 

THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.

 

SECTION
5.          Counterparts

 

This Agreement may be
executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

[Remainder of page intentionally left blank]

  

    		Exhibit III-2	 

     

    

   

IN WITNESS WHEREOF, each Grantor has
caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	[NAME OF GRANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[ADD SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

  

    		Exhibit III-3	 

     

    

  

	 	VICTORY PARK MANAGEMENT, LLC, 
	 	as Administrative Agent
	 	 
	 	By:	 
	 	 	    Name:
	 	 	    Title:

 

    		Exhibit III-4	 

     

    

  

SCHEDULE A

to

PATENT SECURITY AGREEMENT

 

PATENTS AND PATENT APPLICATIONS

 

	Title	Application No.	Filing Date	Patent No.	Issue Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    		Exhibit III-5	 

     

    

   

EXHIBIT IV

TO SECURITY AGREEMENT

 

FORM OF TRADEMARK SECURITY AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT, dated as of [__________], 201[_] (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages
hereto (collectively, the “Grantors”) in favor of Victory Park Management, LLC, as Administrative Agent for
the Secured Parties (in such capacity and together with its successors and permitted assigns in such capacity, the “Administrative
Agent”).

 

WHEREAS, Rimini
Street, Inc., a Delaware corporation, and certain other Grantors are party to a Security Agreement, dated as of July 19, 2018
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”)
between each of the Grantors and the other grantors party thereto and the Administrative Agent, pursuant to which the Grantors
granted a security interest to the Administrative Agent in the Trademark Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Grantors hereby agree with the Administrative Agent as follows:

 

SECTION 1.          Defined
Terms

 

Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

 

SECTION 2.          Grant
of Security Interest

 

SECTION 2.1           As
collateral security for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance
of the Secured Obligations, each Grantor hereby pledges to the Administrative Agent, its successors and permitted assigns, for
the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the
benefit of the Secured Parties, a security interest in, all right, title or interest in or to any and all of the following assets
and properties (other than Excluded Assets) now owned or at any time hereafter owned or acquired by such Grantor or in which such
Grantor now has or at any time hereafter owned or acquired by such Grantor or in which such Grantor now has or at any time in
the future may own or acquire any right, title, or interest (collectively, the “Trademark Collateral” (which
shall not include any Excluded Assets)):

 

(i)          (a)
all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source
or business identifiers, now existing or hereafter owned, adopted or acquired, all registrations and recordings thereof, in each
case subject to the laws of the United States, and all registration and recording applications filed in connection therewith, including
registrations and registration applications in the USPTO or any similar offices in any state of the United States or any political
subdivision thereof, and all extensions or renewals thereof, as well as any unregistered trademarks and service marks used by a
Grantor, including the United States registered or applied for Trademarks listed in Schedule A; and (b) all goodwill connected
with the use of and symbolized thereby;

  

    	 		 

     

    

   

(ii)         any
written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter owned
by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark
now or hereafter owned by any third party, and all rights of any Grantor under any such agreement; and

 

(iii)        to
the extent not otherwise included, all additions, improvements, Proceeds, products, accessions, rents, profits, renewals, extensions,
rights to sue or otherwise recover for infringements or other violations thereof of any and all of the foregoing and all Supporting
Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing throughout the world.

 

SECTION 2.2           Certain
Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the Trademark Collateral include or
the security interest granted under Section 2.1 hereof attach to any “intent-to-use” application for registration
of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement
of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c)
of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the
grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use
application under applicable federal law.

 

SECTION 3.          Security
Agreement

 

The security interest
granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Administrative Agent for
the Secured Parties pursuant to the Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies
of the Administrative Agent with respect to the security interest in the Trademark Collateral made and granted hereby are more
fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set
forth herein. In the event that any provision of this Agreement is deemed to conflict with the Security Agreement, the provisions
of the Security Agreement shall control.

 

SECTION
4.          Governing Law

 

THIS AGREEMENT SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.

  

    		Exhibit IV-2	 

     

    

   

SECTION
5.          Counterparts

 

This Agreement may be
executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

[Remainder of page intentionally left blank]

  

    		Exhibit IV-3	 

     

    

   

IN WITNESS WHEREOF,
each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth
above.

 

	 	[NAME OF GRANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[ADD SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

  

    		Exhibit IV-4	 

     

    

   

	 	VICTORY PARK MANAGEMENT, LLC, 
	 	as Administrative Agent
	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

    		Exhibit IV-5	 

     

    

   

SCHEDULE A

to

TRADEMARK SECURITY AGREEMENT

 

TRADEMARK REGISTRATIONS AND APPLICATIONS

 

	
        

        Mark
	Serial No.	Filing Date	Registration No.	Registration Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    		Exhibit IV-6	 

     

    

   

EXHIBIT V

TO SECURITY AGREEMENT

 

FORM OF COPYRIGHT SECURITY AGREEMENT

 

This COPYRIGHT SECURITY
AGREEMENT, dated as of [__________], 201[_] (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages
hereto (collectively, the “Grantors”) in favor of Victory Park Management, LLC, as Administrative Agent for
the Secured Parties (in such capacity and together with its successors and permitted assigns in such capacity, the “Administrative
Agent”).

 

WHEREAS, Rimini
Street, Inc., a Delaware corporation, and certain other Grantors are party to a Security Agreement, dated as of July 19, 2018 (as
it amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”),
between each of the Grantors and the other grantors party thereto and the Administrative Agent, pursuant to which the Grantors
granted a security interest to the Administrative Agent in the Copyright Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Grantors hereby agree with the Administrative Agent as follows:

 

SECTION
1.          Defined Terms

 

Unless otherwise defined
herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

 

SECTION
2.          Grant of Security Interest

 

As collateral security
for the payment in full when due (whether at the stated maturity, by acceleration or otherwise) and performance of the Secured
Obligations, each Grantor hereby pledges to the Administrative Agent, its successors and permitted assigns, for the benefit of
the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the benefit of the
Secured Parties, a security interest in, all right, title or interest in or to any and all of the following assets and properties
(other than any Excluded Assets) now owned or at any time hereafter owned or acquired by such Grantor or in which such Grantor
now has or at any time hereafter owned or acquired by such Grantor or in which such Grantor now has or at any time in the future
may own or acquire any right, title, or interest (collectively, the “Copyright Collateral”):

 

(i)          (a)
all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or
otherwise including any of the United States registered or applied for Copyrights listed in Schedule A, and (b) all registrations
and applications for registration of any such copyright in the United States, including registrations, recordings, supplemental
registrations and pending applications for registration in the USCO, including any of the foregoing listed in Schedule A;

  

    	 		 

     

    

  

(ii)         any
written agreement, now or hereafter in effect, (i) granting any use right to any third party under any Copyright now or hereafter
owned by any Grantor or that such Grantor otherwise has the right to license, or (ii) granting any right to any Grantor under any
Copyright now or hereafter owned by any third party, and all rights of such Grantor under any such agreement, including the exclusive
Copyright Licenses granted to any Grantor listed in Schedule A; and

 

(iii)        to
the extent not otherwise included, all additions, improvements, Proceeds, products, accessions, rents, profits, renewals, extensions,
rights to sue or otherwise recover for infringements or other violations thereof of any and all of the foregoing and all Supporting
Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing throughout the world.

 

SECTION 3.          Security
Agreement

 

The security interest
granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Administrative Agent for
the Secured Parties pursuant to the Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies
of the Administrative Agent with respect to the security interest in the Copyright Collateral made and granted hereby are more
fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set
forth herein. In the event that any provision of this Agreement is deemed to conflict with the Security Agreement, the provisions
of the Security Agreement shall control.

 

SECTION
4.          Governing Law

 

THIS AGREEMENT SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE.         

 

SECTION
5.          Counterparts

 

This Agreement may be
executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

[Remainder of page intentionally left blank]

  

    		Exhibit V-2	 

     

    

   

IN WITNESS WHEREOF, each Grantor has
caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

	 	[NAME OF GRANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[ADD SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

  

    		Exhibit V-3	 

     

    

 

	 	VICTORY PARK MANAGEMENT, LLC,
	 	as Administrative Agent
	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

  

    		Exhibit V-4	 

     

    

   

SCHEDULE A

to

COPYRIGHT SECURITY AGREEMENT

 

COPYRIGHT REGISTRATIONS AND APPLICATIONS

 

	Title	Application No.	Filing Date	Registration No.	Registration Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

EXCLUSIVE COPYRIGHT LICENSES

 

	Description of Copyright License	Name of Licensor	Registration Number of underlying Copyright
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    		Exhibit V-5EX-4.1

 Exhibit 4.1 
  

 
  

DRIVE AUTO RECEIVABLES TRUST 2018-3 

Class A-1 2.43292% Auto Loan Asset Backed Notes 

Class A-2 2.75% Auto Loan Asset Backed Notes 

Class A-3 3.01% Auto Loan Asset Backed Notes 

Class B 3.37% Auto Loan Asset Backed Notes 

Class C 3.72% Auto Loan Asset Backed Notes 

Class D 4.30% Auto Loan Asset Backed Notes 

Class E 0.00% Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of July 24, 2018 
  

 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, as the Indenture Trustee 
  
  

 

 CROSS REFERENCE TABLE1 

 

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

  

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

	2	N.A. means Not Applicable. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
			
	 SECTION 1.1
	 	Definitions	  	 	2	 
	 SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	2	 
	 SECTION 1.3
	 	Other Interpretive Provisions	  	 	2	 
		
	 ARTICLE II THE NOTES
	  	 	3	 
			
	 SECTION 2.1
	 	Form	  	 	3	 
	 SECTION 2.2
	 	Execution, Authentication and Delivery	  	 	3	 
	 SECTION 2.3
	 	Temporary Notes	  	 	4	 
	 SECTION 2.4
	 	Registration of Transfer and Exchange	  	 	4	 
	 SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	6	 
	 SECTION 2.6
	 	Persons Deemed Owners	  	 	7	 
	 SECTION 2.7
	 	Payment of Principal and Interest; Defaulted Interest	  	 	7	 
	 SECTION 2.8
	 	Cancellation	  	 	8	 
	 SECTION 2.9
	 	Release of Collateral	  	 	8	 
	 SECTION 2.10
	 	Book-Entry Notes	  	 	8	 
	 SECTION 2.11
	 	Notices to Clearing Agency	  	 	9	 
	 SECTION 2.12
	 	Definitive Notes	  	 	9	 
	 SECTION 2.13
	 	Authenticating Agents	  	 	10	 
	 SECTION 2.14
	 	Tax Treatment	  	 	10	 
	 SECTION 2.15
	 	Certain Transfer Restrictions on all Classes of the Notes	  	 	11	 
	 SECTION 2.16
	 	Certain Transfer Restrictions on the 144A Notes	  	 	12	 
	 SECTION 2.17
	 	Certain Transfer Restrictions on the Restricted Notes	  	 	16	 
	 SECTION 2.18
	 	Transfer Restrictions on Certain Notes Upon a Sale of a Certificate	  	 	18	 
		
	 ARTICLE III COVENANTS
	  	 	18	 
			
	 SECTION 3.1
	 	Payment of Principal and Interest	  	 	18	 
	 SECTION 3.2
	 	Maintenance of Office or Agency	  	 	18	 
	 SECTION 3.3
	 	Money for Payments To Be Held in Trust	  	 	18	 
	 SECTION 3.4
	 	Existence	  	 	20	 
	 SECTION 3.5
	 	Protection of Collateral	  	 	20	 
	 SECTION 3.6
	 	Opinions as to Collateral	  	 	21	 
	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	22	 
	 SECTION 3.8
	 	Negative Covenants	  	 	22	 
	 SECTION 3.9
	 	Annual Compliance Statement	  	 	23	 
	 SECTION 3.10
	 	Restrictions on Certain Other Activities	  	 	24	 
	 SECTION 3.11
	 	Restricted Payments	  	 	24	 
	 SECTION 3.12
	 	Notice of Events of Default; Servicer Replacement Events	  	 	25	 
	 SECTION 3.13
	 	Further Instruments and Acts	  	 	25	 
	 SECTION 3.14
	 	Compliance with Laws	  	 	25	 
	 SECTION 3.15
	 	Removal of Administrator	  	 	25	 
	 SECTION 3.16
	 	Perfection Representations, Warranties and Covenants	  	 	25	 
	 SECTION 3.17
	 	Investment Company Act	  	 	25	 
	 SECTION 3.18
	 	Tax Information	  	 	25	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	25	 
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	25	 
	 SECTION 4.2
	 	Application of Trust Money	  	 	26	 
	 SECTION 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	26	 
		
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES
	  	 	27	 
			
	 SECTION 5.1
	 	Events of Default	  	 	27	 
	 SECTION 5.2
	 	Acceleration of Maturity	  	 	28	 
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	28	 
	 SECTION 5.4
	 	Remedies; Priorities	  	 	31	 
	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	 	34	 
	 SECTION 5.6
	 	Limitation of Suits	  	 	34	 
	 SECTION 5.7
	 	Rights of Noteholders To Receive Principal and Interest	  	 	35	 
	 SECTION 5.8
	 	Restoration of Rights and Remedies	  	 	35	 
	 SECTION 5.9
	 	Rights and Remedies Cumulative	  	 	35	 
	 SECTION 5.10
	 	Delay or Omission Not a Waiver	  	 	35	 
	 SECTION 5.11
	 	Control by Noteholders	  	 	35	 
	 SECTION 5.12
	 	Waiver of Past Defaults	  	 	36	 
	 SECTION 5.13
	 	Undertaking for Costs	  	 	36	 
	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	 	37	 
	 SECTION 5.15
	 	Action on Notes	  	 	37	 
	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	37	 
	 SECTION 5.17
	 	Sale of Collateral	  	 	38	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	38	 
			
	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	 	38	 
	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	 	39	 
	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	 	42	 
	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	 	42	 
	 SECTION 6.5
	 	Notice of Defaults	  	 	42	 
	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	 	42	 
	 SECTION 6.7
	 	Compensation and Indemnity	  	 	43	 
	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	 	43	 
	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	 	44	 
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	45	 
	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	46	 
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	46	 
	 SECTION 6.13
	 	Representations and Warranties	  	 	46	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	47	 
			
	 SECTION 7.1
	 	The Note Registrar to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	47	 
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	47	 
	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	 	48	 
	 SECTION 7.4
	 	Rule 144A Information	  	 	48	 
	 SECTION 7.5
	 	Noteholder Demand for Repurchase, Dispute Resolution	  	 	48	 
	 SECTION 7.6
	 	Asset Review Voting	  	 	49	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	50	 
			
	 SECTION 8.1
	 	Collection of Money	  	 	50	 
	 SECTION 8.2
	 	Trust Accounts	  	 	50	 
	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	 	51	 
	 SECTION 8.4
	 	Release of Collateral	  	 	52	 
	 SECTION 8.5
	 	Opinion of Counsel	  	 	53	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	53	 
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	53	 
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	54	 
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	56	 
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	56	 
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	 	56	 
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	56	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	57	 
			
	 SECTION 10.1
	 	Redemption	  	 	57	 
	 SECTION 10.2
	 	Form of Redemption Notice	  	 	57	 
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	58	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	58	 
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc	  	 	58	 
	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	 	60	 
	 SECTION 11.3
	 	Acts of Noteholders	  	 	60	 
	 SECTION 11.4
	 	Notices	  	 	61	 
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	61	 
	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	 	62	 
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	62	 
	 SECTION 11.8
	 	Information Requests	  	 	62	 
	 SECTION 11.9
	 	Effect of Headings and Table of Contents	  	 	62	 
	 SECTION 11.10
	 	Successors and Assigns	  	 	62	 
	 SECTION 11.11
	 	Separability	  	 	62	 
	 SECTION 11.12
	 	Benefits of Indenture	  	 	62	 
	 SECTION 11.13
	 	Legal Holidays	  	 	62	 

  
 iii 

 TABLE OF CONTENTS 

(Continued) 
  

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

  

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

  
 iv 

 This INDENTURE, dated as of July 24, 2018 (as amended, supplemented or otherwise
modified and in effect from time to time, this “Indenture”), is between DRIVE AUTO RECEIVABLES TRUST 2018-3, a Delaware statutory trust (the “Issuer”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 2.43292% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2 2.75%
Auto Loan Asset Backed Notes (the “Class A-2 Notes”) and Class A-3 3.01% Auto Loan Asset Backed Notes (the
“Class A-3 Notes” and, together with the Class A-1 Notes and the Class A-2 Notes,
the “Class A Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class B 3.37% Auto Loan Asset Backed Notes (the “Class B Notes”), then for
the equal and ratable benefit of the Holders of the Issuer’s Class C 3.72% Auto Loan Asset Backed Notes (the “Class C Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s
Class D 4.30% Auto Loan Asset Backed Notes (the “Class D Notes”) and then for the equal and ratable benefit of the Holders of the Issuer’s Class E 0.00% Auto Loan Asset Backed Notes (the
“Class E Notes” and, collectively with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). 

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

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

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

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale and Servicing Agreement dated as of July 24, 2018 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Santander Drive Auto
Receivables LLC, as seller, the Issuer, Santander Consumer USA Inc., as servicer, and the Indenture Trustee. 
 SECTION 1.2 Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

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

ARTICLE II 
 THE NOTES

 SECTION 2.1 Form. The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, in each case together
with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A-1 and Exhibit A-2 hereto, as
applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit
A hereto are part of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for
original issue in an aggregate principal amount of $155,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $290,000,000, Class A-3
Notes for original issue in an aggregate principal amount of $203,310,000, Class B Notes for original issue in an aggregate principal amount of $177,480,000, Class C Notes for original issue in an aggregate principal amount of
$236,650,000, Class D Notes for original issue in an aggregate principal amount of $221,850,000 and Class E Notes for original issue in an aggregate principal amount of $73,130,000. The Note Balance of
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and
Class E Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

  
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 Each Note shall be dated the date of its authentication. The Class A Notes, Class B
Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a
denomination other than an integral multiple of $1,000). The Class E Notes shall be issuable as registered Notes in the minimum denomination of $2,000,000 and in integral multiples of $1,000 in excess thereof (except for two Notes which may be
issued in a lesser denomination and/or in integral multiples in excess thereof of other than $1,000). 
 No Note shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one
of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order,
the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

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

SECTION 2.4 Registration of Transfer and Exchange. 

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

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain
copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. 

  
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 Notwithstanding the foregoing, for so long as Wilmington Trust, National Association is acting as
the Indenture Trustee hereunder, it shall also act as the Note Registrar. 
 (b) Upon surrender for registration of transfer of any Note at
the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like
aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of the same Class and a like Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes
which the Noteholder making the exchange is entitled to receive. 
 (c) All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

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

(e) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or
Section 9.6 not involving any transfer. 
 (f) The Indenture Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

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

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

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

 The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

  
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 SECTION 2.6 Persons Deemed Owners. Prior to due presentment for registration of transfer
of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.  

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

  
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 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer,
exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section 2.8, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of Collateral. Except as contemplated by
Section 11.1(b)(v), the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the
Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

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

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

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

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

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

SECTION 2.13 Authenticating Agents. 

(a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one
or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2,
2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this
Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 2.13 shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the
Authenticating Agent in the absence of any appointment thereof. 
 (b) Any entity into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust
business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.

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

(a) The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as indebtedness for U.S.
federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered to be the same Person as the Issuer for U.S. federal
income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S. federal income tax
purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with such tax treatment and tax reporting of the Notes, unless required
by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 

  
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 (b) The parties hereto agree that it is their mutual intent that, for all applicable purposes the
Certificates will not constitute indebtedness. 
 (c) Prior to the first Payment Date, at any time required by law and/or promptly upon
request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information. Each Noteholder is deemed to understand that by acceptance of a Note,
such Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold as required on amounts payable with respect to the Note
(without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. If the Issuer has actual knowledge that FATCA Withholding
applies with respect to one or more payments on a Note, the Issuer will notify the Indenture Trustee thereof. 
 SECTION 2.15 Certain
Transfer Restrictions on all Classes of the Notes. 
 (a) By acquiring a Note (or any interest therein), each purchaser and transferee
(and, if the purchaser or transferee is a Plan, its fiduciary) (i) shall be deemed to represent and warrant that either (a) it is not acquiring such Note (or any interest therein) on behalf of, or with any assets of, a Benefit Plan or any
governmental plan, non-U.S. plan or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (b) the acquisition, holding and disposition of such Note (or any
interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law and (ii) acknowledges and
agrees if it is a Benefit Plan or a Plan that is subject to Similar Law, it shall not acquire such Note (or any interest therein) at any time that the ratings on such Note are below investment grade or if such Note has been characterized as other
than indebtedness for applicable local law purposes. 
 (b) If for tax or other reasons it may be necessary to track any Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Depositor or the Administrator as a condition to such transfer. 

(c) Any purported transfer of a Note not in accordance with this Section 2.15 or not in accordance with Sections
2.16, 2.17 or 2.18 shall be null and void ab initio and shall not be given effect for any purpose hereunder. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any Notes acquired in violation of the
foregoing at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice of the voided transfer, then the Issuer shall cause such
Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in accordance with
Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value). 

  
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 (d) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture (including, without limitation, under this Section 2.15 or under Sections 2.16, 2.17 or 2.18) or under applicable law with
respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.16 Certain
Transfer Restrictions on the 144A Notes. 
 (a) None of the Issuer, the Indenture Trustee nor any other Person may register the 144A
Notes under the Securities Act or any state securities laws. No 144A Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional
Buyer in accordance with Rule 144A (except for transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the 144A Notes by the
Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement). 
 (b) Prior to any sale or transfer of
any 144A Note (or any interest therein) each prospective transferee of such 144A Note (or any interest therein) (except for transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of
the initial distribution or any redistribution of the 144A Notes by the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement) shall be deemed to make the following representations to the Indenture
Trustee, the Note Registrar and the Depositor: 
 (i) The transferee (A) is a Qualified Institutional Buyer, (B) is
aware that the sale of the 144A Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the 144A Notes for its own account or for one or more accounts, each of which is a Qualified
Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such 144A Note for the purchaser and for each such account. 

(ii) The 144A Notes may not at any time be held by or on behalf of any Person (other than the Depositor or an Affiliate of the
Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee understands that the 144A Notes are being
offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the 144A Notes have been or will be registered under the Securities Act, and, if in the future the transferee
decides to offer, resell, pledge or otherwise transfer the 144A Notes, such 144A Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and the applicable legend on such 144A Notes set forth below. The
transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable State securities laws for resale of the 144A Notes. 

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

  
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 (vii) The transferee will not, at any time, offer to buy or offer to sell the
144A Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or
at a seminar or meeting whose attendees have been invited by general solicitations or advertising. 
 (viii) The transferee
is not acquiring the 144A Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act. 

(ix) The transferee will provide notice to each Person to whom it proposes to transfer any interest in the 144A Notes of the
transfer restrictions and representations set forth in this Indenture. 
 (x) The transferee acknowledges that any transfer
in violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

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

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

  
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SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE
INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE
INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE,
THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

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

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

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

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

  
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 (iii) A transferee that is a partnership, a corporation taxed under Subchapter S
of the Code or grantor trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) is not and will not be used with a principal purpose of the arrangement involving such entity’s
beneficial interest in any Restricted Notes or Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership
not to be classified as a publicly traded partnership under the Code. 
 (iv) No Noteholder of a Restricted Note shall
acquire or transfer any Restricted Note (or any interest therein) or cause any Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the
Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

(v) If any Restricted Note held by the transferee is required to be treated other than as described under
Section 2.14(a), then the transferee, or, if different, the beneficial owner of such Restricted Note, shall agree to the designation made pursuant to the Trust Agreement of the partnership representative of any partnership
in which such Noteholder or beneficial owner is deemed to be a partner under Section 6223(a) of the Amended Partnership Audit Rules and any applicable Treasury Regulations thereunder. 

(vi) (A) Each Noteholder of a Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor
any further information required by the Issuer to comply with the Amended Partnership Audit Rules, including Section 6226(a) of the Amended Partnership Audit Rules, (B) if such Noteholder is not the beneficial owner of such Restricted
Note, the beneficial owner of such Restricted Note shall provide to the Administrator on behalf of the Issuer and the Depositor any further information required by the Issuer to comply with the Amended Partnership Audit Rules, including
Section 6226(a) of the Amended Partnership Audit Rules and, to the extent the Issuer determines such appointment necessary for it to make an election under Section 6226(a) of the Amended Partnership Audit Rules, hereby appoints the
Noteholder as its agent for purposes of receiving any notifications or information pursuant to the notice requirements under Section 6226(a)(2) of the Amended Partnership Audit Rules and (C) to the extent applicable, each Noteholder of a
Restricted Note and, if different, each beneficial owner of a Restricted Note, shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of a Restricted Note not properly taking into
account or paying its allocated adjustment or liability under Section 6226 of the Amended Partnership Audit Rules or (ii) that the Issuer or its affiliates may suffer that are attributable to the management or defense of an audit under the
Amended Partnership Audit Rules or otherwise due to actions it takes with respect to and to comply with the rules under Sections 6221 through 6241 of the Amended Partnership Audit Rules. 

(vii) [Reserved.] 

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

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

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

(b) [Reserved.] 
 SECTION 3.2
Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain in Wilmington, Delaware, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices
and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to
the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

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

  
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 By noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date,
the Issuer shall deposit or cause to be deposited into the Collection Account Available Funds with respect to the related Collection Period, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant
to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

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

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

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

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

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

Notwithstanding the foregoing, for so long as Wilmington Trust, National Association is acting as the Indenture Trustee hereunder, it shall
also act as the Paying Agent. 

  
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 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums
were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

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

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

  
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 (a) Grant more effectively all or any portion of the Collateral; 

(b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(d) enforce any of the Collateral; or 

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

SECTION 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuer shall furnish to or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating
(i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the filing of any
financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest effective. 
 (b) Within 120 days after the beginning of each
calendar year, beginning with April 30, 2019, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

  
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 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

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

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

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

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

(a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the
Indenture Trustee and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 2018), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case
of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

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

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

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

  
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 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit
by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission. 

(c) Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture
Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as
to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (d) Unless the Issuer otherwise
determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer (which shall end on December 31st of each year). 

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

SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided
that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and to the extent funds are available for such purpose under
this Indenture, the Sale and Servicing Agreement, the Trust Agreement or the Administration Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 

  
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 SECTION 3.12 Notice of Events of Default; Servicer Replacement Events. The Issuer shall
promptly deliver to the Indenture Trustee, the Owner Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of (i) an Event of Default or any event which with the giving of notice, the lapse of time or both
would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto and (ii) the occurrence of a Servicer Replacement Event or any event which with the giving of notice, the lapse of time
or both would become a Servicer Replacement Event. 
 SECTION 3.13 Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 
 SECTION 3.16
Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

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

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

  
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 (a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes
that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the
Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3), has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption
Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 
 (b) the
Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and 
 (c) the Issuer has delivered to the Indenture
Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee, and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) an
Independent Certificate, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. 
 SECTION 4.2 Application of Trust Money. All monies deposited
with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies
need not be segregated from other funds except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3
Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further
liability with respect to such monies. 

  
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 ARTICLE V 

EVENTS OF DEFAULT; REMEDIES 

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

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

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

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

  
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 SECTION 5.2 Acceleration of Maturity. 

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

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

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

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 

(a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling Class when the
same becomes due and payable, and such default continues for a period of five Business Days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the
Issuer will, upon demand of the Indenture Trustee in writing as directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, 

  
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pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) In case the Issuer shall fail forthwith to pay the amounts described in clause (a) above upon such demand, the Indenture
Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or
other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

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

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and
their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or
willful misconduct) and of the Noteholders allowed in such Proceedings; 

  
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 (ii) unless prohibited by applicable law and regulations, to vote on behalf of
the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial Proceedings relative to the Issuer, its creditors and its
property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to
make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses, indemnities and liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 

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

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

  
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 SECTION 5.4 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may do one or more of the following (subject to
Sections 5.2 and 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust
for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies
adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv)
subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights
or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 
 provided, however, that
the Indenture Trustee may not exercise the remedy described in clause (iv) above unless (A) the Holders of all Outstanding Notes have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in
full the principal of and the accrued interest on the Outstanding Notes or (C) the Event of Default either (x) relates to a default described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture
Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been
declared due and payable or (y) relates to a Bankruptcy Event and, in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the holders of at least 66-2/3%
of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and (C)(x) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if
the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or
the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes. 
 (b)
Notwithstanding the provisions of Section 8.2 hereof or Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V
and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated
with the sale of the Trust Estate) in the following order of priority: 
 (i) first, to the Indenture Trustee and the
Owner Trustee, any accrued and unpaid fees (including unpaid fees with respect to prior periods), reasonable expenses and indemnification amounts, and to the Asset Representations Reviewer, any accrued and unpaid fees (including unpaid fees with
respect to prior periods), reasonable expenses and indemnification amounts to the extent not previously paid by Santander Consumer; 

  
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 (ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing
Fees with respect to prior periods; 
 (iii) third, to the Holders of the Class A Notes, the Accrued Class A
Note Interest; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of
Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

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

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

(8) to the Holders of the Class D Notes in respect of principal thereof until the Class D Notes have been paid in
full; 
 (9) to the Holders of the Class E Notes, the Accrued Class E Note Interest; and 

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

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

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

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

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

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

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

(v) fifth, any remaining funds shall be distributed to the Certificateholders, pro rata based on the Percentage Interest
of each Certificateholder, or to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to or at the direction of the Certificateholders. 

The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

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

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

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

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

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 

  
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 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the
Note Balance. 
 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in
any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for
purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION 5.7
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the
consent of such Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every
such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy except to the extent explicitly set forth herein, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or
otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or
Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the
provisions of Sections 5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided that 

  
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 (a) such direction shall not be in conflict with any rule of law or with this
Indenture; 
 (b) any such direction to the Indenture Trustee to sell or liquidate the Collateral shall be effective only to
the extent the Indenture Trustee is permitted to take such action pursuant to Section 5.4(a) and Section 5.17; 

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

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

provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines
might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

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

  
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Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Note Balance of the Outstanding Notes or
(c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after
the Redemption Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do
so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture
shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2 of this Indenture, or
Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

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

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and

  
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Servicing Agreement and/or against the Seller or Santander Consumer under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by
the Seller, the Servicer and/or Santander Consumer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement
and/or the Purchase Agreement, as applicable, and any right of the Issuer to take such action shall be suspended. 
 SECTION 5.17 Sale of
Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture
Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise
prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any
sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the
Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect
any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but
shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 

ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the Indenture Trustee. 

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

  
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 (ii) in the absence of bad faith on its part, the Indenture Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided
however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 6.1; 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer of the Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

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

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

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

SECTION 6.2 Rights of the Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it (i) to be genuine and (ii) to have been signed or
presented by the proper person. The Indenture Trustee shall not be responsible for the accuracy of any document provided to the Indenture Trustee, and need not investigate, recalculate, certify or verify any fact, numerical information or matter
stated in the document. 

  
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 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel, as applicable, the cost of which the Indenture Trustee shall not be required to pay. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on such
Officer’s Certificate or Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator,
any such agent, attorney, custodian or nominee appointed with due care by it hereunder, or any co-trustee or separate trustee appointed in accordance with the provisions of
Section 6.10. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take or errors
in judgment made in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

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

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

(h) The Indenture Trustee shall not be imputed with any knowledge of, or information possessed or obtained by any other Person, or any
affiliate, line of business, or other division of Wilmington Trust, National Association (and vice versa) unless such person is a Responsible Officer of the Indenture Trustee or the Indenture Trustee also has such actual knowledge or information.
Information contained in any reports delivered to the Indenture 

  
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Trustee and any other publicly available information shall not constitute actual or constructive knowledge; provided, however, that, notwithstanding any provision in
the Transaction Documents to the contrary, any document delivered to the Indenture Trustee the information contained in which the Indenture Trustee is required to take notice of to fulfill its obligations under the Transaction Documents or under
applicable law shall constitute actual notice to the Indenture Trustee of such information. 
 (i) Notwithstanding anything to the contrary
herein or otherwise, under no circumstance will the Indenture Trustee be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits). 

(j) The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, other than to the extent set forth in the Transaction Documents or otherwise agreed in writing by the Indenture Trustee or required
under applicable law. 
 (k) Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall not be liable for any
loss or damage, or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of such party, including, but not limited to, applicable law or
force majeure. 
 (l) The right of the Indenture Trustee to perform any permissive or discretionary act enumerated in this Indenture or any
related document shall not be construed as a duty. 
 (m) Neither the Indenture Trustee nor any of its officers, directors, employees,
attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any collateral, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents, for the creation, perfection,
continuation, priority, sufficiency or protection of any liens with regard to the Collateral or the Transaction Documents, or for any defect or deficiency as to any such matters, to monitor the status of any lien or the performance of the
Collateral, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of such liens or the Transaction Documents or any delay in doing so, unless such responsibility or liability is otherwise imposed on the Indenture
Trustee under this Indenture. 
 (n) The Indenture Trustee shall not be liable solely for any action or inaction of the Issuer, the
Noteholders, the Servicer, or any other party (or agent thereof) to this Indenture or any other Transaction Document and may assume compliance by such parties with their obligations under this Indenture or any other Transaction Documents, unless a
Responsible Officer of the Indenture Trustee has actual knowledge or received written notice to the contrary. 
 (o) Notwithstanding anything
to the contrary in this Indenture, the Indenture Trustee shall not be required to take any action that is not in accordance with applicable law. 

(p) Except as otherwise provided in Sections 7.5 and 7.6 hereof and Sections 3.6, 9.21 and 9.24 of the Sale
and Servicing Agreement, the Indenture Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition requiring the repurchase of any Receivable, or the eligibility of any Receivable for purposes of this
Indenture. 

  
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 (q) The Indenture Trustee shall not be liable with respect to any action it takes or omits to
take in accordance with a direction received by it from the Issuer or the required Noteholders, as the case may be, in accordance with the Transaction Documents. 

(r) The Indenture Trustee shall be deemed not to have knowledge of any event or information (including, but not limited to, an Event of
Default) or be required to act upon any event or information (including the sending of any notice), unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof and shall have no duty to
take any action to determine whether any such event shall have occurred. 
 SECTION 6.3 Individual Rights of the Indenture Trustee.
Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective
Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with
the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate
trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
 SECTION
6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity, enforceability or adequacy of this Indenture or the Notes, shall not be accountable
for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes (including any recitals), all
of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 
 SECTION
6.5 Notice of Defaults. If a Default or an Event of Default occurs and is continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder, the Issuer, the Owner Trustee and the Administrator notice of the Default or Event of Default within 90 days after such knowledge or notice occurs. Except in the case of a Default or an Event of
Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by the Indenture Trustee to
Noteholders. The Indenture Trustee, at the expense of the Issuer, shall make available to each Noteholder, not later than the latest date permitted by law, such information as may be required by the Code to enable such Holder to prepare its
federal and state income tax returns. 

  
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 SECTION 6.7 Compensation and Indemnity. The Indenture Trustee shall be (i) paid from
time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with an applicable fee letter, (ii) reimbursed for all
reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent and (iii) indemnified for, and
held harmless against, any and all fees, costs, loss, liability, expense, tax, penalty or claim (including reasonable attorneys’ fees and expenses incurred in connection with a successful defense, in whole or part, of any claim that the
Indenture Trustee breached its standard of care or incurred in actions against the indemnifying party) incurred by it in connection with the administration of the trust or trusts hereunder or under any other Transaction Document, the performance of
its duties as Indenture Trustee, Relevant Trustee, Certificate Registrar and Certificate Paying Agent or the enforcement of its rights (including indemnification rights) under the Transaction Documents. The Indenture Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the
Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder or, in the case of the Servicer, under the Sale and Servicing Agreement. The Issuer shall, or shall cause the Servicer to, defend any such claim
(except in connection with any claim for indemnification of any attorneys’ fees, costs and expenses incurred by the Indenture Trustee in connection with any enforcement (including by means of any action, claim or suit) by the Indenture Trustee
of any indemnification or other obligation of the Issuer or Servicer), and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time
following receipt by the Servicer of an invoice therefor. None of the Administrator, the Issuer, the Seller, or the Servicer shall be liable for or required to indemnify the Indenture Trustee from and against any of the foregoing expenses or
indemnities arising or resulting from (i) its own willful misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or warranty contained in Section 6.13 made by the Indenture Trustee or
(iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 

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

Any amounts payable to the Indenture Trustee pursuant to this Section 6.7 shall be paid pursuant to
Section 4.4(a) of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable (to the extent of Available Funds available therefor) or, to the extent not paid thereunder,
shall be paid by the Servicer pursuant to Section 3.11 of the Sale and Servicing Agreement. 
 SECTION 6.8
Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign for any reason upon 30 days’ prior written notice to the Issuer, the Administrator and the Servicer. The Holders of a majority of the Note
Balance of the Controlling Class may remove the Indenture Trustee without cause by giving 30 days’ prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee.
The Issuer shall remove the Indenture Trustee if: 

  
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 (a) the Indenture Trustee fails to comply with Section 6.11; 

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

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

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

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

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

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

If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of
the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the successor Indenture Trustee
pursuant to this Section 6.8 and payment of all fees, indemnities and expenses owed to the outgoing Indenture Trustee. 

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

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

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

  
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 In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture
Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, after delivering
written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, or for an enforcement action or where a conflict of interest exists, the
Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the
Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11, and no notice to Noteholders of
the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; 

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any
separate trustee or co-trustee; 

  
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 (iv) no separate trustee or co-trustee
hereunder shall be deemed an agent of the Indenture Trustee; and 
 (v) the Indenture Trustee shall have no responsibility or
liability relating to the appointment of any co-trustee or separate trustee or relating to the action or inaction of any co-trustee or separate trustee. 

(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions
of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator. 

(d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee
shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 
 SECTION 6.11 Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual
report of condition and shall have a long term debt rating of investment grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA
Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 
 SECTION 6.12 Preferential
Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be
subject to TIA Section 311(a) to the extent indicated. 
 SECTION 6.13 Representations and Warranties. The Indenture Trustee
hereby makes the following representations and warranties on which the Issuer and the Noteholders shall rely: 
 (i) the
Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States of America; 

  
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 (ii) the Indenture Trustee has full power, authority and legal right to execute,
deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

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

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

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

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

SECTION 7.2 Preservation of Information; Communications to Noteholders. 

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

  
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 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA Section 313(a), within 60 days after
each March 31, beginning with March 31, 2019, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture
Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 SECTION 7.4 Rule 144A
Information. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request
of a Noteholder or Note Owner of a 144A Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Noteholder or Note Owner, to a prospective purchaser of such 144A Note designated by such Noteholder or Note Owner
or to the Indenture Trustee for delivery (in the manner contemplated by Section 4.6 of the Sale and Servicing Agreement) to such Noteholder or Note Owner, as the case may be, or a prospective purchaser designated by such Noteholder or Note
Owner, in order to permit compliance by such Noteholder or Note Owner with Rule 144A in connection with the resale of such 144A Note by such Noteholder or Note Owner. 

SECTION 7.5 Noteholder Demand for Repurchase, Dispute Resolution. 

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
becomes aware of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to repurchase a Receivable pursuant to
Section 3.4 of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may, by written notice to the Indenture Trustee, direct the Indenture Trustee to notify Santander Consumer of
such breach and request that Santander Consumer repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable and shall reference this Indenture, as well as the related breach of representation or
warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies with the
requirements of this Section 7.5, the Indenture Trustee shall forward such written notice to Santander Consumer and request that Santander Consumer repurchase the related Receivable pursuant to
Section 3.4 of the Purchase Agreement. For avoidance of doubt, following delivery of such notice and request to Santander Consumer, the Indenture Trustee shall have no responsibility or liability for the decision by
Santander Consumer to repurchase or not to repurchase the related Receivable. 
 (b) If a Requesting Investor directs the Indenture Trustee
to request the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of
notice of the request by Santander Consumer, the Indenture Trustee shall, at the 

  
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direction of such Requesting Investor, refer the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement; provided,
however, if the Indenture Trustee declines to refer the matter to mediation or arbitration due to the failure of such Requesting Investor to offer the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee
against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such request, the Requesting Investor may directly refer the matter to either mediation or
arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 
 (c) A Requesting Investor shall not be
required to direct that an Asset Review be performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 9.24 of the Sale and Servicing
Agreement with respect to such Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any Requesting Investor voted
affirmatively, negatively or abstained in the vote to cause an Asset Review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to Section 9.24 of the Sale and Servicing
Agreement. A Requesting Investor may refer to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement a dispute related to any Receivables, including any Receivables that the Asset
Representations Reviewer did not review in connection with an Asset Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review and any Receivables that the Asset Representations Reviewer
reviewed and determined that there were no Test Fails in connection with an Asset Review. 
 SECTION 7.6 Asset Review Voting 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by
Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset
Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing
that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from
pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such
Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall
submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer will include or cause to be included in the related Form
10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance
with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage
exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset 

  
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Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. The “Noteholder
Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Receivables by the Asset Representations
Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred. 

(b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a “Review
Notice”) to Santander Consumer, the Depositor, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review Satisfaction Date and directing the Asset
Representations Reviewer to conduct an Asset Review of the Subject Receivables. 
 (c) Notwithstanding clauses (a) and
(b) of this Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i)(x)
directing the Indenture Trustee to notify Santander Consumer of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to
repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that Santander Consumer repurchase the related Receivable pursuant to Section 7.5 hereof or
(ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 

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

(a) On the Business Day before each Payment Date, the Issuer shall cause the Servicer to deposit all Collections with respect to the Collection
Period preceding such Payment Date in the Collection Account as provided in Sections 4.2 and 4.3 of the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and
deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection Account as instructed on
the Servicer’s Certificate. 

  
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 (b) Prior to the acceleration of the maturity of the Notes pursuant to
Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal,
the Fourth Allocation of Principal, the Fifth Allocation of Principal and the Regular Allocation of Principal: 
 (i)
first, sequentially to the Class A-1 Noteholders until the Class A-1 Notes are paid in full, to the
Class A-2 Noteholders until the Class A-2 Notes are paid in full and to the Class A-3 Noteholders until the Class A-3 Notes are paid in full; 
 (ii) second, to the Class B
Noteholders until the Class B Notes are paid in full; 
 (iii) third, to the Class C Noteholders until the
Class C Notes are paid in full; 
 (iv) fourth, to the Class D Noteholders until the Class D Notes are
paid in full; and 
 (v) fifth, to the Class E Noteholders until the Class E Notes are paid in full. 

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

SECTION 8.3 General Provisions Regarding Accounts. 

(a) The funds in the Trust Accounts shall be invested in Eligible Investments in accordance with and subject to
Section 4.1(b) of the Sale and Servicing Agreement; provided, however, that any amounts deposited into the Collection Account on the day prior to a Payment Date (or Redemption Date) to be distributed on such
Payment Date (or Redemption Date) shall remain uninvested. All interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall be distributed to the Servicer in accordance with the
provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 3.7 and 4.3 of the Sale and Servicing Agreement.
The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer
shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

  
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 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such
Eligible Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with
Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the
Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.2 or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with
Section 4.4 of the Sale and Servicing Agreement as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or
more Eligible Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have been given to the Indenture Trustee, the funds
shall remain uninvested. 
 (d) Pursuant to Section 4.1(b) of the Sale and Servicing Agreement, the Servicer
acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s
confirmation. The Servicer agrees that such notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect
such investment activity. 
 SECTION 8.4 Release of Collateral. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may if permitted
by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such 

  
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release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section 8.4 only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that
from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold to (i) the Servicer in accordance
with Section 3.6 of the Sale and Servicing Agreement and (ii) Santander Consumer in accordance with Section 3.4 of the Purchase Agreement. 

SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ prior notice (or such lesser time as is
acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition
to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the
taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

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

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

  
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 (b) Without the consent of the Noteholders or any other Person, the Issuer and the Indenture
Trustee (when so directed by an Issuer Request), may also enter into one or more indentures supplemental hereto for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not contrary to
the Prospectus, to the description thereof in an offering memorandum with respect to the 144A Notes or the Certificates. 
 (c) Prior to the
execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1
shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

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

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. 

(a) With the consent of Noteholders holding not less than a majority of the Note Balance of the Outstanding Notes, voting together as a single
Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), may enter into one or more indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby and prior notice by the Issuer to the Rating Agencies: 

  
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 (i) change the coin or currency in which, any Note or the interest thereon is
payable, reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 

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

(iii) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 

(iv) reduce the percentage of the Note Balance required to direct the Indenture Trustee to direct the Issuer to sell or
liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid interest on the Notes; 

(v) modify any provision of this Section 9.2 in any respect materially adverse to the interests of
the Noteholders; 
 (vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with
respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the
security provided by the lien of this Indenture; or 
 (vii) impair the right to institute suit for the enforcement of
payment as provided in Section 5.7. 
 (b) It shall not be necessary for any Act of Noteholders under this
Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

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

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

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

  
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 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption. 

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

(b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amount of cash or other
immediately available funds on deposit in the Reserve Account and the remaining Available Funds after the payments under clauses first through twelfth of Section 4.4(a) of the Sale and
Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee, upon written direction from the Servicer,
shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 

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

All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

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

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

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

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

ARTICLE XI 

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

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

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

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

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

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

  
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 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or
her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any
term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such
case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon
the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 Acts
of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

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

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

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

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

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

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

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

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

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

SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.12
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders, and any other party secured hereunder, and any
other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.13 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue
for the period from and after any such nominal date. 

  
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 SECTION 11.14 GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally: 

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

(iii) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

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

SECTION 11.15 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.16 Recording of
Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or
remedy granted to the Indenture Trustee under this Indenture. 

  
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 SECTION 11.17 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a Note,
or, in the case of a Note Owner of a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee,
successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
 SECTION 11.18 No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of
each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 SECTION
11.19 Intent. 
 (a) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and
the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial accounting purposes. 

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

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

SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties that (a) this
document is executed and delivered by Wells Fargo Delaware Trust Company, N.A., not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust
Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, covenants undertakings and agreements by
Wells Fargo Delaware Trust Company, N.A., but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wells Fargo Delaware Trust Company, N.A., individually
or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wells Fargo
Delaware Trust Company, N.A. has made no investigation as to the accuracy or completeness of any 

  
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representations or warranties made by the Issuer or any other Person in this Agreement and (e) under no circumstances shall Wells Fargo Delaware Trust Company, N.A. be personally liable for
the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or under the Notes or any of the other
Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

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

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

			
	DRIVE AUTO RECEIVABLES TRUST 2018-3
	
	By:     Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Indenture Trustee

			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 S-1 

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable
title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien.

 Perfection 
 6. The Issuer has caused
or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security
interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing
statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 

  
 I-1 

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

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

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

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

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

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

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

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

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

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

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

  
 I-2 

 13. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the
Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee. 

14. No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture
Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee. 

15. No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not
consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee. 

Survival of Perfection Representations 

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

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

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

  
 I-3 

 Exhibit A-1 

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

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

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

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

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

  
 A-1-1 

 
INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

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

  
 A-1-2 

 DRIVE AUTO RECEIVABLES TRUST 2018-3 

[CLASS A-1 2.43292%][CLASS A-2 2.75%] [CLASS A-3 3.01%] [CLASS B 3.37%] [CLASS C 3.72%] [CLASS D 4.30%] 
 AUTO LOAN ASSET BACKED NOTES 

Drive Auto Receivables Trust 2018-3, a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the 15th of each month, or if
such day is not a Business Day, on the immediately succeeding Business Day, commencing on August 15, 2018 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on
each Payment Date on the Class [A-1] [A-2] [A-3] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth
in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class [A-1] [A-2] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final Scheduled Payment
Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture.
Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date] 3 [15th day of the prior calendar month (or, in the case of the initial Payment Date from and
including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]4. Interest will be computed
on the basis of [Class A-1: actual days elapsed and a 360-day year] [Class A-2, A-3, B,
C, D: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

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

 
  

 

	3 	The Class A-1 Notes. 

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

  
 A-1-3 

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

 

			
	DRIVE AUTO RECEIVABLES
	TRUST 2018-3
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	
                     
                            

			
	Name:	 	
                     
                            

			
	Title:	 	
                     
                            

  
 A-1-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [         ] 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	a national banking association, not in its
	individual capacity but solely as Indenture Trustee
		
	By:	 	
                     
                            

		 	 Authorized Signatory

  
 A-1-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.43292%][Class A-2 2.75%] [Class A-3 3.01%] [Class B 3.37%] [Class C 3.72%] [Class D 4.30%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2] [A-3] [B] [C] [D] Notes” or the “Notes”), all issued under an Indenture, dated as of July 24, 2018
(such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in
the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing
Agreement. As described above, the entire Class [A-1] [A-2] [A-3] [B] [C] [D] Note Balance shall be due and payable on the
earliest of (i) [___] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [B] [C] [D] Notes shall be made pro rata
to the Class [A-1] [A-2] [A-3] [B] [C] [D] Noteholders entitled thereto. 

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

  
 A-1-6 

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

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

It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and local income, franchise and value
added tax, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (other than any Notes that are owned during any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes)
shall constitute indebtedness. The Noteholders, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 

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

  
 A-1-7 

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

  
 A-1-8 

 ASSIGNMENT 

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

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

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

 

			
	 Dated: _____________
	  	 _______________________________*/

  

			
	Signature Guaranteed:
	
	  

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

  
  

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

  
 A-1-9 

 EXHIBIT A-2 

FORM OF 144A 

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

No. R-___     

$___________________________1 

CUSIP NO. [__________] 
 ISIN.
[______________] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED
(THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [$1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)]2 [$2,000,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN A LESSER 
  
  

 

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

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

  
 A-2-1 

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

 

	3 	 Class E Notes. 

  
 A-2-2 

 
OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 
 TRANSFERS OF THIS NOTE MUST
GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE. 
 THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

  
 A-2-3 

 DRIVE AUTO RECEIVABLES TRUST 2018-3 

[CLASS A-1 2.43292%][CLASS A-2 2.75%] [CLASS A-3 3.01%] [CLASS B 3.37%] [CLASS C 3.72%] [CLASS D 4.30%] [CLASS E 0.00%] 
 AUTO LOAN ASSET
BACKED NOTES 
 Drive Auto Receivables Trust 2018-3, a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the 15th of
each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on August 15, 2018 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to
pay interest on each Payment Date on the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Note Balance as of the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to
the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final Scheduled
Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture.
Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date] 4 [15th day of the prior calendar month (or, in the case of the initial Payment Date from and
including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]5. Interest will be computed
on the basis of [Class A-1: actual days elapsed and a 360-day year] [Class A-2, A-3, B,
C, D, E: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

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

 
  

 

	4 	The Class A-1 Notes. 

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

  
 A-2-4 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually by its
Authorized Officer. 
 Dated: ____________, 2018 
  

			
	DRIVE AUTO RECEIVABLES TRUST 2018-3
	
	By: Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 A-2-5 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: ___________, 2018 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Indenture Trustee
	By:	 	
                     
        

		 	 Authorized Signatory

  
 A-2-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.43292%][Class A-2 2.75%] [Class A-3 3.01%] [Class B 3.37%] [Class C 3.72%] [Class D 4.30%] [Class E 0.00%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Notes” or the “Notes”), all issued under an Indenture, dated as of July 24, 2018
(such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as trustee (the
“Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in
the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are and will be equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing
Agreement. As described above, the entire Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Note Balance shall be due and payable on the
earliest of (i) [___] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Notes shall be made pro
rata to the Class [A-1] [A-2] [A-3] [B] [C] [D] [E] Noteholders entitled thereto. 

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

  
 A-2-7 

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

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

It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and local income, franchise and value
added tax, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (other than any Notes that are owned during any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes)
shall constitute indebtedness. The Noteholders, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 

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

  
 A-2-8 

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

  
 A-2-9 

 ASSIGNMENT 

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

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

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

Dated:
_____________                                       
                                     
_______________________________ */ 
 Signature Guaranteed: 
  

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

 

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

  
 A-2-10

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