Document:

Second Amended and Restated Trust Agreement

 Exhibit 10.4 
 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2012-2 
 SECOND AMENDED AND
RESTATED 
 TRUST AGREEMENT 
 between 
 SANTANDER DRIVE AUTO RECEIVABLES LLC, 

as the Seller 
 and 
 U.S. BANK TRUST NATIONAL ASSOCIATION, 

as the Owner Trustee 
 Dated as of March 21, 2012 
 Second Amended and Restated

 Trust Agreement (2012-2) 

 TABLE OF CONTENTS 

 

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

  
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 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 4.5.
	 	 Majority Control
	  	 	10	  
			
	 ARTICLE V
	 	 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	10	  
			
	 SECTION 5.1.
	 	 Application of Trust Funds
	  	 	10	  
			
	 SECTION 5.2.
	 	 Method of Payment
	  	 	10	  
			
	 SECTION 5.3.
	 	 Signature on Returns
	  	 	10	  
			
	 SECTION 5.4.
	 	 Certificate Distribution Account
	  	 	11	  
			
	 ARTICLE VI
	 	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	11	  
			
	 SECTION 6.1.
	 	 General Authority
	  	 	11	  
			
	 SECTION 6.2.
	 	 General Duties
	  	 	11	  
			
	 SECTION 6.3.
	 	 Action upon Instruction
	  	 	12	  
			
	 SECTION 6.4.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	12	  
			
	 SECTION 6.5.
	 	 No Action Except under Specified Documents or Instructions
	  	 	13	  
			
	 SECTION 6.6.
	 	 Restrictions
	  	 	13	  
			
	 ARTICLE VII
	 	 CONCERNING OWNER TRUSTEE
	  	 	13	  
			
	 SECTION 7.1.
	 	 Acceptance of Trusts and Duties
	  	 	13	  
			
	 SECTION 7.2.
	 	 Furnishing of Documents
	  	 	15	  
			
	 SECTION 7.3.
	 	 Representations and Warranties
	  	 	15	  
			
	 SECTION 7.4.
	 	 Reliance; Advice of Counsel
	  	 	16	  
			
	 SECTION 7.5.
	 	 Not Acting in Individual Capacity
	  	 	16	  
			
	 SECTION 7.6.
	 	 The Owner Trustee May Own Notes
	  	 	16	  
			
	 SECTION 7.7.
	 	 Compliance with Patriot Act
	  	 	17	  
			
	 ARTICLE VIII
	 	 COMPENSATION OF OWNER TRUSTEE
	  	 	17	  
			
	 SECTION 8.1.
	 	 The Owner Trustee’s Compensation
	  	 	17	  
			
	 SECTION 8.2.
	 	 Indemnification
	  	 	17	  
			
	 SECTION 8.3.
	 	 Payments to the Owner Trustee
	  	 	18	  
			
	 ARTICLE IX
	 	 TERMINATION OF TRUST AGREEMENT
	  	 	18	  
			
	 SECTION 9.1.
	 	 Dissolution of Issuer
	  	 	18	  
			
	 SECTION 9.2.
	 	 Termination of Trust Agreement
	  	 	18	  
			
	 SECTION 9.3.
	 	 Limitations on Termination
	  	 	18	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE X
	 	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	19	  
			
	 SECTION 10.1.
	 	 Eligibility Requirements for the Owner Trustee
	  	 	19	  
			
	 SECTION 10.2.
	 	 Resignation or Removal of the Owner Trustee
	  	 	19	  
			
	 SECTION 10.3.
	 	 Successor Owner Trustee
	  	 	20	  
			
	 SECTION 10.4.
	 	 Merger or Consolidation of the Owner Trustee
	  	 	20	  
			
	 SECTION 10.5.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	20	  
			
	 ARTICLE XI
	 	 MISCELLANEOUS
	  	 	22	  
			
	 SECTION 11.1.
	 	 Amendments
	  	 	22	  
			
	 SECTION 11.2.
	 	 No Legal Title to Trust Estate in Residual Interestholder
	  	 	23	  
			
	 SECTION 11.3.
	 	 Limitations on Rights of Others
	  	 	23	  
			
	 SECTION 11.4.
	 	 Notices
	  	 	23	  
			
	 SECTION 11.5.
	 	 Severability
	  	 	24	  
			
	 SECTION 11.6.
	 	 Separate Counterparts
	  	 	24	  
			
	 SECTION 11.7.
	 	 Successors and Assigns
	  	 	24	  
			
	 SECTION 11.8.
	 	 No Petition
	  	 	24	  
			
	 SECTION 11.9.
	 	 Information Request
	  	 	25	  
			
	 SECTION 11.10.
	 	 Headings
	  	 	25	  
			
	 SECTION 11.11.
	 	 GOVERNING LAW
	  	 	25	  
			
	 SECTION 11.12.
	 	 Waiver of Jury Trial
	  	 	25	  
			
	 SECTION 11.13.
	 	 Form 10-D and Form 10-K Filings
	  	 	25	  
			
	 SECTION 11.14.
	 	 Form 8-K Filings
	  	 	25	  
			
	 SECTION 11.15.
	 	 Information to Be Provided by the Owner Trustee
	  	 	26	  

  
 -iii-

 This SECOND AMENDED AND RESTATED TRUST AGREEMENT is made as of March 21,
2012 (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement” or this “Trust Agreement”) between SANTANDER DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability
company, as the Seller (the “Seller”), and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, as the owner trustee (“U.S. Bank” and in such capacity the “Owner Trustee”).

 RECITALS 
 WHEREAS, Santander Consumer Receivables Funding LLC (“SCRF”) and Deutsche Bank Trust Company Delaware, as owner trustee (“DBTCD”), entered into that certain Trust Agreement dated as of
May 16, 2011 (the “Original Trust Agreement”) and filed a certificate of trust with the Secretary of State of the State of Delaware, pursuant to which the Issuer (as defined below) was created; 

WHEREAS, DBTCD resigned as owner trustee and U.S. Bank was appointed as successor pursuant to an Instrument of Resignation, Appointment
and Acceptance dated as of February 21, 2012, among SCRF, DBTCD and U.S. Bank; 
 WHEREAS, on February 21, 2012, the
Seller, the Owner Trustee and SCRF entered into an amendment and restatement of the Original Trust Agreement (the “Amended and Restated Trust Agreement”), pursuant to which SCRF assigned its interest in the Issuer to the Seller, and
the name of the Issuer was changed to Santander Drive Auto Receivables Trust 2012-2; 
 WHEREAS, on February 21, 2012, the
Owner Trustee filed an amended and restated certificate of trust (the “Certificate of Trust”) with the Secretary of State of the State of Delaware; 
 WHEREAS, in connection with the issuance of the Notes, the parties have agreed to further amend and restate the Amended and Restated Trust Agreement; 

NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as
from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) between the Issuer, the Seller, the Servicer, and Deutsche Bank Trust Company Americas, as Indenture Trustee.

 SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement shall have the defined meanings when
used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates 

  

					
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		  	  	Trust Agreement (2012-2)

 
and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent
not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in
Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar
import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement,
and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all
variations thereof means “including without limitation”; (f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any
Person include that Person’s successors and assigns. 
 ARTICLE II 

ORGANIZATION 
 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Santander Drive Auto Receivables Trust 2012-2” (the “Issuer”), in which name
the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to
the Residual Interestholder, the Seller and the Administrator. 
 SECTION 2.3. Purposes and Powers. The purpose of the
Issuer is, and the Issuer shall have the power and authority, to engage in the following activities: 
 (a) to
issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of the Notes and distributions to the Residual
Interestholder; 
 (b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the
Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

(c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage
and distribute to the Residual Interestholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 
 (d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 

  

					
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		  	  	Trust Agreement (2012-2)

 (e) to engage in those activities, including entering into agreements, that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (f) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the
Residual Interestholder and the Noteholders. 
 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the
Issuer. Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction
Documents. 
 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee as trustee of
the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5.
Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, SCRF sold, assigned, transferred, conveyed and set over to DBTCD the sum of $1, which amount has heretofore been delivered to the Owner Trustee by
DBTCD. The Owner Trustee hereby acknowledges receipt in trust from DBTCD of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 

SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject
to the conditions set forth herein for the use and benefit of the Residual Interestholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory
trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for federal income or state and local income, franchise and value
added tax purposes, so long as there is a single beneficial owner of the Residual Interest, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt. The parties agree that, unless
otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its owner. In
the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership (that is not
treated as a publicly traded partnership), and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein to the extent not inconsistent herewith, and in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee has heretofore filed the Certificate of
Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Statute, such filing hereby being ratified and approved in all respects. Notwithstanding anything herein or in the Statutory Trust
Statute to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 

  

					
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 SECTION 2.7. Organizational Expenses; Liabilities of the Holders. 

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

(b) No Residual Interestholder (including the Seller if the Seller becomes a Residual Interestholder) shall have any
personal liability for any liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title
to all the Trust Estate shall be vested at all times in the Issuer as a separate legal entity. 
 SECTION 2.9.
Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full
power and authority required to own its assets and operate its business as presently owned or operated, and to execute, deliver and to perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all
necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 

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

  

					
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		  	  	Trust Agreement (2012-2)

 (d) Binding Effect. Each of the Transaction Documents to which the
Seller is a party and the Underwriting Agreement constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by
general principles of equity or other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of the Seller,
threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents or (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the other Transaction Documents. 
 SECTION 2.10. Situs of Issuer. The Issuer
shall be located in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware). 
 SECTION 2.11. Covenants of the Residual Interestholders. Each Residual Interestholder, by becoming a beneficial owner of the Residual Interest, hereby acknowledges and agrees (a) that the
Residual Interestholder is subject to the terms, provisions and conditions of the Certificate, to which the Residual Interestholder agrees to be bound; and (b) that it shall not take any position in such Residual Interestholder’s tax
returns inconsistent with Section 2.6 herein and Section 2.14 of the Indenture. 
 ARTICLE III

 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES 

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

SECTION 3.2. Authorization of the Certificates. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the board, its president, its
chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Seller. The Certificates shall represent 100% of the
beneficial interest in the Issuer and shall be fully paid and nonassessable. 

  

					
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		  	  	Trust Agreement (2012-2)

 SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued
in the form of a typewritten Certificate representing a definitive Certificate, substantially in the form of Exhibit A hereto. The Owner Trustee shall execute and authenticate or cause to be authenticated, each definitive Certificate in
accordance with the written instructions of the Seller. 
 SECTION 3.4. Registration of the Certificates. The Owner
Trustee shall maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Residual Interestholder at the time of such appointment, a register for the registration and
transfer of any Certificate. 
 SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign,
convey or otherwise transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such
transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes and (ii) the Certificate may not be acquired by or for the account of or with any assets of a Benefit Plan or any governmental,
non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law; provided that the condition set forth in (i) above will not apply to a transfer of 100% of the Certificate or
Certificates to an Affiliate of the Seller or its designated nominee, provided such Affiliate shall certify in writing to the Owner Trustee that it is a C Corporation for U.S. federal income tax purposes (within the meaning of
Section 1361(a)(2) of the Code) or a disregarded entity 100% owned (directly or indirectly) by a C Corporation for U.S. federal income tax purposes (within the meaning of Section 1361(a)(2) of the Code). By accepting and holding a
Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest therein) on behalf of or with any assets of, a Benefit Plan or any
governmental, non-U.S., church or any other employee benefit plan or retirement arrangement that is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in (ii) above is met and
shall incur no liability to any person in the event the holder of the Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any
portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person
or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument
of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a
Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor
transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a
transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat the Person in whose name any
Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 

  

					
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		  	  	Trust Agreement (2012-2)

 (b) As a condition precedent to any registration of transfer under this
Section 3.5, the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and
the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this Section 3.5. The
Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
 (d)
No transfer (or purported transfer) of all or any part of a Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such
transfer (or purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an
interest in the Certificates and the Non-Investment Grade Notes (unless, with respect to the Non-Investment Grade Notes, a Debt-For-Tax Opinion has been delivered). For purposes of determining whether the Issuer will have more than 95 holders of an
interest in the Certificates and the Non-Investment Grade Notes, as applicable, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S
corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder or Noteholder, as applicable, unless the Seller determines in its sole and absolute discretion, after consulting with qualified tax
counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

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

(f) Each transferee (i) shall be required to represent and warrant that it is a Person who is a U.S. Tax Person and
(ii) shall provide a certification of non-foreign status, in such form as may be requested by the Seller or the Owner Trustee (e.g. IRS Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of
counsel as may be requested by the Seller or the Owner Trustee). 
 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed
Certificates. If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership
satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new 

  

					
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Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such
notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate
Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

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

  

					
		  	8	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

(c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to
cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Residual Interestholder; or 

(d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the
Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2.
Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Residual Interestholder, to (a) except as expressly provided in the Transaction Documents,
sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator
pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Residual Interestholder. 

SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy. 

(a) The Issuer shall not, without the prior written consent of the Owner Trustee and 100% of the Residual Interestholders,
commence a Bankruptcy Event with respect to the Issuer. In considering whether to give or withhold written consent to the Bankruptcy Event by the Issuer, the Owner Trustee, with the consent of the Residual Interestholder, shall consider the
interests of the Noteholders in addition to the interests of the Issuer and whether the Issuer is insolvent. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Event by the Issuer if the Owner Trustee shall not have
been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation 

  

					
		  	9	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
stating that in the opinion of such firm the Issuer is then insolvent. The Owner Trustee shall not be personally liable to any Noteholder or Residual Interestholder on account of the Owner
Trustee’s good faith reliance on the provisions of this Section and no Noteholder or Residual Interestholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee for giving or withholding its consent to any
such Bankruptcy Event. 
 (b) The parties hereto stipulate and agree that no Residual Interestholder has power to
commence any Bankruptcy Action on the part of the Issuer. 
 SECTION 4.4. Restrictions on Residual Interestholder’s
Power. The Residual Interestholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the
Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Majority Control. To the extent that there is more than one Residual Interestholder, any action which may be taken or consent or instructions which may be given by the Residual
Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of such action.

 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of
Trust Funds. Distributions on the Residual Interest shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Certificate Paying Agent shall promptly
distribute to the Residual Interestholder all other amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the
Certificate Paying Agent shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Residual Interestholder. 

SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual Interestholder on any
Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the Residual Interestholder by
wire transfer, in immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 

SECTION 5.3. Signature on Returns. Subject to Section 2.6, the Residual Interestholder shall sign on behalf of the
Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Residual Interestholder. 

  

					
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		  	  	Trust Agreement (2012-2)

 SECTION 5.4. Certificate Distribution Account. The Certificate Distribution Account
shall be established pursuant to Section 4.1 of the Sale and Servicing Agreement. The Residual Interestholder shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution
Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the
benefit of the Residual Interestholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then
held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days (or such longer period) establish a new Certificate Distribution Account as an Eligible Account and shall transfer any cash then on deposit in the
Certificate Distribution Account to such new Certificate Distribution Account. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each
certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as
evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $247,100,000,
Class A-2 Notes in the aggregate principal amount of $450,000,000, Class A-3 Notes in the aggregate principal amount of $131,460,000, Class B Notes in the aggregate principal amount of $135,720,000, Class C Notes in the aggregate principal
amount of $171,430,000, Class D Notes in the aggregate principal amount of $114,290,000 and Class E Notes in the aggregate principal amount of $57,140,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to
take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller, the Administrator or the Residual Interestholder recommends or directs in
writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder for such action. 
 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other
Transaction Documents in the interest of the Residual Interestholder, subject to Transaction Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under
any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the
Administrator or any other Person under the Administration Agreement or 

  

					
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any other document. The Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Receivables. 
 SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in
accordance with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Residual
Interestholder pursuant to Article IV. 
 (b) Subject to Section 7.1, the Owner Trustee shall
not be required to take any action hereunder or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law. 
 (c) Whenever the
Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction
Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Residual
Interestholder requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the
Residual Interestholder received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction
Documents, as it shall deem to be in the best interests of the Residual Interestholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register,
record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties (including fiduciary duties existing at law or in equity) or
obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the Sarbanes-Oxley Act) for the Issuer

  

					
		  	12	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
or to record this Agreement or any Transaction Document. U.S. Bank nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any
Liens on any part of the Trust Estate that result from actions by, or claims against, U.S. Bank that are not related to the ownership or the administration of the Trust Estate. 

SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the
actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and value added tax purposes, (ii) be deemed to cause a
taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal
income, state and local income or franchise and value added tax purposes. The Residual Interestholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

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

  

					
		  	13	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 (c) The Owner Trustee shall not be personally liable for the payment of any
tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 
 (d) No provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s duties or powers
hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or liability is not assured or provided to its reasonable satisfaction. 

(e) Under no circumstance shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or
indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement, document or certificate contemplated by the foregoing. 
 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for
performing or supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale and Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be
performed by the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 

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

 (i) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
accordance with the instructions of the Residual Interestholder, the Servicer or the Administrator. 

  

					
		  	14	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

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

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

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

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

  

					
		  	15	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 (d) Neither the execution nor the delivery by it of this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other
Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under
this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected in good faith and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the relevant area
to be selected in good faith and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons. 
 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this
Article VII, in accepting the trusts hereby created, U.S. Bank acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated
by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 

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

  

					
		  	16	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to U.S. Bank pursuant to
Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by U.S. Bank under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee,
shall reimburse U.S. Bank upon its request for all reasonable expenses, disbursements and advances incurred or made by U.S. Bank in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of
such agents, experts and counsel as U.S. Bank may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense may be attributable to its willful misconduct, gross negligence (other than an
error in judgment) or bad faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid by the Issuer in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of
the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Seller shall cause the Servicer to indemnify U.S. Bank
in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against U.S. Bank in its individual capacity and as trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of U.S. Bank hereunder; provided, however, that neither the Seller nor the Servicer shall be
liable for or required to indemnify U.S. Bank from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation
or warranty contained in Section 7.3 expressly made by U.S. Bank in its individual capacity, (iii) liabilities arising from the failure of U.S. Bank to perform obligations expressly undertaken by it in the last sentence of
Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the

  

					
		  	17	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
Servicer, such indemnification shall be paid by the Issuer in accordance with, and solely to the extent set forth in, Section 4.4 of the Sale and Servicing Agreement or
Section 5.4(b) of the Indenture, as applicable. The provisions of this Section 8.2 shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee. 

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the
Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE
IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Dissolution of Issuer. The Issuer shall dissolve upon the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution,
death or incapacity of the Residual Interestholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

SECTION 9.2. Termination of Trust Agreement. Upon dissolution of the Issuer, the Administrator shall wind up the business and
affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full
and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made
reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Statute. The Certificate Paying Agent, upon surrender of the outstanding
Certificates shall distribute the remaining Trust Estate (if any) in accordance with Article V hereof and, at the written direction and expense of the Residual Interestholder, the Owner Trustee shall cause the Certificate of Trust to be cancelled by
filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII)
shall be of no further force or effect. 
 SECTION 9.3. Limitations on Termination. Except as provided in
Section 9.1 and 9.2, neither the Seller nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer. 

  

					
		  	18	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

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

SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of resignation, the Seller and the Administrator, acting
jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner
Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any
court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Owner
Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Seller or the
Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until

  

					
		  	19	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Seller shall provide (or
shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 

SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute,
acknowledge and deliver to the Seller, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named
as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner
Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor
Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section, the Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller
shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. Any successor Owner
Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of
Delaware. 
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any Person into which the Owner Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder;
provided that such Person shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and
mail notice of such merger or consolidation to the Seller and the Administrator. 
 SECTION 10.5. Appointment of Co-Trustee
or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located,

  

					
		  	20	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
the Seller and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to
Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and 
 (iii) the Seller and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee
shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of
this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument
shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 
 Any separate trustee or
co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any
separate 

  

					
		  	21	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to
the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the
Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee without the consent of the
Indenture Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 
 (i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

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

(c) Any term or provision of this Agreement may also be amended from time to time by the Seller and the Owner Trustee for
the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or an offering memorandum with respect to the Non-Investment Grade Notes without the consent of the Indenture Trustee, any Noteholder, the Issuer or
any other Person, provided, however, that the Seller shall provide written notification of such amendment to the Indenture Trustee and promptly after execution of any such amendment, the Seller shall furnish a copy of such amendment to
the Indenture Trustee. 
 (d) Prior to the execution of any amendment pursuant to this Section 11.1,
the Seller shall provide written notification of the substance of such amendment to each 

  

					
		  	22	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which affects the rights, protections or duties of the Indenture Trustee without the prior written consent of
such Person (which consent shall not be unreasonably withheld or delayed). 
 (e) Prior to the execution of any
amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement.

 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have
legal title to any part of the Trust Estate. The Residual Interestholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Residual Interestholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3. Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein. 
 SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the
terms hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt
requested or via electronic transmission, if to the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice
to each other party. 
 (b) Any notice required or permitted to be given to a Residual Interestholder shall be
given by first-class mail, postage prepaid, at the address of such Residual Interestholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the Residual Interestholder receives such notice. 

  

					
		  	23	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure
to the benefit of, the Seller, the Owner Trustee and its successors and the Residual Interestholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by
the Residual Interestholder shall bind the successors and assigns of the Residual Interestholder. 
 SECTION 11.8. No
Petition. 
 (a) To the fullest extent permitted by law each of the Owner Trustee (in its individual
capacity), the Seller, the Residual Interestholder, by accepting the Residual Interest, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which
is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such party shall not commence, join or institute, with any other Person, any
proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

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

  

					
		  	24	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a
priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination
agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this
Agreement. 
 SECTION 11.9. Information Request. The Owner Trustee shall provide any information regarding the Issuer in
its possession reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for convenience of reference
only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.11. GOVERNING LAW. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 SECTION 11.12. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto
irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.

 SECTION 11.13. Form 10-D and Form 10-K Filings. So long as the Seller is filing Exchange Act Reports with respect to
the Issuer (i) no later than each Payment Date, the Owner Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and
substance reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 2013, the Owner Trustee shall notify the Seller in writing of any affiliations or relationships between the
Owner Trustee and any Item 1119 Party; provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year. 

SECTION 11.14. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Owner
Trustee shall promptly notify the Seller, but in no 

  

					
		  	25	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
event later than four (4) Business Days after its occurrence, of any Reportable Event described in clause (e) of the definition thereof with respect to the Owner Trustee of which
a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The Owner Trustee shall be
deemed to have actual knowledge of any such event solely to the extent that it relates to the Owner Trustee in its individual capacity or any action taken by the Owner Trustee (and not by someone else on its behalf) under this Agreement. 

SECTION 11.15. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the Seller and the Servicer (each,
a “Santander Party” and, collectively, the “Santander Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to a Responsible Officer of
the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 2.3 of the Sale and Servicing Agreement or Section 3.3 of the Purchase Agreement, as applicable and (ii) promptly upon reasonable
request by a Santander Party to facilitate compliance by the Santander Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a
“securitizer” as defined in Section 15G(a) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have any responsibility for making any filing to be made by a
securitizer under the Exchange Act or Regulation AB with respect to the transactions contemplated by the Transaction Documents. 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	26	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

			
	U.S. BANK TRUST NATIONAL ASSOCIATION,
	as Owner Trustee
		
	By:	 	  /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

  

					
		  	S-1	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 
			
	SANTANDER DRIVE AUTO RECEIVABLES LLC
		
	By:	 	  /s/ Andrew Kang

	Name:	 	Andrew Kang
	Title:	 	Vice President

  

					
		  	S-2	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	NUMBER	 	100% BENEFICIAL INTEREST        
	R-            	 	

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2012-2 

CERTIFICATE 

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

 THIS CERTIFIES THAT
                                         
                    is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of SANTANDER DRIVE AUTO
RECEIVABLES TRUST 2012-2, a Delaware statutory trust (the “Issuer”) formed by Santander Drive Auto Receivables LLC, a Delaware limited liability company, as Seller (the “Seller”). 

  

					
		  	A-1	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 The Issuer is governed pursuant to a Second Amended and Restated Trust Agreement dated as of
March 21, 2012 (the “Trust Agreement”), between the Seller and U.S. Bank Trust National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement, dated as of March 21, 2012, between the Seller, the Issuer, Deutsche Bank Trust
Company Americas, as Indenture Trustee, and Santander Consumer USA Inc., as Servicer, as the same may be amended or supplemented from time to time. 
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this Certificate, the Certificateholder hereby
covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties such Person shall not commence,
join or institute against, with any other Person, any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

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

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

  

					
		  	A-2	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

  

					
		  	A-3	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

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

 

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2012-2
	
	By: U.S. Bank Trust National Association, not in its individual capacity, but solely as Owner Trustee
		
	Dated:	 	  

		
	By:	 	  

  

					
		  	A-4	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

	Name:	 	
	Title:	 	

  

					
		  	A-5	  	Second Amended and Restated
		  	  	Trust Agreement (2012-2)Irrevocable Undertaking

 Exhibit 10.1 
 IRREVOCABLE UNDERTAKING 
 This agreement is made this 18th day of March 2012 (the
Agreement). 
 BETWEEN: 
  

	(1)	UNITED PARCEL SERVICE, INC., a corporation organised and existing under the laws of the State of Delaware, having its address at 55 Glenlake Parkway, Atlanta,
Georgia 30328, USA (the Offeror); and 

  

	(2)	POSTNL N.V., a public company with limited liability (naamloze vennootschap), incorporated under the laws of The Netherlands, having its registered seat
at ‘s-Gravenhage, The Netherlands and its address at Prinses Beatrixlaan 23, 2595 AK ‘s-Gravenhage, The Netherlands (the Shareholder). 

 The parties mentioned above are hereinafter also collectively referred to as the Parties and individually as a Party. 
 WHEREAS: 
 (A) The Shareholder is the holder of 162,130,035 ordinary shares (the
Current Shareholding) in TNT Express N.V., a public company with limited liability (naamloze vennootschap) incorporated under the laws of The Netherlands, having its statutory seat in Amsterdam, The Netherlands (the
Company), constituting approximately 29.8% of the total issued and outstanding ordinary shares of the Company. 
 (B) On
7 April 2011, the Company and the Shareholder entered into a relationship agreement setting out certain arrangements in respect of the Current Shareholding (the Relationship Agreement), which was retained by the Shareholder as a
result of the statutory demerger of the Company from the Shareholder. 
 (C) The Offeror contemplates to make, or have a wholly-owned subsidiary
make, a public offer to acquire all the issued and outstanding ordinary shares with a nominal value of EUR 0.08 each of the Company (the Shares) against a consideration in cash of EUR 9.50 per share (the Offer Price)
(which price includes any (interim) dividends and other distributions that may be declared and/or paid in the period between the date of this Agreement and completion of the Offer, except for a financial year 2011 final dividend payment not
exceeding EUR 0.004 per Share) (the Offer). 
 (D) The Offer, if and when made, will be made pursuant to a merger protocol
between the Offeror and the Company (the Merger Protocol). 
 (E) The Offeror wishes to secure the acceptance of the Offer by the
Shareholder in respect of all Shares held by the Shareholder. 
 (F) The Shareholder is supportive of the Offer and is willing to
(i) tender its Shares under the Offer and (ii) support the Offeror in taking the actions necessary for a successful completion of the Offer, including the voting in favour of certain shareholder resolutions proposed by the Offeror, as
further set out in this Agreement. 
 NOW IT IS HEREBY AGREED AS FOLLOWS: 

 

	1.	CONDITION PRECEDENT 

  

	1.1	This Agreement and all rights and obligations contained therein are conditional (and will only enter into force) upon the execution of the Merger Protocol by the
Offeror and the Company. 

  
 AD 

	2.	IRREVOCABLE UNDERTAKING TO TENDER SHARES 

 

	2.1	Subject to the terms of this Agreement, the Shareholder hereby irrevocably undertakes to and agrees with the Offeror: 

 

	 	(a)	to accept the Offer in respect of: 

  

	 	(i)	the Current Shareholding; plus 

  

	 	(ii)	any Shares acquired by the Shareholder between the signing of this Agreement and the Settlement Date (as defined in clause 2.4 below); minus 

 

	 	(iii)	any Shares sold and/or transferred by the Shareholder between the date of this Agreement and the Settlement Date as permitted pursuant to clause 2.7,

 (the Shares referred to under (i), (ii) and (iii) together the Subject Shares); and

  

	 	(b)	to tender the Subject Shares under and in accordance with the terms and conditions of the Offer. 

 

	2.2	The Shareholder hereby confirms and represents to the Offeror that as at the date of this Agreement, the Shareholder (i) holds the Current Shareholding,
(ii) has the full legal and beneficial ownership in respect of all Shares that constitute the Current Shareholding and (iii) has the power to dispose thereof, subject to the limitations set out in the Relationship Agreement.

  

	2.3	The Shareholder’s irrevocable acceptance of the Offer in respect of the Subject Shares pursuant to this Agreement shall be made on or before the last day of the
initial tender period of the Offer in accordance with the terms and conditions set out in the offer document (biedingsbericht) to be published in connection with the Offer (the Offer Document). 

 

	2.4	The Subject Shares shall be tendered free from any pledge or other security interest (collectively, Liens) and with all rights attaching to the Subject
Shares at the date of settlement of the Offer (the Settlement Date). 

  

	2.5	Until (i) the Offer is declared unconditional (gestand wordt gedaan), (ii) the Offer is withdrawn or (iii) the Shareholder’s obligations
under this Agreement terminate in accordance with the terms of this Agreement, the Shareholder shall not, directly or indirectly, solicit any third party to make an offer by such third party for all or part of the Shares. 

 

	2.6	Until (i) the Offer is declared unconditional (gestand wordt gedaan), (ii) the Offer is withdrawn or (iii) the Shareholder’s obligations
under this Agreement terminate in accordance with the terms of this Agreement, the Shareholder will not: 

  

	 	(a)	sell, transfer, grant any option over or otherwise dispose of, or bring about a transaction in, any of the Subject Shares or any interest in any of the Subject Shares,
except under the Offer or as permitted pursuant to clause 2.7; 

  

	 	(b)	commit any act that could restrict or otherwise affect such Shareholder’s legal power, authority and/or right to vote in respect of any or all of its Subject
Shares as required by this Agreement; 

  

	 	(c)	grant any Lien over or in respect of any of the Subject Shares; or 

  
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	 	(d)	withdraw the acceptance referred to in clause 2.3 above. 

  

	2.7	After 19 September 2012, the Shareholder shall be permitted to sell and/or transfer and/or create Liens in respect of up to a maximum of 54,320,242 Shares.

  

	3.	FURTHER UNDERTAKINGS OF THE SHAREHOLDER 

 

	3.1	With effect from the date of this Agreement and until this Agreement terminates in accordance with its terms, the Shareholder shall vote in favour of any resolutions
proposed to the general meeting of shareholders of the Company as contemplated by the Merger Protocol. 

  

	3.2	Subject to the Offeror having declared the Offer unconditional and settlement of the Offer having taken place, the Shareholder hereby agrees with the Offeror to set up
and maintain a dedicated, bankruptcy-proof escrow fund (the Escrow Fund) in an amount equal to the Escrow Amount (as defined below). The sole and exclusive purpose of the Escrow Fund and the monies held therein from time to time (the
Permitted Purpose) shall be to repay, repurchase or otherwise reduce the outstanding obligations (including, without limitation, as to repayment of principal, payment of interest and payment of any break or other fees or costs, in each
case whether or not required to be paid) of the Shareholder and its group companies (as defined in article 2:24b of the Dutch Civil Code) from time to time (together, the Shareholder Group) in connection with the following outstanding
bonds of (any member of) the Shareholder Group (the Bonds): 

  

	 	(a)	the 3.875% Eurobond 2005-2015 (EUR 400,000,000); 

  

	 	(b)	the 5.375% Eurobond 2007-2017 (EUR 650,000,000); and 

  

	 	(c)	the 7.50% Eurobond 2008-2018 (GBP 450,000,000). 

 The Offeror and the Shareholder agree that the Shareholder shall have full discretion as to the timing and manner of application of the Escrow Amount or any part thereof, provided that (i) the monies
held from time to time in the Escrow Fund may solely be used for the Permitted Purpose and (ii) the Shareholder shall in any event not refrain from making any required payment in connection with the Bonds if and to the extent funds are
available in the Escrow Account. 
 The Shareholder hereby undertakes to the Offeror to have the Escrow Fund fully set up and
implemented (including as to payment into the Escrow Fund of the Escrow Amount) by no later than five (5) Business Days after the Settlement Date. Sufficiently prior to such set-up and implementation of the Escrow Fund, the Shareholder will
provide the Offeror with final drafts of all documentation in connection with the Escrow Fund for verification purposes, which documentation shall not be entered into by the Shareholder without prior written consent of the Offeror (which consent
shall not be withheld or delayed if such documentation complies with the provisions of this clause 3.2). 
 The Escrow
Amount shall be an amount of EUR 700,000,000 (in words: seven hundred million euro), less any payments made by any member of the Shareholder Group on account of payment of any principal amount outstanding under the Bonds between the date of
this Agreement and the Settlement Date. 
  

	4.	INTENTIONS OF THE OFFEROR 

 

	4.1	It is the intention of the Offeror to: 

  

	 	(a)	issue a joint public announcement with the Company in connection with the Offer announcing that they have reached conditional agreement on the terms of the Offer (the
Joint Public Announcement) as soon as possible after the execution of this Agreement; and 

  
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	 	(b)	release the Offer Document in accordance with the timetable applicable to public offers as set out in the Decree on Public Offers Wft (Besluit Openbare Biedingen
Wft), including such timetable following any exemptions granted by the Authority for the Financial Markets (Autoriteit Financiële Markten) (the Decree). 

 

	5.	TERMINATION OF THIS AGREEMENT 

 

	5.1	This Agreement shall terminate in the event of either the Offeror or the Company having terminated the Merger Protocol. 

 

	5.2	In addition to clause 5.1 and subject to clause 5.3, this Agreement shall terminate immediately if: 

 

	 	(a)	the Joint Public Announcement is not released by 19 March 2012; or 

  

	 	(b)	the Offer Document is not released and the Offer is not commenced in accordance with the statutory timetable applicable to the Offer as referred to in clause 4.1(b) and
ultimately on 31 July 2012; or 

  

	 	(c)	the Offer is withdrawn; or 

  

	 	(d)	in case of a Competing Offer (as such term is defined in the Merger Protocol): 

 

	 	(i)	the Offeror not having made a Matching Revised Offer (as such term is defined in the Merger Protocol) within the time period agreed between the Offeror and the Company
in the Merger Protocol or the Offeror having informed the Company that it does not wish to exercise its Matching Right (as such term is defined in the Merger Protocol); and 

 

	 	(ii)	the Boards (as defined in the Merger Protocol) having withdrawn or modified the Recommendation (as defined in the Merger Protocol); or 

 

	 	(e)	the Offer is not declared unconditional (gestand wordt gedaan): 

  

	 	(i)	in accordance with its terms and conditions within 3 business days following expiry of the tender period, or a potential extended tender period, as the case may be, as
will be further set out in the Offer Document; or 

  

	 	(ii)	by 28 February 2013; or 

  

	 	(f)	the Shareholder is obliged, in its reasonable opinion, to tender the Subject Shares in whole or in part under another public offer for the Company pursuant to the terms
of the Relationship Agreement (as they apply from time to time); or 

  

	 	(g)	settlement (gestanddoening) of the Offer has taken place. 

  

	5.3	Upon termination of this Agreement pursuant to: 

  

	 	(a)	clause 5.2(g), clauses 3.2 and 6 through 10 shall remain in full force and effect; and 

  
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	 	(b)	clause 5.2(a), 5.2(b), 5.2(c), 5.2(d), 5.2(e) or 5.2(f), clauses 6 through 10 (but, for the avoidance of doubt, not clause 3.2) shall remain in full force and
effect. 

  

	6.	CONFIDENTIALITY AND ANNOUNCEMENTS 

 

	6.1	Except as otherwise agreed in this clause 6, no Party shall, without the written approval of the other Party, disclose or provide this Agreement to anyone, except to
the extent that it is obliged to make such a disclosure pursuant to applicable law, regulations or (stock exchange or other applicable) rules or order of a court or other governmental authority. Where reasonably possible, the disclosing Party shall,
prior to disclosure, consult the other Party about the form and contents of such disclosure. 

  

	6.2	The Shareholder agrees to references to the Shareholder and this Agreement in the Joint Public Announcement and any other announcement to be made in connection with the
Offer pursuant to applicable law, the rules and regulations of NYSE Euronext Amsterdam or rules applicable to public offers in The Netherlands and any equivalent references in the Offer Document. 

 

	6.3	Before the issuance of the Joint Public Announcement, no announcements or disclosures in relation to the signing, execution and contents of this Agreement shall be made
by either Party without the prior written consent of the other Party, except where required in order to comply with applicable law or regulations, provided that each Party, to the extent lawful and reasonably practicable, shall in connection with
any such announcement or disclosure: 

  

	 	(a)	give the other Party reasonable advance written notice; and 

  

	 	(b)	disclose only such information as is required on the basis of the above. 

  

	6.4	Immediately upon issuance of the Joint Public Announcement by the Offeror, the Shareholder shall issue a press release in the form as set out in Annex 1.

  

	6.5	For the avoidance of doubt, nothing in this clause 6 shall prejudice the timing and scope of disclosure obligations under applicable law, the rules and regulations
of a relevant stock exchange or public offer rules in The Netherlands. 

  

	7.	MISCELLANEOUS 

  

	7.1	All amendments or additions to this Agreement must be in writing and signed by or on behalf of each party. 

 

	7.2	Each party shall pay its own costs and expenses incurred in the preparation, execution and enforcement of this Agreement. 

 

	7.3	This Agreement is without prejudice to any relevant legal and regulatory provisions in The Netherlands or other relevant jurisdictions regarding inter alia,
notification of securities transactions and prevention of insider trading that may apply to the Offeror and/or the Shareholder. 

  

	7.4	This Agreement and the documents referred to herein contain the whole agreement between the parties relating to the Offer and supersede all previous agreements, whether
oral or in writing, between the parties relating to such transactions and other matters. 

  

	7.5	Except where the context requires otherwise, in this agreement the expression the Offer extends to any improved offer on behalf of the Offeror, whether voluntary or
mandatory, contested or uncontested. 

  
 Page 5

	8.	NOTICES 

 A notice or other
communication under or in connection with this Agreement shall be in writing and shall be delivered personally or sent by registered express mail (and air mail if overseas) or by email to the party due to receive the notice or communication, at its
address or email address set out hereunder or another address specified by that party by written notice to the others. 
 The Offeror

  

			
	To:	  	United Parcel Service, Inc.
	For the attendance of:	  	Richard Peretz
	Address:	  	55 Glenlake Parkway, Atlanta, Georgia 30328, USA
	E-mail address:	  	rperetz@ups.com
		
	With written copies:	  	
		
	To:	  	United Parcel Service, Inc.
	For the attendance of:	  	Jeff Firestone
	Address:	  	55 Glenlake Parkway, Atlanta, Georgia 30328, USA
	E-mail address:	  	jfirestone@ups.com
		
	and	  	
		
	To:	  	Freshfields Bruckhaus Deringer LLP
	For the attendance of:	  	Alexander Doorman
	Address:	  	Strawinskylaan 10, 1077 XZ Amsterdam, The Netherlands
	E-mail address:	  	alexander.doorman@freshfields.com
		
	The Shareholder	  	
		
	To:	  	PostNL N.V.
	For the attendance of:	  	Cees Visser
	Address:	  	Prinses Beatrixlaan 23, 2595 AK ‘s-Gravenhage, The Netherlands
	E-mail address:	  	cees.visser@postnl.nl
		
	With a written copy:	  	
		
	To:	  	Stibbe N.V.
	For the attendance of:	  	Egbert Vroom
	Address:	  	Strawinskylaan 2001, 1077 ZZ Amsterdam, The Netherlands
	E-mail address:	  	egbert.vroom@stibbe.com

  

	9.	WAIVER OF CERTAIN PROVISIONS OF RELATIONSHIP AGREEMENT

 The Shareholder acknowledges that (i) the Offeror and the Company agreed in the Merger Protocol that the Company will
waive any and all rights it may have vis-à-vis the Shareholder pursuant to clause 6.2 of the Relationship Agreement, subject to the condition subsequent (ontbindende voorwaarde) of termination of this Agreement pursuant to its terms
and (ii) the Company has given written notice of such waiver to the Shareholder. 
  

	10.	GOVERNING LAW AND JURISDICTION 

 This Agreement is governed by, and shall be construed in accordance with, the laws of The Netherlands. Any dispute arising out of or in connection with this Agreement will be finally settled

  
 Page 6

 
by arbitration in accordance with the rules of the Netherlands Arbitration Institute (Nederlands Arbitrage Instituut). The arbitral tribunal will be composed of three arbitrators appointed
in accordance with those rules. The place of the arbitration will be Amsterdam, The Netherlands. The language of the arbitration will be English. The arbitrators will decide according to the rules of law. This paragraph shall also apply to disputes
between the parties to this Agreement arising in connection with agreements that are connected with this Agreement, unless the relevant agreement expressly provides otherwise. 
 Remainder of this page is intentionally left blank 

  
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 As agreed and signed in two counterparts on the date first above written. 

 

			
	UNITED PARCEL SERVICE, INC.
	
	  /s/ D. Scott Davis

	By:	 	D. Scott Davis
	Title:	 	Chief Executive Officer and Chairman

  

			
	POSTNL N.V.
	
	  /s/ H.M. Koorstra

	By:	 	H.M. Koorstra
	Title:	 	CEO and Chairman of the Board of Management

  
 Page 8

	Annex 1	Agreed form press release 

 PostNL has
signed an irrevocable undertaking with UPS in support of UPS’ offer for TNT Express 
 Today United Parcel Service, Inc.
(“UPS”) and TNT Express N.V. (“TNT Express”) jointly announced that they have reached agreement by entering into a Merger Protocol on an all-cash public offer by UPS for all issued and outstanding ordinary shares of TNT Express
(the “TNT Shares”) at an offer price of € 9.50 for each TNT Share (the “Offer”). 
 PostNL N.V. (“PostNL”),
holding approximately 29.8% of the TNT Shares, has irrevocably undertaken to tender all TNT Shares held by it under the Offer subject to customary undertakings and conditions (the “Irrevocable Undertaking”). The Irrevocable Undertaking
terminates, inter alia, upon termination of the Merger Protocol between UPS and TNT Express. PostNL may furthermore terminate the Irrevocable Undertaking in the event that the executive and supervisory boards of TNT Express revoke their
recommendation of the Offer upon a bona fide third-party offeror making an offer which exceeds the offer price by at least 8% that is considered by the executive and supervisory boards of TNT Express to be substantially more beneficial to TNT
Express and that is not matched by UPS. 
 In the context of the Offer, UPS and TNT Express agreed that TNT Express will not invoke certain
provisions of the Relationship Agreement dated 7 April 2011 between PostNL and TNT Express. If the Offer has not been declared unconditional (‘gestand gedaan’) ultimately on 19 September 2012, PostNL shall be permitted to
sell and/or transfer up to a maximum of 54,320,242 TNT Shares held by it (being approximately 10% of the total issued and outstanding share capital of TNT Express at the date hereof). 
 If the Offer will be effected at the offer price of € 9.50 for each TNT Share, it is expected that PostNL will receive a cash amount of approximately € 1,540 million. PostNL will put an amount
of €700 million of the proceeds of the sale of all its TNT Shares in an escrow account which will be used for the purpose of the reduction of its debt, in line with PostNL’s financial policy. 

This announcement does not constitute an offer to purchase or the solicitation of an offer to sell any securities, nor shall there be any sale or
purchase of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 

About PostNL 
 PostNL processes 8.7 billion
addressed postal items (including 106 million parcels) each year and delivers to addresses in the Benelux, Germany, the UK and Italy. PostNL’s main business is mail, parcels and e-commerce. The company also provides services in the area of
data and document management, direct marketing and fulfilment. PostNL employs some 65.500 people. In 2011 the company generated a turnover of nearly 4.3 billion euros. 

  
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