Document:

EX-4.1

 Exhibit 4.1 
  

 
  

 
 SANTANDER DRIVE AUTO RECEIVABLES
TRUST 20[ ]-[ ] 
 Class A-1 [      ]% Auto Loan Asset Backed Notes 

Class A-2-A [      ]% Auto Loan Asset Backed Notes 

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

Class A-3 [      ]% Auto Loan Asset Backed Notes 

Class B [      ]% Auto Loan Asset Backed Notes 

Class C [      ]% Auto Loan Asset Backed Notes 

Class D [      ]% Auto Loan Asset Backed Notes 

Class E [      ]% Auto Loan Asset Backed Notes 

 
  

INDENTURE 
 Dated as of
[            ] 
  

 
  

[            ], as the Indenture Trustee 

 
  

 

  

					
		 		 	20[  ]-[  ] Indenture

 CROSS REFERENCE TABLE1 

 

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

  
  

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

	2 	N.A. means Not Applicable. 

  

					
		 		 	20[  ]-[  ] Indenture

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
			
	 ARTICLE I
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	2
			
	 SECTION 1.1
	 	Definitions	  	2
	 SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	2
	 SECTION 1.3
	 	Other Interpretive Provisions	  	2
			
	 ARTICLE II
	 	THE NOTES	  	3
			
	 SECTION 2.1
	 	Form	  	3
	 SECTION 2.2
	 	Execution, Authentication and Delivery	  	3
	 SECTION 2.3
	 	Temporary Notes	  	4
	 SECTION 2.4
	 	Registration of Transfer and Exchange	  	4
	 SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	6
	 SECTION 2.6
	 	Persons Deemed Owners	  	6
	 SECTION 2.7
	 	Payment of Principal and Interest; Defaulted Interest	  	7
	 SECTION 2.8
	 	Cancellation	  	8
	 SECTION 2.9
	 	Release of Collateral	  	8
	 SECTION 2.10
	 	Book-Entry Notes	  	8
	 SECTION 2.11
	 	Notices to Clearing Agency	  	9
	 SECTION 2.12
	 	Definitive Notes	  	9
	 SECTION 2.13
	 	Authenticating Agents	  	10
	 SECTION 2.14
	 	Tax Treatment	  	10
	 SECTION 2.15
	 	Certain Transfer Restrictions on the Notes	  	11
	 SECTION 2.16
	 	Certain Transfer Restrictions on the Non-Investment Grade Notes and Restricted Notes	  	12
	 SECTION 2.17
	 	Transfer Restrictions on Certain Notes Upon a Sale of a Certificate	  	18
			
	 ARTICLE III
	 	COVENANTS	  	18
			
	 SECTION 3.1
	 	Payment of Principal and Interest; Determination of LIBOR	  	18
	 SECTION 3.2
	 	Maintenance of Office or Agency	  	18
	 SECTION 3.3
	 	Money for Payments To Be Held in Trust	  	19
	 SECTION 3.4
	 	Existence	  	20
	 SECTION 3.5
	 	Protection of Collateral	  	21
	 SECTION 3.6
	 	Opinions as to Collateral	  	21
	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables	  	22
	 SECTION 3.8
	 	Negative Covenants	  	22
	 SECTION 3.9
	 	Annual Compliance Statement	  	23
	 SECTION 3.10
	 	Restrictions on Certain Other Activities	  	24
	 SECTION 3.11
	 	Restricted Payments	  	24
	 SECTION 3.12
	 	Notice of Events of Default; Servicer Replacement Events	  	25
	 SECTION 3.13
	 	Further Instruments and Acts	  	25
	 SECTION 3.14
	 	Compliance with Laws	  	25
	 SECTION 3.15
	 	Removal of Administrator	  	25
	 SECTION 3.16
	 	Perfection Representations, Warranties and Covenants	  	25
	 SECTION 3.17
	 	Investment Company Act	  	25
	 SECTION 3.18
	 	Tax Information	  	25

  

					
		 	i	 	20[  ]-[  ] Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE IV
	 	SATISFACTION AND DISCHARGE	  	 	26	  
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	26	  
	 SECTION 4.2
	 	Application of Trust Money	  	 	26	  
	 SECTION 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	27	  
			
	 ARTICLE V
	 	EVENTS OF DEFAULT; REMEDIES	  	 	27	  
			
	 SECTION 5.1
	 	Events of Default	  	 	27	  
	 SECTION 5.2
	 	Acceleration of Maturity; Waiver of Event of Default	  	 	28	  
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	29	  
	 SECTION 5.4
	 	Remedies; Priorities	  	 	31	  
	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	 	34	  
	 SECTION 5.6
	 	Limitation of Suits	  	 	35	  
	 SECTION 5.7
	 	Rights of Noteholders To Receive Principal and Interest	  	 	36	  
	 SECTION 5.8
	 	Restoration of Rights and Remedies	  	 	36	  
	 SECTION 5.9
	 	Rights and Remedies Cumulative	  	 	36	  
	 SECTION 5.10
	 	Delay or Omission Not a Waiver	  	 	36	  
	 SECTION 5.11
	 	Control by Noteholders	  	 	36	  
	 SECTION 5.12
	 	Waiver of Past Defaults	  	 	37	  
	 SECTION 5.13
	 	Undertaking for Costs	  	 	37	  
	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	 	37	  
	 SECTION 5.15
	 	Action on Notes	  	 	38	  
	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	38	  
	 SECTION 5.17
	 	Sale of Collateral	  	 	39	  
			
	 ARTICLE VI
	 	THE INDENTURE TRUSTEE	  	 	39	  
			
	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	 	39	  
	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	 	40	  
	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	 	41	  
	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	 	41	  
	 SECTION 6.5
	 	Notice of Defaults	  	 	41	  
	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	 	42	  
	 SECTION 6.7
	 	Compensation and Indemnity	  	 	42	  
	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	 	42	  
	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	 	44	  
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	44	  
	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	45	  
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	45	  
	 SECTION 6.13
	 	Representations and Warranties	  	 	45	  

  

					
		 	ii	 	20[  ]-[  ] Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE VII
	 	NOTEHOLDERS’ LISTS AND REPORTS	  	 	46	  
			
	 SECTION 7.1
	 	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	46	  
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	46	  
	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	 	47	  
	 SECTION 7.4
	 	Rule 144A Information	  	 	47	  
	 SECTION 7.5
	 	Noteholder Demand for Repurchase, Dispute Resolution	  	 	47	  
	 SECTION 7.6
	 	Asset Review Voting	  	 	48	  
			
	 ARTICLE VIII
	 	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	49	  
			
	 SECTION 8.1
	 	Collection of Money	  	 	49	  
	 SECTION 8.2
	 	Trust Accounts	  	 	49	  
	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	 	50	  
	 SECTION 8.4
	 	Release of Collateral	  	 	51	  
	 SECTION 8.5
	 	Opinion of Counsel	  	 	52	  
			
	 ARTICLE IX
	 	SUPPLEMENTAL INDENTURES	  	 	52	  
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	52	  
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	53	  
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	55	  
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	55	  
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	 	55	  
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	55	  
			
	 ARTICLE X
	 	REDEMPTION OF NOTES	  	 	55	  
			
	 SECTION 10.1
	 	Redemption	  	 	55	  
	 SECTION 10.2
	 	Form of Redemption Notice	  	 	56	  
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	56	  
			
	 ARTICLE XI
	 	MISCELLANEOUS	  	 	57	  
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	57	  
	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	 	58	  
	 SECTION 11.3
	 	Acts of Noteholders	  	 	59	  
	 SECTION 11.4
	 	Notices	  	 	59	  
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	60	  
	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	 	60	  
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	60	  
	 SECTION 11.8
	 	Information Requests	  	 	61	  
	 SECTION 11.9
	 	Effect of Headings and Table of Contents	  	 	61	  
	 SECTION 11.10
	 	Successors and Assigns	  	 	61	  
	 SECTION 11.11
	 	Separability	  	 	61	  
	 SECTION 11.12
	 	Benefits of Indenture	  	 	61	  
	 SECTION 11.13
	 	Legal Holidays	  	 	61	  

  

					
		 	iii	 	20[  ]-[  ] Indenture

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 11.14
	 	GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial	  	 	61	  
	 SECTION 11.15
	 	Counterparts	  	 	62	  
	 SECTION 11.16
	 	Recording of Indenture	  	 	62	  
	 SECTION 11.17
	 	Trust Obligation	  	 	62	  
	 SECTION 11.18
	 	No Petition	  	 	63	  
	 SECTION 11.19
	 	Intent	  	 	63	  
	 SECTION 11.20
	 	Subordination of Claims	  	 	63	  
	 SECTION 11.21
	 	Limitation of Liability of Owner Trustee	  	 	64	  
	 SECTION 11.22
	 	[Limitation of Rights	  	 	64	  

  

			
	 Schedule I
	  	Perfection Representations, Warranties and Covenants
		
	 Exhibit A
	  	Form of Notes
	 Exhibit A-2
	  	Form of Class E Notes
	 Exhibit B
	  	Form of Transfer Certificate for Transfers of Non-Investment Grade Notes

  

					
		 	iv	 	20[  ]-[  ] Indenture

 This INDENTURE, dated as of
[            ], 20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Indenture”), is between
SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), and [            ], a
[            ], solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s
Class A-1 [        ]% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A [        ]% Auto Loan Asset Backed Notes
(the “Class A-2-A Notes”), Class A-2-B LIBOR + [        ]% Auto Loan Asset Backed Notes (the “Class A-2-B Notes” and, together with the Class A-2-A Notes, the
“Class A-2 Notes”) and Class A-3 [        ]% Auto Loan Asset Backed Notes (the “Class A-3 Notes” and, together
with the Class A-1 Notes, and the Class A-2 Notes, the “Class A Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class B [        ]% Auto
Loan Asset Backed Notes (the “Class B Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class C [        ]% Auto Loan Asset Backed Notes (the
“Class C Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class D [        ]% Auto Loan Asset Backed Notes (the “Class D Notes”) and
then for the equal and ratable benefit of the Holders of the Issuer’s Class E [        ]% Auto Loan Asset Backed Notes (the “Class E Notes” and, collectively with the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). 
 GRANTING CLAUSE 

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

The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect
of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii) [the payment of all amounts payable by 

  

					
		 		 	20[  ]-[  ] Indenture

 
the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement and (iii)] compliance with the provisions of this Indenture, each as provided in this Indenture. 

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

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Appendix A to the Sale and Servicing
Agreement dated as of [            ], 20[ ] (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Santander Drive Auto
Receivables LLC, as seller, the Issuer, Santander Consumer USA Inc., as servicer, and the Indenture Trustee. 
 SECTION 1.2
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive Provisions. All terms defined in
this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the
context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP (provided,
that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture  

  

					
		 	2	 	20[  ]-[  ] Indenture

 
shall control); (b) terms defined in Article 9 of the UCC as in effect on the relevant jurisdiction and not otherwise defined in this Indenture are used as defined in that Article;
(c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (d) references to any Article, Section,
Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection,
clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly provided herein, references to any
law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes
of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 ARTICLE II 

THE NOTES 
 SECTION
2.1 Form. The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the
Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

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

  

					
		 	3	 	20[  ]-[  ] Indenture

 
principal amount of $[                    ], Class D Notes for original issue in an
aggregate principal amount of $[                    ] and Class E Notes for original issue in an aggregate principal amount of
$[                    ]. The Note Balance of Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class
B Notes, Class C Notes, Class D Notes and Class E Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

Each Note shall be dated the date of its authentication. The Investment Grade Notes shall be issuable as registered Notes in the minimum
denomination of $[100,000] and in integral multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral multiple of $1,000). The Non-Investment Grade Notes shall be issuable as
registered Notes in the minimum denomination of $[100,000] and in integral multiples of $1,000 in excess thereof (except for one Note which may be issued in a denomination other than an integral multiple of $1,000). 

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

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

SECTION 2.4 Registration of Transfer and Exchange.  

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

  

					
		 	4	 	20[  ]-[  ] Indenture

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

(b) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in
Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding principal amount. 

At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like
Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request,
the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

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

(e) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not
involving any transfer. 

  

					
		 	5	 	20[  ]-[  ] Indenture

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

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

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

The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed Owners. Prior to
due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the 

  

					
		 	6	 	20[  ]-[  ] Indenture

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

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

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date. 

  

					
		 	7	 	20[  ]-[  ] Indenture

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

SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing
the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $500 million in aggregate
principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a
Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to the
applicable Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section 2.10 shall be in full force
and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders, and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this Indenture, the provisions of
this Section 2.10 shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall
be limited to those established by law and agreements between or among such Note 

  

					
		 	8	 	20[  ]-[  ] Indenture

 
Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Depository Agreement, unless and until Definitive
Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of
Noteholders evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency
Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

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

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

  

					
		 	9	 	20[  ]-[  ] Indenture

 SECTION 2.13 Authenticating Agents.  

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

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

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

  

					
		 	10	 	20[  ]-[  ] Indenture

 (b) The parties hereto agree that it is their mutual intent that, for all applicable purposes the
Certificates will not constitute indebtedness. 
 (c) Prior to the first Payment Date, at any time required by law and/or promptly upon
request, each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with the Noteholder Tax Identification Information and the Noteholder FATCA Information. Each
Noteholder is deemed to understand that by acceptance of a Note, such Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to
withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. If the Issuer has actual knowledge that FATCA
Withholding Tax applies with respect to one or more payments on a Note, the Issuer will notify the Indenture Trustee thereof. 

SECTION 2.15 Certain Transfer Restrictions on the Notes. 

(a) By acquiring an Investment Grade Note (or any interest therein), each purchaser and transferee shall be deemed to represent and warrant
that either (a) it is not acquiring such Investment Grade Note (or any interest therein) on behalf of or with any assets of a Benefit Plan or any governmental plan, non-U.S. plan or church plan or any other employee benefit plan or arrangement
that is subject to Similar Law; or (b) (i) such Investment Grade Note is rated at least “BBB-” or its equivalent by a nationally recognized statistical rating agency at the time of purchase or transfer and (ii) the
acquisition, holding and disposition of such Investment Grade Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar
Law. 
 (b) Any Notes (or interests therein) beneficially owned by the Issuer or the single beneficial owner of the Issuer for United States
federal income tax purposes after the Closing Date may not be transferred for United States federal income tax purposes to another Person (other than the single beneficial owner of the Issuer for United States federal income tax purposes) unless the
Administrator shall cause an Opinion of Counsel, of nationally recognized tax counsel, to be delivered to the Depositor and the Indenture Trustee to the effect that either (x) such Notes will be treated as debt for United States federal income
tax purposes or (y) the sale of such Notes will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. 

(c) If for tax or other reasons it may be necessary to track any Notes (e.g., if the Notes have original issue discount), tracking conditions
such as requiring that such Notes be in definitive registered form may be required by the Depositor or the Administrator as a condition to such transfer. 

(d) Any purported transfer of a Note not in accordance with this Section 2.15 shall be null and void ab initio and shall
not be given effect for any purpose hereunder. 
 (e) The Indenture Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or 

  

					
		 	11	 	20[  ]-[  ] Indenture

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

SECTION 2.16 Certain Transfer Restrictions on the Non-Investment Grade Notes and Restricted Notes. 

(a) None of the Issuer, the Indenture Trustee nor any other Person may register the Non-Investment Grade Notes under the Securities Act
or any state securities laws. No Non-Investment Grade Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance
with Rule 144A (except for transfers of Non-Investment Grade Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Non-Investment Grade Notes by
the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement). Any purported transfer of the Non-Investment Grade Notes or Restricted Notes to a transferee that does not comply with the requirements of this
paragraph shall be null and void ab initio and will not operate to transfer any rights to the transferee, notwithstanding any instructions to the contrary to the Issuer, the Indenture Trustee or any intermediary. The Issuer may sell, or
direct the Indenture Trustee to sell on its behalf, any Non-Investment Grade Notes or Restricted Notes acquired in violation of the foregoing at the cost and risk of the purported transferee. 

(b) [Reserved.] 
 (c) Prior to
any sale or transfer of any Restricted Note (or any interest therein), each prospective transferee of such Restricted Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or
disregarded entities thereof)) shall be required to provide to the Indenture Trustee and Depositor a certification of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under
penalties of perjury (and such other certification, representations or opinion of counsel as may be requested by the Depositor or the Indenture Trustee), or other information or documentation requested by the Depositor or the Indenture Trustee to
determine, in consultation with the Depositor, that payments on such Restricted Notes (or interest therein) will not be subject to withholding under U.S. tax law. 

(d) Prior to any sale or transfer of any Non-Investment Grade Note or Restricted Note (or any interest therein) each prospective transferee of
such Non-Investment Grade Note or Restricted Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be required to provide to the Indenture
Trustee, Note Registrar and Depositor a written representation letter substantially in the form of Exhibit B attached hereto (with such revisions or modifications as may be determined by the Depositor), unless the Depositor shall have
received an opinion of nationally recognized tax counsel to the effect that such transfer without an accompanying representation letter substantially in the form of Exhibit B will not cause the issuer to be treated as an association or
publicly traded partnership taxable as a corporation for U.S. federal income tax 

  

					
		 	12	 	20[  ]-[  ] Indenture

 
purposes and the Depositor shall consent in writing that no such written representation letter is required, in which case such prospective transferee shall be deemed to have represented and
agreed as follows (provided, however, that with respect to a prospective transferee of a Restricted Note that is not a Non-Investment Grade Note, the only applicable representations are paragraphs (x), (xi), (xii), (xiii) and
(xiv), and with respect to a prospective transferee of a Non-Investment Grade Note that is not a Restricted Note, the only applicable representations are paragraphs (i) - (x)): 

(i) The transferee (A) is a Qualified Institutional Buyer, (B) is aware that the sale of the Non-Investment Grade
Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the Non-Investment Grade Notes for its own account or for one or more accounts, each of which is a Qualified Institutional
Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Non-Investment Grade Note for the purchaser and for each such account. 

(ii) The Non-Investment Grade Notes may not at any time be held by or on behalf of any Person (other than the Depositor or an
Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee understands that the
Non-Investment Grade Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Non-Investment Grade Notes have been or will be registered under the
Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Non-Investment Grade Notes, such Non-Investment Grade Notes may only be offered, resold, pledged or otherwise transferred in accordance
with this Indenture and the applicable legend on such Non-Investment Grade Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any
applicable State securities laws for resale of the Non-Investment Grade Notes. 
 (iv) The transferee understands that an
investment in the Non-Investment Grade Notes involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information
concerning the Issuer and the Non-Investment Grade Notes as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Non-Investment Grade Notes, including an opportunity to ask questions
of and request information from the Servicer, the Depositor and the Issuer. The transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the
Non-Investment Grade Notes, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 

(v) In connection with the transfer of the Non-Investment Grade Notes (a) none of the Issuer, the Servicer, the Depositor,
any initial purchaser of the Non-Investment Grade Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for purposes of making any

  

					
		 	13	 	20[  ]-[  ] Indenture

 
investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of any initial purchaser of the Non-Investment Grade Notes, the Issuer, the Servicer, the
Depositor, or the Indenture Trustee other than in the most current offering memorandum for such Non-Investment Grade Notes and any representations expressly set forth in a written agreement with such party, (c) none of any initial purchaser of
the Non-Investment Grade Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected
or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the Non-Investment Grade Notes,
(d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding
the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by any initial purchaser of the Non-Investment Grade Notes,
the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale of the Non-Investment Grade Notes reflect those in the relevant
market for similar transactions, (f) the transferee is purchasing the Non-Investment Grade Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to
assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with transactions similar to its investment in the Non-Investment Grade Notes. 

(vi) The transferee understands that the Non-Investment Grade Notes will bear the legend(s) substantially similar to those set
forth in Section 2.16(e) unless the Issuer determines otherwise in compliance with applicable law. 
 (vii) The
transferee will not, at any time, offer to buy or offer to sell the Non-Investment Grade Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in
any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising. 

(viii) The transferee is not acquiring the Non-Investment Grade Notes with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act. 
 (ix) Each Noteholder of a Non-Investment Grade Note (or any
interest therein) will be deemed to have represented to the Issuer, the Servicer, any initial purchaser of the Non-Investment Grade Notes and the Indenture Trustee that for so long as it holds such Non-Investment Grade Note (or any interest therein)
it is not acquiring such Non-Investment Grade Note (or any interest therein) on behalf of or with any assets of any Benefit Plan or with the assets of a governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is
subject to Similar Law. 

  

					
		 	14	 	20[  ]-[  ] Indenture

 (x) The transferee will provide notice to each Person to whom it proposes to
transfer any interest in the Non-Investment Grade Notes or Restricted Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto. Further, the transferee will not transfer any Non-Investment
Grade Note or Restricted Note (or any interest therein) unless, prior to the transfer, the transferee shall have provided to the Indenture Trustee, the Note Registrar and Depositor, and any of their respective successors or assigns, a written
representation letter substantially in the form of Exhibit B attached hereto. 
 (xi) Unless the Depositor has
received an opinion of nationally recognized tax counsel to the effect that the transfer of the Restricted Note without the representation pursuant to this paragraph (xi) will not cause the Issuer to be treated as an association or publicly
traded partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor has consented to such transfer in writing, no transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such
transfer could cause the number of direct or indirect holders of an interest in the Restricted Notes to exceed a number equal to 40 Persons. The Depositor shall have the duty and obligation to ascertain the number of direct or indirect holders of an
interest in the Restricted Notes, and neither the Indenture Trustee nor the Note Registrar shall have any duty or obligation with respect to the foregoing. 

(xii) Unless the Depositor has received an opinion of nationally recognized tax counsel to the effect that the transfer of the
Restricted Note without the representation pursuant to this paragraph (xii) will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and the Depositor
has consented to such transfer in writing, the transferee (a) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or grantor trust for U.S. federal income tax purposes (or a disregarded entity the
single owner of which is any of the foregoing) or (b) is such an entity, but no more than 50% of the value of any of the direct or indirect beneficial interests in such transferee (or in the case of a disregarded entity, the interests of its
single owner) is or will be attributable to such transferee’s (or in the case of a disregarded entity, the single owner’s) interest in the Restricted Notes and the Certificates. 

(xiii) No Noteholder of a Restricted Note shall acquire or transfer any Restricted Note (or any interest therein) or cause any
Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an
interdealer quotation system that regularly disseminates firm buy or sell quotations. 
 (xiv) The transferee acknowledges
that any transfer in violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

(e) Each Non-Investment Grade Note will bear a legend to the following effect: 

  

					
		 	15	 	20[  ]-[  ] Indenture

 “THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,560,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR ONE SUCH NOTE WHICH MAY BE IN A DENOMINATION OTHER THAN AN INTEGRAL MULTIPLE OF $1,000), FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. EACH PURCHASER OR TRANSFEREE OF
THIS NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO
FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER
DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION
OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER,
THE SERVICER, ANY INITIAL 

  

					
		 	16	 	20[  ]-[  ] Indenture

 
PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) ON BEHALF OF OR WITH THE ASSETS OF ANY BENEFIT PLAN (AS DEFINED BELOW) OR WITH THE
ASSETS OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES (1) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, WHICH IS SUBJECT TO TITLE I OF ERISA, (2) A “PLAN” DESCRIBED BY SECTION 4975(e)(1) OF THE CODE, WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, OR (3) ANY ENTITY DEEMED TO HOLD THE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE.” 
 (f) [Reserved.] 

(g) Any transfer in violation of Section 2.16(c), (d), (e) or (h) will be of no force and effect,
will be void ab initio, and will not operate to transfer any rights to the transferee, notwithstanding any instructions to the contrary to the Issuer, the Indenture Trustee, or any intermediary. The Issuer may sell any Non-Investment Grade
Notes or Restricted Notes acquired in violation of Section 2.16(c), (d), (e) or (h) at the cost and risk of the purported owner. If at any time the Issuer determines or is notified that the Noteholder or
Note Owner, as the case may be, was in breach, at the time given, of any of the representations set forth in Section 2.16(c) or (d), the Issuer may consider the acquisition of such Non-Investment Grade Note or Restricted Note or
such beneficial interest in such Non-Investment Grade Note or Restricted Note void and require that such Non-Investment Grade Note or Restricted Note or such beneficial interest therein be transferred to a person designated by the Issuer. If the
transferee fails to transfer such Non-Investment Grade Note or Restricted Note or such beneficial interests in such Non-Investment Grade Note or Restricted Note within thirty (30) days after notice of the voided transfer, then the Issuer shall
cause such Noteholder’s interest or Note Owner’s interest in such Non-Investment Grade Note or Restricted Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in
accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value), subject to satisfaction of the requirements set forth in this Section 2.16. 

(h) Unless the Depositor has received an opinion of nationally recognized tax counsel to the effect that the transfer of Restricted Notes will
not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax 

  

					
		 	17	 	20[  ]-[  ] Indenture

 
purposes regardless of the restriction provided in this subsection (h) and the Depositor has consented to such transfer in writing, (i) the interests in the Restricted Notes may
at no time be held by more than 40 Persons and (ii) no transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such transfer could cause the number of direct or indirect holders of an interest in the
Restricted Notes to exceed a number equal to 40 Persons. The Depositor shall have the duty and obligation to ascertain the number of direct or indirect holders of an interest in the Restricted Notes and Certificates and neither the Indenture Trustee
nor the Note Registrar shall have any duty or obligation with respect to the foregoing. The provisions of Sections 2.16(c) and (h) generally are intended to prevent the Issuer from being characterized as a “publicly traded
partnership” within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Sections 1.7704-1. 

SECTION 2.17 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate. The restrictions on transfer of Notes retained
by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes provided in Section 2.15(b) shall not continue to apply in the event the Indenture Trustee and the Depositor have
received the Initial Certificate Transfer Opinion. 
 ARTICLE III 

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

(b) So long as the Class A-2-B Notes are Outstanding, the Indenture Trustee shall obtain LIBOR in accordance with the definition of
“LIBOR” on each LIBOR Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator. All determinations of LIBOR by the Indenture Trustee, in the absence of manifest
error, will be conclusive and binding on the Noteholders. 
 SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes
remain Outstanding, the Issuer shall maintain in [                    ], an office or agency where Notes may be surrendered for registration
of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The
Issuer shall 

  

					
		 	18	 	20[  ]-[  ] Indenture

 
give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such
office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands. 
 SECTION 3.3 Money for Payments To Be Held in Trust. As provided in
Section 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and Servicing Agreement. 

By noon, New York City time, on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or cause to be
deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes and to other Persons entitled to payment on each Payment Date, and the Paying Agent shall hold such sum in trust for the benefit
of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

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

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

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

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

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including any withholding or deduction pursuant to an agreement described in 

  

					
		 	19	 	20[  ]-[  ] Indenture

 
Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and regulations or agreements thereunder of official interpretations thereof
(“FATCA Withholding Tax”) (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Noteholder Tax Identification Information and paying over such withheld amounts to the appropriate
governmental authority); and 
 (vi) comply with any applicable reporting requirements in connection with any payments made
by it on any Notes, and, upon request, provide any collected Noteholder Tax Identification or tax information of the Paying Agent and/or Indenture Trustee to the Issuer. 

Notwithstanding the foregoing, for so long as
[                                         
                   ] is acting as the Indenture Trustee hereunder, it shall also act as the Paying Agent. 

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

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

  

					
		 	20	 	20[  ]-[  ] Indenture

 
necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

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

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

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

(d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the
Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; provided, however, that the Indenture Trustee shall not be obligated to authorize
or file such instruments except upon written instruction from the Issuer or the Servicer. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any insurer
with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 
 SECTION 3.6
Opinions as to Collateral.  
 (a) On the Closing Date, the Issuer shall furnish to or cause to be furnished to the Indenture
Trustee an Opinion of Counsel either stating (i) that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents,
and with respect to the filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or
(ii) that, in the opinion of such counsel no such action is necessary to make such lien and security interest effective. 

  

					
		 	21	 	20[  ]-[  ] Indenture

 (b) Within 120 days after the beginning of each calendar year, beginning with April 30, 20[
], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture and
reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien
and security interest of this Indenture until April 30 in the following calendar year. 
 SECTION 3.7 Performance of
Obligations; Servicing of Receivables.  
 (a) The Issuer shall not take any action and shall use its reasonable efforts not to
permit any action to be taken by others, including the Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in
the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture,
the Transaction Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has
contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 

(c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all of its respective obligations
and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction Document. 

SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 

(a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as
contemplated by this Indenture and the other Transaction Documents; 

  

					
		 	22	 	20[  ]-[  ] Indenture

 (b) except as expressly permitted by this Indenture or in the other Transaction Documents, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c) claim any credit on, or make any deduction
from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of
the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate in whole or in part; 

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

SECTION 3.9 Annual Compliance Statement. 

(a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the
Indenture Trustee[, the Swap Counterparty] and each Rating Agency, within 120 days after the end of each calendar year (commencing with the year ending December 31, 20[ ]), an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since the
Closing Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material
respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of 

  

					
		 	23	 	20[  ]-[  ] Indenture

 
any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

(b) The Issuer shall: 

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

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

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA
Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules and
regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports, information and documents to the Indenture
Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

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

  

					
		 	24	 	20[  ]-[  ] Indenture

 
property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such
purpose; provided that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Certificateholders as permitted by, and to the
extent funds are available for such purpose under this Indenture, the Sale and Servicing Agreement, the Trust Agreement or the Administration Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly,
make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default; Servicer Replacement Events. The
Issuer shall promptly deliver to the Indenture Trustee[, the Swap Counterparty] the Owner Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of (i) an Event of Default or any event which with the giving
of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto and (ii) the occurrence of a Servicer Replacement Event or any event which with the
giving of notice, the lapse of time or both would become a Servicer Replacement Event. 
 SECTION 3.13 Further Instruments
and Acts. Upon request of the Indenture Trustee, the Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the
non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 

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

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

  

					
		 	25	 	20[  ]-[  ] Indenture

 ARTICLE IV 

SATISFACTION AND DISCHARGE 

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

(a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable,
(2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice
of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3), has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1), as the case may be; 
 (b) the Issuer has paid or caused to be paid all other sums payable hereunder by
the Issuer[, including, without limitation, all amounts owed to the Swap Counterparty including all Swap Termination Payments owed to the Swap Counterparty under the Interest Rate Swap Agreement; and]; 

(c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee, and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) an Independent Certificate, each meeting the applicable requirements of Section 11.1(a) and, subject to
Section 11.2, stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be
held in trust and applied by it, in accordance with the 

  

					
		 	26	 	20[  ]-[  ] Indenture

 
provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from other funds except to the extent required herein, in the Sale
and Servicing Agreement or by law. 
 SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be
paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

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

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

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

  

					
		 	27	 	20[  ]-[  ] Indenture

 
single Class, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) a Bankruptcy Event with respect to the Issuer; 

provided, however, that (A) if any delay or failure of performance referred to in clause (a) above shall have been caused by
force majeure or other similar occurrence, the five Business Day grace period referred to in such clause (a) shall be extended for an additional 60 calendar days, (B) if any delay or failure of performance referred to in clause
(b) above shall have been caused by force majeure or other similar occurrence, such failure or delay shall not constitute an Event of Default for an additional 60 calendar days, (C) if any delay or failure of performance referred to in
clause (c) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause (c) shall be extended for an additional 60 calendar days and (D) if any delay or
failure of performance referred to in clause (d) above shall have been caused by force majeure or other similar occurrence, the 60 day grace period referred to in such clause (d) shall be extended for an additional 60
calendar days. 
 SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default.  

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

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

  

					
		 	28	 	20[  ]-[  ] Indenture

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

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

(a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling Class when the same
becomes due and payable, and such default continues for a period of five Business Days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer
will, upon demand of the Indenture Trustee in writing as directed by the Noteholders representing not less than a majority of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the
whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its
agents and counsel. 
 (b) In case the Issuer shall fail forthwith to pay the amounts described in clause (a) above upon such
demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same
against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this
Indenture or by law. 

  

					
		 	29	 	20[  ]-[  ] Indenture

 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or
any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by
applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

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

  

					
		 	30	 	20[  ]-[  ] Indenture

 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect
of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Noteholders [and the Swap Counterparty], to the extent set forth in Section 5.4(b). 
 (g) In any Proceedings brought by the
Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be
necessary to make any Noteholder a party to any such Proceedings. 
 SECTION 5.4 Remedies; Priorities.  

(a) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may do one or more of the following (subject to
Sections 5.2 and 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies adjudged
due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect
to the Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv) subject to
Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called
and conducted in any manner permitted by law; 
 provided, however, that the Indenture Trustee may not exercise the remedy described in clause
(iv) above unless (A) the Holders of all Outstanding Notes have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding
Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] or (C) the Event of Default either (x) relates to a default 

  

					
		 	31	 	20[  ]-[  ] Indenture

 
described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that
the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable or (y) relates to a Bankruptcy Event and, in the
case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the holders of 66-2/3% of the Note Balance of the Controlling Class [and the Swap Counterparty]. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the
Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on
the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement]. 
 (b) Notwithstanding the
provisions of Section 8.2 hereof or Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay
out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the
following order of priority: 
 (i) first, to the Asset Representations Reviewer, any accrued and unpaid fees and
reasonable expenses (including indemnification amounts) due pursuant to be Asset Representations Review Agreement not previously paid by the Sponsor; 

(ii) second, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees (including any unpaid Indenture
Trustee fees or Owner Trustee fees with respect to prior periods) and any reasonable expenses (including indemnification amounts) not previously paid by the Servicer; 

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

(iv) [fourth, to the Swap Counterparty, any due and unpaid Net Swap Payments;] 

(v) fifth, [pro rata, (A) to the Swap Counterparty for any due and unpaid Senior Swap Termination Payments and (B)]
to the Holders of the Class A Notes, the Accrued Class A Note Interest; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available shall be
applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

  

					
		 	32	 	20[  ]-[  ] Indenture

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

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

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

(4) to the Holders of the Class B Notes in respect of principal thereof until the Class B Notes have been paid in full; 

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

(6) to the Holders of the Class C Notes in respect of principal thereof, until the Class C Notes have been paid in full; 

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

(8) to the Holders of the Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; 

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

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

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

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

  

					
		 	33	 	20[  ]-[  ] Indenture

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

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

(7) to the Holders of the Class B Notes in respect of principal thereof until the Class B Notes have been paid in full; 

(8) to the Holders of the Class C Notes in respect of principal thereof until the Class C Notes have been paid in full; 

(9) to the Holders of the Class D Notes in respect of principal thereof until the Class D Notes have been paid in full; 

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

 (vii) [seventh, to the Swap Counterparty, any due and unpaid Subordinated Swap Termination payments; and] 

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

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

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

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and
shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the
Notes [and amounts due to the Swap Counterparty under the 

  

					
		 	34	 	20[  ]-[  ] Indenture

 
Interest Swap Agreement], and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to
maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Collateral for such purpose. 
 SECTION 5.6 Limitation of Suits. 

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

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

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

  

					
		 	35	 	20[  ]-[  ] Indenture

 SECTION 5.7 Rights of Noteholders To Receive Principal and Interest. Notwithstanding any
other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the
case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee
and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee[, the Swap Counterparty] or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as
the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d)
and 6.2(e), Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee
with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided that 

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

(b) any such direction to the Indenture Trustee to sell or liquidate the Collateral shall be effective only to the extent the
Indenture Trustee is permitted to take such action pursuant to Section 5.4(a); 
 (c) if the conditions set forth
in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then 

  

					
		 	36	 	20[  ]-[  ] Indenture

 
any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; 

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

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

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or
interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any
such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have
occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other Default or Event of Default or
impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder
by such Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee
for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to
(a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Note Balance of the Outstanding Notes or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead or in any manner 

  

					
		 	37	 	20[  ]-[  ] Indenture

 
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been
accelerated pursuant to Section 5.2 of this Indenture, or Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 

SECTION 5.16 Performance and Enforcement of Certain Obligations.  

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

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement, against the Seller or Santander Consumer under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or Santander Consumer of each of
their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Purchase Agreement, as applicable, and any right of the Issuer to take such
action shall be suspended. 

  

					
		 	38	 	20[  ]-[  ] Indenture

 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and
on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part
thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture
Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior
determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to
Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all
amounts payable on the Notes shall have been paid. 
 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee.  

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and shall use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

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

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

  

					
		 	39	 	20[  ]-[  ] Indenture

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

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

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

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

SECTION 6.2 Rights of the Indenture Trustee.  

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

  

					
		 	40	 	20[  ]-[  ] Indenture

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

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

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

SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture
Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note
Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default or an Event of Default occurs and is continuing and if it is either actually known
or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the Issuer, the Owner Trustee and the Administrator notice of the Default or

  

					
		 	41	 	20[  ]-[  ] Indenture

 
Event of Default within 90 days after such knowledge or notice occurs. Except in the case of a Default or an Event of Default in payment of principal of or interest on any Note (including
payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders. 
 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of the
Issuer, shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 

SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to
agree to, (i) pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee
letter between the Servicer and the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee
and (iii) indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) incurred by it in connection with the administration of the
trust or trusts hereunder or the performance of its duties as Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the
Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or
shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the
Servicer of an invoice therefor. None of the Administrator, the Issuer, the Seller, or the Servicer shall be liable for or required to indemnify the Indenture Trustee from and against any of the foregoing expenses or indemnities arising or resulting
from (i) its own willful misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or warranty contained in Section 6.13 made by the Indenture Trustee or (iii) taxes, fees or other charges on, based on
or measured by, any fees, commissions or compensation received by the Indenture Trustee. 
 The compensation and indemnity
obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

Any amounts payable by the Issuer to the Indenture Trustee pursuant to this Section 6.7 shall be paid by the Issuer in accordance
with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so
notifying the Issuer, [the Swap Counterparty,] the 

  

					
		 	42	 	20[  ]-[  ] Indenture

 
Administrator and the Servicer. The Holders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the
Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

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

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

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

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

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

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee[, the Swap Counterparty]
and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the
Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor
Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture Trustee resigns or
is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for
the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of the Indenture
Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this
Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 
 Notwithstanding the resignation or
removal of the Indenture Trustee pursuant to this Section 6.8, the Issuer’s and Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

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

  

					
		 	43	 	20[  ]-[  ] Indenture

 SECTION 6.9 Successor Indenture Trustee by Merger. Subject to
Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee
shall provide the Administrator prior written notice of any such transaction. 
 In case at the time such successor or successors by
merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee. 
 SECTION 6.10 Appointment of
Co-Indenture Trustee or Separate Indenture Trustee.  
 (a) Notwithstanding any other provisions of this Indenture, at any time,
after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly
shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
 (b) Every separate
trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

  

					
		 	44	 	20[  ]-[  ] Indenture

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

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been
given to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall
be filed with the Indenture Trustee and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of investment grade or better by each
Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee.

 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the following representations and warranties on
which the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is a national banking association duly
organized, validly existing and in good standing under the laws of the United States of America; 

  

					
		 	45	 	20[  ]-[  ] Indenture

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

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

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

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

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

SECTION 7.2 Preservation of Information; Communications to Noteholders.  

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

  

					
		 	46	 	20[  ]-[  ] Indenture

 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31, 20[ ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with
TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.4 Rule 144A Information. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act
and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Note Owner of a Non-Investment Grade Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to
such Noteholder or Note Owner, to a prospective purchaser of such Non-Investment Grade Note designated by such Noteholder or Note Owner or to the Indenture Trustee for delivery (in the manner contemplated by Section 4.6 of the Sale and
Servicing Agreement) to such Noteholder or Note Owner, as the case may be, or a prospective purchaser designated by such Noteholder or Note Owner, in order to permit compliance by such Noteholder or Note Owner with Rule 144A in connection with the
resale of such Non-Investment Grade Note by such Noteholder or Note Owner. 
 SECTION 7.5 Noteholder Demand for Repurchase,
Dispute Resolution.  
 (a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are
represented by Book-Entry Notes) becomes aware of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to repurchase a Receivable pursuant to
Section 3.4 of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may, by written notice to the Indenture Trustee, direct the Indenture Trustee to notify Santander Consumer of such breach
and request that Santander Consumer repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable, as well as the related breach of representation or warranty. If the Requesting Investor is Note
Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies with the requirements of this Section 7.5, the
Indenture Trustee shall forward such written notice to Santander Consumer and request that Santander Consumer repurchase the related Receivable pursuant to Section 3.4 of the Purchase Agreement. For avoidance of doubt, following delivery
of such notice and request to Santander Consumer, the Indenture Trustee shall have no responsibility or liability for the decision by Santander Consumer to repurchase or not to repurchase the related Receivable. 

(b) If a Requesting Investor directs the Indenture Trustee to request the repurchase of a Receivable pursuant to clause (a) above,
and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by Santander Consumer, the Indenture Trustee shall, at the
direction of such Requesting Investor, refer the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement; provided, however, if the

  

					
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Indenture Trustee declines to refer the matter to mediation or arbitration due to the failure of such Requesting Investor to offer the Indenture Trustee reasonable security or indemnity
satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such request, the Requesting Investor may directly refer
the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 
 (c) A Requesting
Investor shall not be required to direct that an Asset Review be performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 9.24 of the Sale and
Servicing Agreement with respect to such Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting Investor can pursuant dispute resolution. In addition, whether any Requesting Investor voted
affirmatively, negatively or abstained in the vote to cause a review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to Section 9.24 of the Sale and Servicing Agreement. A Requesting
Investor may refer to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement a dispute related to any Receivables that the Asset Representations Reviewer did not review in connection with an Asset
Review and any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review. 

SECTION 7.6 Asset Review Voting 

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

  

					
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Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred. 

(b) Within [5 Business Days] of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to Santander Consumer, the
Depositor, the Servicer and the Asset Representations Reviewer directing the Asset Representations Reviewer to conduct an Asset Review of the Subject Receivables. 

(c) Notwithstanding clauses (a) and (b) of this Section 7.6, a Noteholder (if the Notes are
represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i)(x) directing the Indenture Trustee to notify Santander Consumer of a breach of Santander
Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and
(y) requesting that Santander Consumer repurchase the related Receivable pursuant to Section 7.5 hereof or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 9.24 of
the Sale and Servicing Agreement. 
 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

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

SECTION 8.2 Trust Accounts.  

(a) On the Business Day before each Payment Date, the Issuer shall cause the Servicer to deposit all Collections with respect to the
Collection Period preceding such Payment Date in the Collection Account as provided in Sections 4.2 and 4.3 of the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve
Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection Account as instructed on the
Servicer’s Certificate. 
 (b) Prior to the acceleration of the maturity of the Notes pursuant to Section 5.2 of this
Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall 

  

					
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distribute the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal, the Fourth Allocation of Principal, the Fifth Allocation of Principal and the
Regular Allocation of Principal: 
 (i) first, sequentially to the Class A-1 Noteholders until the
Class A-1 Notes are paid in full, to the Class A-2-A Noteholders and the Class A-2-B Noteholders, ratably, until the Class A-2-A Notes and the Class A-2-B are paid in full and to the Class A-3 Noteholders until the
Class A-3 Notes are paid in full; 
 (ii) second, to the Class B Noteholders until the Class B
Notes are paid in full; 
 (iii) third, to the Class C Noteholders until the Class C Notes are paid in
full; 
 (iv) fourth, to the Class D Noteholders until the Class D Notes are paid in full; and 

 (v) fifth, to the Class E Noteholders until the Class E Notes are paid in full. 

(c) On the Payment Date on which the Notes of all Classes have been paid in full, the Indenture Trustee shall take all necessary or
appropriate actions, as directed by the Issuer and at no expense to the Indenture Trustee or the Owner Trustee, to transfer all of its right, title and interest in the contents of the Collection Account (including any investments and investment
income) to the Certificate Paying Agent for the benefit of the Certificateholders for deposit into such new non-interest bearing account to be established by the Certificate Paying Agent in accordance with Section 4.1(a)(i) of the Sale
and Servicing Agreement. Following such transfer, the Collection Account will be maintained under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders and the Relevant Trustee will make
distributions from the Collection Account pursuant to Section 4.4 of the Sale and Servicing Agreement. 
 SECTION 8.3
General Provisions Regarding Accounts.  
 (a) The funds in the Trust Accounts shall be invested in Eligible Investments in
accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement; provided, however, that any amounts deposited into the Collection Account on the day prior to a Payment Date (or Redemption Date) to be
distributed on such Payment Date (or Redemption Date) shall remain uninvested. All interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall be distributed to the Servicer in
accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 3.7 and 4.3 of the Sale and Servicing
Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected
in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the
Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

  

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

(c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with Section 4.1(b) of
the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or
(ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared
due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 4.4 of the Sale and Servicing Agreement as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments in accordance with the standing instructions most recently given by the Servicer. 

SECTION 8.4 Release of Collateral.  

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may if permitted by and in
accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and
under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 [have been paid and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement]
have been paid, release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall
include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.4 only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel. 

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

  

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

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.  

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

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

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

  

					
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Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the rights, protections or duties of
the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed)[; and provided, further, that no supplemental indenture entered into pursuant to
this Section 9.1 shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental indenture (which consent
shall not be unreasonably withheld or delayed)]. 
 (d) Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.1, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or
supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e) Notwithstanding subsection (a) of this Section 9.1, this Indenture may only be amended by the Issuer and the
Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee
and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will
be sufficient if such consent approves the substance thereof. 
 SECTION 9.2 Supplemental Indentures with Consent of
Noteholders.  
 (a) With the consent of Noteholders holding not less than a majority of the Note Balance of the Outstanding
Notes, voting together as a single Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), may enter into one or more indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided that no such
supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby and prior notice by the Issuer to the Rating Agencies: 

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal
amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 
 (ii) reduce the
percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture; 

  

					
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 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Note Balance required to direct the Indenture Trustee to
direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid interest on the Notes; 

(v) modify any provision of this Section 9.2 in any respect materially adverse to the interests of the Noteholders;

 (vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any
part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by
the lien of this Indenture; or 
 (vii) impair the right to institute suit for the enforcement of payment as provided in
Section 5.7. 
 (b) It shall not be necessary for any Act of Noteholders under this Section 9.2 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 (c)
Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such
supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.2 shall
be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed)[; and provided,
further, that no supplemental indenture entered into pursuant to this Section 9.2 shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall
have consented in writing to such supplemental indenture (which consent shall not be unreasonably withheld or delayed)]. 
 (d) Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure
of the Indenture Trustee to mail such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(e) Notwithstanding subsection (a) of this Section 9.2, this Indenture may only be amended by the Issuer and the
Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee
and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to 

  

					
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obtain the consent of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or
the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption.  

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

  

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

(c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator shall provide at least 20
days’ prior notice of the redemption of the Notes to the Indenture Trustee, the Issuer and the Owner Trustee, [the Swap Counterparty] and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption
Date) notice thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of
redemption shall state: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

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

(iv) that interest on the Notes shall cease to accrue on the Redemption Date; and 

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

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

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

  

					
		 	56	 	20[  ]-[  ] Indenture

 ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc. 

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

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

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

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

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis
for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other property
or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value in accordance
with TIA Section 314(d) to the Issuer of 

  

					
		 	57	 	20[  ]-[  ] Indenture

 
the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the
Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Note Balance. 

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

(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all
other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than
$25,000 or less than one percent of the then Note Balance. 
 (v) Notwithstanding Section 2.9 or any other provision of this
Section 11.1, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the
Trust Accounts as and to the extent permitted or required by the Transaction Documents. 
 SECTION 11.2 Form of Documents
Delivered to the Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized Officer of
the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the

  

					
		 	58	 	20[  ]-[  ] Indenture

 
Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

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

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

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and addressed in each case
as specified on Schedule II to the Sale and Servicing 

  

					
		 	59	 	20[  ]-[  ] Indenture

 
Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported
tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

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

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

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

  

					
		 	60	 	20[  ]-[  ] Indenture

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

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

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

SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.12 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, [the Swap Counterparty and] the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any
legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.13 Legal Holidays. In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

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

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

(b) Each of the parties hereto hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating to this Indenture or any documents executed
and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive 

  

					
		 	61	 	20[  ]-[  ] Indenture

 
general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(ii) consents that any such action or proceeding may be brought and maintained in such courts and waives any objection that it
may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

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

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

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

  

					
		 	62	 	20[  ]-[  ] Indenture

 
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.18 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by
accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect
of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or
other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency
law or statute now or hereafter in effect in any jurisdiction.  
 SECTION 11.19 Intent. 

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

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

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and will
not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by accepting the benefits of this agreement, a Certificateholder, by accepting a Certificate (or any portion thereof), and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering
into this Indenture, and each Noteholder, and each Note Owner [and the Swap Counterparty], by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the
Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each 

  

					
		 	63	 	20[  ]-[  ] Indenture

 
Noteholder or Note Owner and any Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or
benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the
terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security
interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on
such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the
Indenture Trustee), by entering into or accepting this agreement, a Certificateholder, by accepting a Certificate, and the Owner Trustee and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section 11.20 and the terms of this Section 11.20 may be enforced by an action for specific performance. The provisions of this Section 11.20 will
be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 
 SECTION 11.21
Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties that (a) this Indenture is executed and delivered by
[                                         
           ], not in its individual capacity but solely as Owner Trustee under the Trust Agreement in the exercise of the power and authority conferred and vested in it as such Owner
Trustee, (b) each of the representations, undertakings and agreements made herein by the Issuer are not personal representations, undertakings and agreements of
[                                         
           ], but are binding only on the trust estate created pursuant to the Trust Agreement, (c) nothing contained herein shall be construed as creating any liability on
[                                         
           ], individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any person claiming by, through or under any such party, and (d) under no circumstances shall
[                                         
           ] be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Issuer under this Indenture. 
 SECTION 11.22 [Limitation of Rights. All of the rights of the
Swap Counterparty in, to and under this Indenture or any other Transaction Document (including, but not limited to, all of the Swap counterparty’s rights as a third-party beneficiary of this Indenture and all of the Swap Counterparty’s
rights to receive notice of any action hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document) shall terminate upon the termination of the Interest Rate Swap
Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 

  

					
		 	64	 	20[  ]-[  ] Indenture

 [Remainder of Page Intentionally Left Blank] 

  

					
		 	65	 	20[  ]-[  ] Indenture

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

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ]
		
	By:	 	[                                      
                  ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	[                                    
            ], a [national banking association], not in its individual capacity but solely as the Indenture Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		 	S-1	 	20[  ]-[  ] Indenture

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and
marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of
any Lien. 
 Perfection 
 6. The Issuer
has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing
statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 

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

  

					
		 	I-1	 	20[  ]-[  ] Indenture

 (i) All original executed copies of each such instrument or tangible chattel paper have been
delivered to the Indenture Trustee; or 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the
Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

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

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

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

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

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

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

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

12. Neither the Issuer nor a custodian holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such
term is used in Section 9-105 of the UCC) of 

  

					
		 	I-2	 	20[  ]-[  ] Indenture

 
any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

13. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee. 
 14. No Trust Account
that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with
entitlement orders of any Person other than the Indenture Trustee. 
 15. No Trust Account that constitutes a deposit account is in the name of any Person
other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee. 

Survival of Perfection Representations 

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

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

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

  

					
		 	I-3	 	20[  ]-[  ] Indenture

 Exhibit A 

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

			
	 REGISTERED
 No.
R-                    
	  	
$                          
              1
 CUSIP NO.
                            

ISIN.
                            

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN) WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED BY SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS 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, (III) AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH
ENTITY, OR (IV) ANY GOVERNMENT PLAN, NON-U.S. PLAN 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”) OR (B)(I) THE NOTE IS RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY A NATIONALLY RECOGNIZED STATISTICAL RATING AGENCY AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. 

 
  

	1 	Denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-1	 	20[  ]-[  ] Indenture

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

  

					
		 	A-2	 	20[  ]-[  ] Indenture

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ] 

[CLASS A-1 [ ]%] [CLASS A-2-A [ ]%] [CLASS A-2-B LIBOR + [ ]%] 

[CLASS A-3 [ ]%] [CLASS B [ ]%] [CLASS C [ ]%] [CLASS D [ ]% 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 20[    ]-[    ], a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the
principal sum of [            ] DOLLARS ($[            ]), in monthly installments on the 15th of each month, or if
such day is not a Business Day, on the immediately succeeding Business Day, commencing on [                ] (each, a “Payment Date”) until the
principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections
2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance
shall be due and payable on the earliest of (i) [        ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or,
in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date]2 [the 15th day of the prior
calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]3. Interest will be computed on the basis of [Class A-1, A-2-B: actual days elapsed and a 360-day year][Class A-2-A, A-3, B, C, D: a 360-day year of twelve 30-day months]. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable
in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth
on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for
any purpose. 
  
  

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

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

  

					
		 	A-3	 	20[  ]-[  ] Indenture

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

 

			
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ]
	
	By: [            ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

					
		 	A-4	 	20[  ]-[  ] Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [            ] 

 

			
	 [ ],
 a
[            ], not in its
 individual capacity but solely as Indenture Trustee

		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-5	 	20[  ]-[  ] Indenture

 [REVERSE OF NOTE] 

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

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the
benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the
Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Note Balance shall be due and payable on the earliest of
(i) [        ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are
accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D]
Noteholders entitled thereto. 
 Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon
acceleration shall be made by check mailed first-class, postage prepaid, to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount
of this Note on a Payment Date or Redemption Date, then the Indenture 

  

					
		 	A-6	 	20[  ]-[  ] Indenture

 
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such Payment Date or
Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and payable and such amount shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of
the Indenture Trustee or at the place specified by the Indenture Trustee in such notice. 
 The Issuer shall pay interest on overdue
installments of interest at the Class [A-1], [A-2-A], [A-2-B], [A-3], [B], [C], [D] Interest Rate to the extent lawful. 
 Each Noteholder
or Note Owner, by acceptance of this Note, or, in the case of a Note Owner of a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee,
successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. 
 It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of federal, state and
local income franchise and value added tax, the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (other than any
Notes that are owned during any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) shall constitute indebtedness. The Noteholders, by acceptance of this
Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 
 Each
Noteholder and Note Owner, by accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each
Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party to the Indenture or any other creditor of such
Bankruptcy Remote Party and (ii) such party shall not commence, join with any other Person in 

  

					
		 	A-7	 	20[  ]-[  ] Indenture

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

  

					
		 	A-8	 	20[  ]-[  ] Indenture

 ASSIGNMENT 
  

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

 

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

		 	(name and address of assignee)

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

					
	Dated:                     	  	                                      
                                  */	  	

  

	
	Signature Guaranteed:
	
	   

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

  

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

  

					
		 	A-9	 	20[  ]-[  ] Indenture

 EXHIBIT A-2 

FORM OF CLASS E NOTES 
 REGISTERED

 No. R-         

$                       
                                     1 
 CUSIP NO.
[                            ] 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $[100,000] AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR ONE SUCH NOTE WHICH MAY BE IN A DENOMINATION OTHER THAN AN INTEGRAL MULTIPLE OF $1,000), FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND 

 

	1 	 Denominations of $[100,000] and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-2-1	 	2015-5 Indenture

 
AGREEMENTS SET FORTH IN THE INDENTURE. EACH PURCHASER OR TRANSFEREE OF THIS NOTE WILL BE REQUIRED TO PROVIDE TO THE INDENTURE TRUSTEE, THE NOTE REGISTRAR AND THE DEPOSITOR A LETTER CONTAINING
CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE,
NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED
TO A PERSON DESIGNATED BY THE ISSUER. 
 BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT, COVENANT
AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS NOTE AND THE INDENTURE TRUSTEE, THAT YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) ON BEHALF OF OR WITH THE ASSETS OF ANY BENEFIT PLAN (AS DEFINED BELOW) OR
WITH THE ASSETS OF A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). FOR THESE PURPOSES, A “BENEFIT PLAN” INCLUDES (1) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, WHICH IS SUBJECT TO TITLE I OF ERISA, (2) A “PLAN” DESCRIBED BY SECTION 4975(e)(1) OF THE CODE, WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, OR (3) ANY
ENTITY DEEMED TO HOLD THE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. 

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

  

					
		 	A-2-2	 	2015-5 Indenture

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ] 

CLASS E [      ]% AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 20[  ]-[  ], a statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”), for value received, hereby promises to pay to [                    ], or registered
assigns, the principal sum of
[                                         
                                         
          ] DOLLARS ($[                    ]), in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [            ]
[  ], 20[  ] (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class E Note Balance as of the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to
the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire unpaid Class E Note Balance
shall be due and payable on the earliest of (i) [            ] [  ], 20[  ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if
any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue, for each Payment Date
from and including the 15th day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of
the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then
to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been
executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		 	A-2-3	 	2015-5 Indenture

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually by its
Authorized Officer. 
 Dated:
                    , 20[ ] 
  

			
	 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ]
  

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

		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  

					
		 	A-2-4	 	2015-5 Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:                     , 20[  ] 

 

			
	[                                    
        ], a national banking association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-2-5	 	2015-5 Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E
[        ]% Auto Loan Asset Backed Notes (herein called the “Class E Notes” or the “Notes”), all issued under an Indenture, dated as of
[                ] [  ], 20[  ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer
and [                ], a
[                        ], not in its individual capacity but solely as trustee (the “Indenture Trustee”, which
term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing
Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

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

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

  

					
		 	A-2-6	 	2015-5 Indenture

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

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

  

					
		 	A-2-7	 	2015-5 Indenture

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

  

					
		 	A-2-8	 	2015-5 Indenture

 ASSIGNMENT 

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

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

			
	
                          
                                         
                                         
                              

(name and address of assignee)                
	 	

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

							
	Dated:                             	 		  	                                      
                                  */	  	

 Signature Guaranteed: 
  

                       
                                         
                                         
                                         
                                         
                                   

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

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

  

					
		 	A-2-9	 	2015-5 Indenture

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS OF NON-INVESTMENT GRADE 

NOTES AND RESTRICTED NOTES (OR INTEREST THEREIN) 

[                    ], as Indenture Trustee 

[                    ] 

[                    ] 

[Note Registrar] 
 [Depositor] 

Reference is hereby made to the Indenture dated as of
[                    ] [  ], 20[  ] (the “Indenture”) by and among Santander Drive Auto Receivables Trust
20[                    ]-[ ] (the “Issuer”) and [            ], as
Indenture Trustee (in such capacity, the “Indenture Trustee”). Capitalized terms used but not defined herein are used as defined in the Indenture and if not in the Indenture then such terms shall have the meanings assigned to them
in Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”). 

This letter relates to U.S. $[●] aggregate principal amount of Notes which are held in the name of [name of Transferor] (the
“Transferor”) and is intended to facilitate the transfer of Notes (or interest therein) to [name of Transferee] (the “Transferee”). 

In connection with such request, (i) the Transferee hereby certifies that such transfer has been effected in accordance with the transfer restrictions
set forth in the Indenture and (ii) the Transferee has reviewed and does hereby make the representations and warranties discussed or listed in Section 2.16 of the Indenture (which are generally intended to prevent the Issuer from
being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Internal Revenue Code of 1986, as amended, in reliance on Treasury Regulations Sections 1.7704-1(e) and (h)). 

The Transferee further represents, warrants and agrees for the benefit of the Issuer that statements (i) through (vii) below are all true, and the
Transferor does hereby certify that it reasonably believes that the following statements (i) through (vii) concerning the Transferee are all true: 

(i) The Transferee is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act; 

(ii) The Transferee is acquiring the Notes for its own account or for an account that is a qualified institutional buyer within the meaning of
Rule 144A under the Securities Act. The Transferee and each such account is acquiring not less than the minimum denomination of the Notes; 

  

					
		 	B-1	 	2015-5 Indenture

 (iii) The Transferee (and each such account) is not formed for the purpose of acquiring the
Notes; 
 (iv) The Transferee will notify future transferees of these transfer restrictions; 

(v) The Transferee is obtaining the Notes in a transaction pursuant to Rule 144A; 

(vi) The Transferee is obtaining the Notes in accordance with any applicable securities laws of any state of the United States or any other
applicable jurisdiction; 
 (vii) If the Notes are being acquired as agent or nominee for any other person(s), such person(s) confirm all of
the applicable representations apply to such person(s); and 
 (viii) The Transferee shall provide a certification of non-foreign status, in
such form as may be requested by the Indenture Trustee or the Depositor (e.g., a properly completed and signed Internal Revenue Service (“IRS”) Form W-9 (or applicable successor form)), signed under penalty of perjury or other
information or documentation requested by the Depositor or the Indenture Trustee to determine, in consultation with the Depositor, that payments on the Notes (or interest thereon) will not be subject to withholding under U.S. tax law. 

[THIS SPACE INTENTIONALLY LEFT BLANK] 

  

					
		 	B-2	 	2015-5 Indenture

 You and the Issuer are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[TRANSFEREE]
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

					
		 	B-3	 	2015-5 IndentureEX-10.1

 Exhibit 10.1 

 
  

SALE AND SERVICING AGREEMENT 
 by
and among 
 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ], 

as Issuer 
 SANTANDER DRIVE AUTO
RECEIVABLES LLC, 
 as Seller 

SANTANDER CONSUMER USA INC., 
 as
Servicer 
 and 

[            ], 

as Indenture Trustee 
 Dated as of
[            ], 20[ ] 
  

 
  

  

					
		 		 	Sale and Servicing Agreement (20[  ]-[  ])

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	DEFINITIONS AND USAGE	  	 	1	  
			
	 SECTION 1.1
	  	Definitions	  	 	1	  
	 SECTION 1.2
	  	Other Interpretive Provisions	  	 	1	  
			
	 ARTICLE II
	  	CONVEYANCE OF TRANSFERRED ASSETS	  	 	2	  
			
	 SECTION 2.1
	  	Conveyance of Transferred Assets	  	 	2	  
	 SECTION 2.2
	  	Custody of Receivable Files	  	 	2	  
			
	 ARTICLE III
	  	ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY	  	 	4	  
			
	 SECTION 3.1
	  	Duties of Servicer	  	 	4	  
	 SECTION 3.2
	  	Collection of Receivable Payments	  	 	5	  
	 SECTION 3.3
	  	Repossession of Financed Vehicles	  	 	6	  
	 SECTION 3.4
	  	Maintenance of Security Interests in Financed Vehicles	  	 	7	  
	 SECTION 3.5
	  	Covenants of Servicer	  	 	7	  
	 SECTION 3.6
	  	Purchase of Receivables Upon Breach	  	 	7	  
	 SECTION 3.7
	  	Servicing Fee	  	 	8	  
	 SECTION 3.8
	  	Servicer’s Certificate	  	 	8	  
	 SECTION 3.9
	  	Annual Officer’s Certificate; Notice of Servicer Replacement Event	  	 	8	  
	 SECTION 3.10
	  	Annual Registered Public Accounting Firm Attestation	  	 	9	  
	 SECTION 3.11
	  	Servicer Expenses	  	 	9	  
	 SECTION 3.12
	  	Exchange Act Filings	  	 	9	  
	 SECTION 3.13
	  	Noteholder Communication	  	 	9	  
			
	 ARTICLE IV
	  	DISTRIBUTIONS; ACCOUNTS STATEMENTS TO THE CERTIFICATEHOLDERS AND THE NOTEHOLDERS	  	 	11	  
			
	 SECTION 4.1
	  	Establishment of Accounts	  	 	11	  
	 SECTION 4.2
	  	Remittances	  	 	13	  
	 SECTION 4.3
	  	Additional Deposits and Payments	  	 	13	  
	 SECTION 4.4
	  	Distributions	  	 	14	  
	 SECTION 4.5
	  	Net Deposits	  	 	16	  
	 SECTION 4.6
	  	Statements to Noteholders and Certificateholders	  	 	16	  
	 SECTION 4.7
	  	No Duty to Confirm	  	 	18	  
	 SECTION 4.8
	  	[Interest Rate Swap Agreement	  	 	18	  
			
	 ARTICLE V
	  	THE SELLER	  	 	20	  
			
	 SECTION 5.1
	  	Representations and Warranties of Seller	  	 	20	  
	 SECTION 5.2
	  	Liability of Seller; Indemnities	  	 	22	  
	 SECTION 5.3
	  	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	 	23	  
	 SECTION 5.4
	  	Limitation on Liability of Seller and Others	  	 	23	  
	 SECTION 5.5
	  	Seller May Own Notes	  	 	23	  

  

					
		 	-i-	 	Sale and Servicing Agreement (20[  ]-[  ])

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 5.6
	  	Sarbanes-Oxley Act Requirements	  	 	23	  
	 SECTION 5.7
	  	Compliance with Organizational Documents	  	 	24	  
			
	 ARTICLE VI
	  	THE SERVICER	  	 	24	  
			
	 SECTION 6.1
	  	Representations of Servicer	  	 	24	  
	 SECTION 6.2
	  	Indemnities of Servicer	  	 	25	  
	 SECTION 6.3
	  	Merger or Consolidation of, or Assumption of the Obligations of, Servicer	  	 	26	  
	 SECTION 6.4
	  	Limitation on Liability of Servicer and Others	  	 	26	  
	 SECTION 6.5
	  	Delegation of Duties	  	 	27	  
	 SECTION 6.6
	  	Santander Consumer Not to Resign as Servicer	  	 	27	  
	 SECTION 6.7
	  	Servicer May Own Notes	  	 	27	  
			
	 ARTICLE VII
	  	TERMINATION OF SERVICER	  	 	28	  
			
	 SECTION 7.1
	  	Termination of Servicer	  	 	28	  
	 SECTION 7.2
	  	Notification to Noteholders	  	 	29	  
			
	 ARTICLE VIII
	  	OPTIONAL PURCHASE	  	 	29	  
			
	 SECTION 8.1
	  	Optional Purchase of Trust Estate	  	 	29	  
			
	 ARTICLE IX
	  	MISCELLANEOUS PROVISIONS	  	 	29	  
			
	 SECTION 9.1
	  	Amendment	  	 	29	  
	 SECTION 9.2
	  	Protection of Title	  	 	31	  
	 SECTION 9.3
	  	Other Liens or Interests	  	 	32	  
	 SECTION 9.4
	  	Transfers Intended as Sale; Security Interest	  	 	33	  
	 SECTION 9.5
	  	Information Requests	  	 	33	  
	 SECTION 9.6
	  	Notices, Etc.	  	 	34	  
	 SECTION 9.7
	  	Choice of Law	  	 	34	  
	 SECTION 9.8
	  	Headings	  	 	34	  
	 SECTION 9.9
	  	Counterparts	  	 	34	  
	 SECTION 9.10
	  	Waivers	  	 	34	  
	 SECTION 9.11
	  	Entire Agreement	  	 	34	  
	 SECTION 9.12
	  	Severability of Provisions	  	 	35	  
	 SECTION 9.13
	  	Binding Effect	  	 	35	  
	 SECTION 9.14
	  	Acknowledgment and Agreement	  	 	35	  
	 SECTION 9.15
	  	Cumulative Remedies	  	 	35	  
	 SECTION 9.16
	  	Nonpetition Covenant	  	 	35	  
	 SECTION 9.17
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	35	  
	 SECTION 9.18
	  	Limitation of Liability	  	 	36	  
	 SECTION 9.19
	  	Third-Party Beneficiaries	  	 	37	  
	 SECTION 9.20
	  	Regulation AB	  	 	37	  
	 SECTION 9.21
	  	Information to Be Provided by the Indenture Trustee	  	 	37	  
	 SECTION 9.22
	  	Form 8-K Filings	  	 	38	  
	 SECTION 9.23
	  	Relevant Trustee	  	 	38	  

  

					
		 	-ii-	 	Sale and Servicing Agreement (20[  ]-[  ])

 TABLE OF CONTENTS 

(continued) 

							
	 	  	 	  	Page	 
	 SECTION 9.24
	  	Dispute Resolution.	  	 	39	  

  

			
	Schedule I	  	Notice Addresses
	Exhibit A	  	Form of Assignment pursuant to Sale and Servicing Agreement
	Exhibit B	  	Perfection Representations, Warranties and Covenants
	Exhibit C	  	Servicing Criteria to be Addressed in Indenture Trustee’s and Servicer’s Assessment of Compliance
	Exhibit D	  	Form of Indenture Trustee’s Annual Certification
	Appendix A	  	Definitions

  

					
		 	-iii-	 	Sale and Servicing Agreement (20[  ]-[  ])

 SALE AND SERVICING AGREEMENT, dated as of
[            ], 20[ ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), by and among SANTANDER DRIVE AUTO
RECEIVABLES TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), SANTANDER DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability company, as seller (the “Seller”), SANTANDER CONSUMER USA INC., an Illinois
corporation (“Santander Consumer”), as servicer (in such capacity, the “Servicer”), and [            ], a
[            ], as indenture trustee (the “Indenture Trustee”). 

WHEREAS, the Issuer desires to purchase from the Seller a portfolio 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; 
 WHEREAS, the Seller is
willing to sell such portfolio of motor vehicle receivables and related property to the Issuer; and 
 WHEREAS, Santander Consumer is
willing to service such motor vehicle receivables and related property on behalf of the Issuer; 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS
AND USAGE 
 SECTION 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix A hereto, which also contains rules as to usage that are applicable herein. 

SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, 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 relevant jurisdiction 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, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices 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) except as
otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s
successors and assigns; and 

  

					
		 		 	Sale and Servicing Agreement (20[  ]-[  ])

 
(h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 
 CONVEYANCE
OF TRANSFERRED ASSETS 
 SECTION 2.1 Conveyance of Transferred Assets. In consideration of the Issuer’s sale and
delivery to, or upon the order of, the Seller of all of the Notes and the Certificate on the Closing Date, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer without recourse (subject to the obligations
herein) all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the Transferred Assets, as evidenced by an Assignment substantially in the form of Exhibit A delivered on the Closing Date. The
sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Seller or the applicable Originator to the Obligors, the Dealers or any other Person
in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

SECTION 2.2 Custody of Receivable Files. 

(a) Custody. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer and the Indenture
Trustee, not in its individual capacity but solely as Indenture Trustee, upon the execution and delivery of this Agreement, hereby revocably appoint the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer
and the Indenture Trustee as custodian of the Receivable Files, which are hereby or will hereby be constructively delivered to the Indenture Trustee (or its agent or designee), as pledgee of the Issuer pursuant to the Indenture. “Receivable
File” means, with respect to each Receivable, the following documents or instruments (but only to the extent applicable to such Receivable), which may be held in tangible paper form or electronic form: 

 

	 	(i)	the fully executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC) related to such Receivable, including any written amendments or
extensions thereto; 

  

	 	(ii)	the original Certificate of Title or, if not yet received, evidence that an application therefor has been submitted with the appropriate authority, a guaranty of title from a Dealer or such other document (electronic or
otherwise, as used in the applicable jurisdiction) that the Servicer keeps on file, in accordance with its Customary Servicing Practices, evidencing the security interest of the applicable Originator in the Financed Vehicle; provided,
however, that in lieu of being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged by the Servicer to obtain and/or hold Certificates of Title; and 

  

					
		 	2	 	Sale and Servicing Agreement (20[  ]-[  ])

	 	(iii)	any and all other documents that the Servicer or the Seller keeps on file, in accordance with its Customary Servicing Practices, relating to a Receivable, an Obligor or a Financed Vehicle. 

(b) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Issuer and the
Indenture Trustee, as pledgee of the Issuer. In performing its duties as custodian, the Servicer shall act in accordance with its Customary Servicing Practices. The Servicer will promptly report to the Issuer and the Indenture Trustee any failure on
its part to hold a material portion of the Receivable Files or to maintain its accounts, records, and computer systems as herein provided and shall promptly take appropriate action to remedy any such failure. Nothing herein will be deemed to require
an initial review or any periodic review by the Issuer or the Indenture Trustee of the Receivable Files. The Servicer may, in accordance with its Customary Servicing Practices, (i) maintain all or a portion of the Receivable Files in electronic
form and (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees. 
 (c)
Maintenance of and Access to Records. The Servicer will maintain each Receivable File in the United States (it being understood that the Receivable Files, or any part thereof, may be maintained at the offices of any Person to whom the
Servicer has delegated responsibilities in accordance with Section 6.5). The Servicer will make available to the Issuer and the Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of locations of the
Receivable Files upon request. The Servicer will provide access to the Receivable Files, and the related accounts records, and computer systems maintained by the Servicer at such times as the Issuer or the Indenture Trustee direct, but only upon
reasonable notice and during the normal business hours at the respective offices of the Servicer. 
 (d) Release of Documents. Upon
written instructions from the Indenture Trustee, the Servicer will release or cause to be released any document in the Receivable Files to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the
case may be, at such place or places as the Indenture Trustee may designate, as soon thereafter as is practicable. Any document so released will be handled by the Indenture Trustee with due care and returned to the Servicer for safekeeping as soon
as the Indenture Trustee or its agent or designee, as the case may be, has no further need therefor. 
 (e) Instructions; Authority to
Act. All instructions from the Indenture Trustee will be in writing and signed by an Authorized Officer of the Indenture Trustee, and the Servicer will be deemed to have received proper instructions with respect to the Receivable Files upon its
receipt of such written instructions. 
 (f) Custodian’s Indemnification. Subject to Section 6.2, the Servicer as
custodian will indemnify the Issuer and the Indenture Trustee for any and all liabilities, obligations, losses, compensatory damages, payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the
Issuer or the Indenture Trustee as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files; provided, however, that the Servicer as custodian
will not be liable (i) to the Indenture Trustee or the Issuer for any portion of any such amount resulting from the willful misconduct, bad faith, breach of contract or negligence of the Indenture Trustee

  

					
		 	3	 	Sale and Servicing Agreement (20[  ]-[  ])

 
or the Issuer, respectively, or (ii) to the Indenture Trustee for any portion of any such amount resulting from the failure of the Indenture Trustee, the Indenture Trustee’s agent or
the Indenture Trustee’s designee to handle with due care any Certificate of Title or other document released to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee pursuant to
Section 2.4(d). 
 (g) Effective Period and Termination. The Servicer’s appointment as custodian will become
effective as of the Cut-Off Date and will continue in full force and effect until terminated pursuant to this Section. If Santander Consumer resigns as Servicer in accordance with the provisions of this
Agreement or if all of the rights and obligations of the Servicer have been terminated under Section 7.1, the appointment of the Servicer as custodian hereunder may be terminated by the Indenture Trustee, or by the Noteholders of Notes
evidencing not less than a majority of the Note Balance of the Controlling Class, in the same manner as the Indenture Trustee or such Noteholders may terminate the rights and obligations of the Servicer under Section 7.1. As soon as
practicable after any termination of such appointment, the Servicer will deliver to the Indenture Trustee (or, at the direction of the Indenture Trustee, to its agent) the Receivable Files and the related accounts and records maintained by the
Servicer at such place or places as the Indenture Trustee may reasonably designate. 
 ARTICLE III 

ADMINISTRATION AND SERVICING OF 

RECEIVABLES AND TRUST PROPERTY 

SECTION 3.1 Duties of Servicer. 

(a) The Servicer is hereby appointed by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service,
administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables will be carried out in accordance with its Customary Servicing
Practices, using the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer’s duties will include collection and posting of all
payments, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax information to Obligors, accounting for Collections and furnishing monthly
and annual statements to the Indenture Trustee with respect to distributions and performing the other duties specified herein. The Servicer is not required under the Transaction Documents to make any disbursements via wire transfer or otherwise on
behalf of an Obligor. There are no requirements under the Receivables or the Transaction Documents for funds to be, and funds shall not be, held in trust for an Obligor. No payments or disbursements shall be made by the Servicer on behalf of the
Obligor. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein. 

(b) The Servicer will follow its Customary Servicing Practices and will have full power and authority to do any and all things in connection
with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the 

  

					
		 	4	 	Sale and Servicing Agreement (20[  ]-[  ])

 
generality of the foregoing, the Servicer is hereby authorized and empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders,
the Certificateholders, or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to the Receivables or to the Financed Vehicles securing such
Receivables. The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer, a legal proceeding to enforce a Receivable or an Insurance Policy or to commence or participate in any other legal proceeding (including a
bankruptcy proceeding) relating to or involving a Receivable, an Obligor, a Financed Vehicle or an Insurance Policy. If the Servicer commences a legal proceeding to enforce a Receivable or an Insurance Policy, the Issuer will thereupon be deemed to
have automatically assigned such Receivable or its rights under such Insurance Policy to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by
the Issuer to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any enforcement suit or legal proceeding it
is held that the Servicer may not enforce a Receivable or Insurance Policy on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable or Insurance Policy, the Issuer will, at the Servicer’s expense and
direction, take steps to enforce the Receivable or Insurance Policy, including bringing suit in its name or the name of the Indenture Trustee. The Issuer will furnish the Servicer with any powers of attorney and other documents reasonably necessary
or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. The Servicer, at its expense, will obtain on behalf of the Issuer all licenses, if any, required by the laws of any jurisdiction to be held by the
Issuer in connection with ownership of the Receivables, and will make all filings and pay all fees as may be required in connection therewith during the term hereof. 

(c) The Servicer hereby agrees that upon its resignation and the appointment of a successor Servicer hereunder, the Servicer will terminate
its activities as Servicer hereunder in accordance with Section 7.1, and, in any case, in a manner which the Indenture Trustee reasonably determines will facilitate the transition of the performance of such activities to such successor
Servicer, and the Servicer shall cooperate with and assist such successor Servicer. 
 SECTION 3.2 Collection of Receivable
Payments. 
 (a) The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the
Receivables as and when the same become due in accordance with its Customary Servicing Practices. Subject to Section 3.5, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any
Receivable in accordance with its Customary Servicing Practices; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period
immediately prior to the Class E Final Scheduled Payment Date, (ii) reduces the Contract Rate with respect to any Receivable other than as required by applicable law (including, without limitation, the Servicemembers Civil Relief Act) or court
order or (iii) reduces the Principal Balance with respect to any Receivable other than (A) as required by applicable law, (B) in connection with a settlement in the event the Receivable becomes a Defaulted Receivable or (C) in
connection with a Cram Down Loss relating to such Receivable, it will promptly purchase such Receivable in the manner provided in Section 3.6. The Servicer 

  

					
		 	5	 	Sale and Servicing Agreement (20[  ]-[  ])

 
may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not be required to make any
advances of funds or guarantees regarding collections, cash flows or distributions. Payments on the Receivables, including payoffs, made in accordance with the related documentation for such Receivables, shall be posted to the Servicer’s
Obligor records in accordance with the Servicer’s Customary Servicing Practices. Such payments shall be allocated to principal, interest or other items in accordance with the related documentation for such Receivables. 

(b) Subject to the proviso of the second sentence of Section 3.2(a), the Servicer and its Affiliates may engage in any marketing
practice or promotion or any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer
for itself and others, whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower timing of the payment of the Receivables. 

(c) Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Receivable and deposit the full outstanding
Principal Balance of such Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including
products which result in the cancellation of some or all of the amount of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle. 

(d) Records documenting collection efforts shall be maintained during the period a Receivable is delinquent in accordance with the
Servicer’s Customary Servicing Practices. Such records shall be maintained on at least a periodic basis that is not less frequent than as prescribed by the Servicer’s Customary Servicing Practices, and describe the entity’s activities
in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment) in accordance with the Servicer’s Customary
Servicing Practices. 
 (e) The Servicer shall not be required to maintain a fidelity bond or errors and omissions policy. 

SECTION 3.3 Repossession of Financed Vehicles. On behalf of the Issuer, the Servicer will use commercially reasonable efforts,
consistent with its Customary Servicing Practices, to repossess or otherwise convert the ownership of and liquidate the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual payment in full is unlikely; provided,
however, that the Servicer may elect not to repossess a Financed Vehicle if in its sole discretion it determines that repossession will not increase the amounts described in clauses (a) through (c) of the definition of Liquidation Proceeds
by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer is authorized as it deems necessary or advisable, consistent with
its Customary Servicing Practices, to make reasonable efforts to realize upon any recourse to any Dealer and to sell the related Financed Vehicle at public or private sale. The foregoing will be subject to the provision that, in any case in which
the Financed Vehicle has suffered damage, the Servicer shall not be required to expend funds in 

  

					
		 	6	 	Sale and Servicing Agreement (20[  ]-[  ])

 
connection with the repair or the repossession of such Financed Vehicle unless it determines in its sole discretion that such repair and/or repossession will increase the amounts described in
clauses (a) through (c) of the definition of Liquidation Proceeds with respect to such Financed Vehicle by an amount greater than the amount of such expenses. The Servicer, in its sole discretion, may in accordance with its Customary
Servicing Practices sell any Receivable’s deficiency balance. Net proceeds of any such sale allocable to the Receivable will constitute Liquidation Proceeds, and the sole right of the Issuer and the Indenture Trustee with respect to any such
sold Receivables will be to receive such Liquidation Proceeds. Upon such sale, the Servicer will mark its computer records indicating that any such receivable sold is no longer a Receivable. The Servicer is authorized to take any and all actions
necessary or appropriate on behalf of the Issuer to evidence the sale of the Receivable free from any Lien or other interest of the Issuer or the Indenture Trustee. 

SECTION 3.4 Maintenance of Security Interests in Financed Vehicles. The Servicer will, in accordance with its Customary
Servicing Practices, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The provisions set forth in this Section are the sole requirements under the
Transaction Documents with respect to the maintenance of collateral or security on the Receivables. It is understood that the Financed Vehicles are the collateral and security for the Receivables, but that the Certificate of Title with respect to a
Financed Vehicle does not constitute collateral and merely evidences such security interest. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture
Trustee in the event of the relocation of a Financed Vehicle or for any other reason. 
 SECTION 3.5 Covenants of Servicer.
Unless required by law or court order, the Servicer will not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment in full by or on
behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (ii) in connection with repossession or (iii) as may be required by
an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. 
 SECTION 3.6 Purchase of
Receivables Upon Breach. Upon discovery by any party hereto of a breach of any of the covenants set forth in Section 3.2, 3.3, 3.4 or 3.5 which materially and adversely affects the interests of the Issuer or the
Noteholders in any Receivable, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided, that the delivery of a Servicer’s Certificate shall be deemed to constitute prompt notice by
the Servicer and the Issuer of such breach; provided, further, that the failure to give such notice shall not affect any obligation of the Servicer under this Section 3.6. If the breach materially and adversely affects the
interests of the Issuer or the Noteholders in such Receivable, then the Servicer shall either (a) correct or cure such breach or (b) purchase such Receivable from the Issuer, in either case on the Business Day before the Payment Date
following the end of the Collection Period which includes the 60th day (or, if the Servicer elects, an earlier date) after the date the Servicer became aware or was notified of such breach. Any
such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to receive and retain timely payment in full on such Receivable. Any such purchase by the Servicer
shall be at a price equal to the related 

  

					
		 	7	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Repurchase Price. In consideration for such repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into
the Collection Account prior to noon, New York City time, on such date of repurchase (or, if the Servicer elects, an earlier date). Upon payment of such Repurchase Price by the Servicer, the Indenture Trustee, on behalf of the Noteholders, and the
Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Servicer to evidence such release, transfer or assignment
or more effectively vest in the Servicer or its designee all of the Issuer’s and Indenture Trustee’s rights in any Receivable and related Transferred Assets repurchased pursuant to this Section 3.6. It is understood and agreed
that the obligation of the Servicer to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture Trustee. 

SECTION 3.7 Servicing Fee. On each Payment Date, the Indenture Trustee on behalf of the Issuer shall pay to the Servicer the
Servicing Fee in accordance with Section 4.4 for the immediately preceding Collection Period as compensation for its services. In addition, the Servicer will be entitled to retain all Supplemental Servicing Fees. The Servicer also will
be entitled to receive investment earnings (net of investment losses and expenses) on funds on deposit in the Collection Account and the Reserve Account during each Collection Period. 

SECTION 3.8 Servicer’s Certificate. On or before the Determination Date preceding each Payment Date, the Servicer shall
deliver to the Indenture Trustee, the Owner Trustee and each Paying Agent, with a copy to each of the Rating Agencies, a Servicer’s Certificate executed by an Authorized Officer of the Servicer containing all information necessary to make the
payments, transfers and distributions pursuant to Sections 4.3 and 4.4 on such Payment Date, together with the written statements to be furnished by the Indenture Trustee to the Noteholders pursuant to Section 4.6 hereof
and Section 6.6 of the Indenture. At the sole option of the Servicer, each Servicer’s Certificate may be delivered in electronic format or hard copy format. 

SECTION 3.9 Annual Officer’s Certificate; Notice of Servicer Replacement Event. 

(a) The Servicer will deliver to the Issuer, with a copy to the Indenture Trustee, on or before March 30th of each year, beginning on March 30, 20[ ], an Officer’s Certificate, dated as of December 31 of the immediately preceding year, providing such information as is required under
Item 1123 of Regulation AB. 
 (b) The Servicer will deliver to the Issuer, with a copy to the Indenture Trustee within five
(5) Business Days after having obtained knowledge thereof written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Replacement Event. Except to the extent
set forth in this Section 3.9(b) , Section 7.2 and Section 9.22 of this Agreement and Section 3.12 and Section 6.5 of the Indenture, the Transaction Documents do not require any policies or
procedures to monitor any performance or other triggers and events of default. 
 (c) The Servicer will deliver to the Issuer, on or before
March 30th of each year, beginning on March 30th, 20[ ], a report regarding the Servicer’s assessment of compliance with the
Servicing Criteria specified in Exhibit C as applicable to the Servicer during the immediately 

  

					
		 	8	 	Sale and Servicing Agreement (20[  ]-[  ])

 
preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18, or Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB. 
 SECTION 3.10 Annual Registered Public Accounting Firm Attestation. 

(a) On or before March 30th of each year, beginning March 30, 20[ ], the
Servicer shall cause a registered public accounting firm, which may also render other services to the Servicer or to its Affiliates, to furnish to the Issuer, with a copy to the Indenture Trustee, each attestation report on assessments of compliance
with the Servicing Criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18
of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of
comparable assets, or which otherwise comply with any rule, regulation, “no action” letter or similar guidance promulgated by the Commission. 

(b) The Servicer, however, shall not be obligated to deliver any report described above to any Person who does not comply with or agree to the
required procedures of such firm of independent certified public accountants, including but not limited to execution of engagement letters or access letters regarding such reports. 

SECTION 3.11 Servicer Expenses. The Servicer will be required to pay all expenses (other than expenses described in the
definition of Liquidation Proceeds) incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and
reports to the Noteholders and the Certificateholders. The Servicer shall also pay all fees and disbursements of the Indenture Trustee (in accordance with Section 6.7 of the Indenture), Owner Trustee (in accordance with Section 8.1 of the
Trust Agreement) and Administrator and organizational expenses of the Issuer. 
 SECTION 3.12 Exchange Act Filings. The Issuer
hereby authorizes the Servicer and the Seller, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act and the
rules thereunder. 
 SECTION 3.13 Noteholder Communication. A Noteholder (if the Notes are represented by Definitive Notes) or
a Note Owner (if the Notes are represented by Book-Entry Notes) may send a request to the Seller at any time notifying the Seller that such Noteholder or Note Owner, as applicable, would like to communicate with other Noteholders or Note Owners, as
applicable, with respect to an exercise of their rights under the terms of the Transaction Documents. Each request must include (i) the name of the Noteholder or Note Owner, as applicable, making the request, (ii) the date the request was
received, (iii) a statement to the effect that the Issuer has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders
or Note Owners, as applicable, with regard to the possible exercise of rights under the Transaction Documents and (iv) a description of the method other Noteholders or Note 

  

					
		 	9	 	Sale and Servicing Agreement (20[  ]-[  ])

  
Owners, as applicable, may use to contact the requesting Noteholder or Note Owner. Additionally, in the case of such requesting Note Owner, the Seller may require such Note Owner to provide
Verification Documents. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 3.13 will be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Noteholders or
Note Owners, as applicable, relates solely to a possible exercise of rights under the Indenture or the other Transaction Documents, and will not be used for other purposes. The Seller shall include in each monthly distribution report on Form 10-D
any request that complies with the requirements of this Section 3.13 received during the related Collection Period from a Noteholder or Note Owner to communicate with other Noteholders or Note Owners, as applicable, related to the
Noteholders or Note Owners exercising their rights under the terms of the Transaction Documents. 

  

					
		 	10	 	Sale and Servicing Agreement (20[  ]-[  ])

 ARTICLE IV 

DISTRIBUTIONS; ACCOUNTS 

STATEMENTS TO THE CERTIFICATEHOLDERS 

AND THE NOTEHOLDERS 

SECTION 4.1 Establishment of Accounts. 

(a) The Servicer shall cause to be established on or prior to the Closing Date: 

 

	 	(i)	(x) Prior to the payment in full of the principal of and interest on the Notes, for the benefit of the Noteholders [and the Swap Counterparty,] in the name of the Indenture Trustee, an Eligible Account, bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders [and the Swap Counterparty], which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee and
(y) following payment in full of the principal of and interest on the Notes, for the benefit of the Certificateholders, in the name of the Issuer, an Eligible Account, bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Certificateholders, which Eligible Account shall be established by and maintained with the Certificate Paying Agent, as Relevant Trustee, or its designee (the “Collection Account”). No checks shall be
issued, printed or honored with respect to the Collection Account. 

  

	 	(ii)	For the benefit of the Noteholders [and the Swap Counterparty], in the name of the Indenture Trustee, an Eligible Account (the “Reserve Account”), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Noteholders [and the Swap Counterparty], which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or
honored with respect to the Reserve Account. 

  

	 	(iii)	For the benefit of the Certificateholders, in the name of the Issuer, a non-interest bearing Eligible Account (the “Certificate Distribution Account”) bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders, which Eligible Account shall be established by and maintained with the Certificate Paying Agent or its designee. No checks shall be issued, printed or honored with respect
to the Certificate Distribution Account. Funds on deposit in the Certificate Distribution Account shall be held uninvested. 

(b) Funds on deposit in the Collection Account[,][and] the Reserve Account [and the Swap Termination Payment Account (to the extent such
account is established under Section 4.8(b))] (collectively, the “Trust Accounts”), if any, shall be invested by the Relevant Trustee in Eligible Investments selected in writing by the Servicer and of which the Servicer
provides notification (pursuant to standing instructions or otherwise); provided that it is understood and 

  

					
		 	11	 	Sale and Servicing Agreement (20[  ]-[  ])

 
agreed that neither the Servicer, the Relevant Trustee (subject to Section 6.1(c) of the Indenture) nor the Issuer shall be liable for any loss arising from such investment in Eligible
Investments. All such Eligible Investments shall be held by or on behalf of the Relevant Trustee as secured party for the benefit of the Noteholders [and the Swap Counterparty;] (or if there are no Noteholders, for the Certificateholders);
provided, that on each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit in the Trust Accounts shall be distributed to the Servicer and shall not be available to pay the
distributions provided for in Section 4.4. Except to the extent the Rating Agency Condition is satisfied, all investments of funds on deposit in the Trust Accounts shall mature so that such funds will be available on the Business Day
immediately preceding the immediately following Payment Date. No Eligible Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Eligible Investment and the Servicer directs the
Relevant Trustee in writing to dispose of such Eligible Investment. 
 (c) The Relevant Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the
sole dominion and control of the Relevant Trustee for the benefit of the Noteholders [and the Swap Counterparty] (or if there are no Noteholders, for the Certificateholders). If, at any time, any Trust Account ceases to be an Eligible Account, the
Servicer shall promptly notify the Relevant Trustee (unless such Trust Account is an account with the Relevant Trustee) in writing and within 10 Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such
longer period) after becoming aware of the fact, establish a new Trust Account as an Eligible Account and shall direct the Relevant Trustee in writing to transfer any cash and/or any investments to such new Trust Account. 

(d) With respect to the Trust Account Property, the parties hereto agree that: 

 

	 	(i)	any Trust Account Property that consists of uninvested funds shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and
control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the Indenture Trustee or its designee shall have sole signature authority with respect thereto; 

 

	 	(ii)	any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee or its designee, in accordance with paragraph (a) of the definition of “Delivery” and shall
be held, pending maturity or disposition, solely by the Indenture Trustee or any such designee; 

  

	 	(iii)	 any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause
(iv) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or such designee, pending
maturity or disposition, through continued registration of the Indenture Trustee’s (or its 

  

					
		 	12	 	Sale and Servicing Agreement (20[  ]-[  ])

	 	
designee’s) ownership of such security on the books of the issuer thereof; and 

  

	 	(iv)	any Trust Account Property that is an uncertificated security that is a “book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a
Federal Reserve Bank and eligible for transfer through the Fedwire® Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in
accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting
solely for the Indenture Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph. 

(e) Except for the Collection Account, the Reserve Account and the Certificate Distribution Account, there are no accounts required to be
maintained under the Transaction Documents. 
 SECTION 4.2 Remittances. The Servicer shall deposit an amount equal to all
Collections into the Collection Account within two Business Days after identification; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the Collection
Account an amount equal to the Collections received during any Collection Period until noon, New York City time, on the Business Day prior to the related Payment Date. The “Monthly Remittance Condition” shall be deemed to be
satisfied if (i) Santander Consumer or one of its Affiliates is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing, (iii) Banco Santander, S.A. has a short-term unsecured debt rating of at least
“[        ]” from [        ] and “[        ]” from
[            ] and (iv) Santander Consumer is a direct or indirect subsidiary of Banco Santander S.A. Notwithstanding the foregoing, the Servicer may remit Collections to the
Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit
into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds. 

SECTION 4.3 Additional Deposits and Payments. 

(a) On the date specified in Section 3.6 hereof or Section 3.4 of the Purchase Agreement, as applicable, the Servicer
and Santander Consumer, as applicable, will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased or repurchased by the Servicer or Santander Consumer, respectively, on such date, and on
the Payment Date specified in Section 8.1, the Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 8.1. All such deposits with respect to any such date which is a Payment Date will
be made, in immediately available funds by noon, New York City time, on the Business Day immediately preceding such Payment Date related to such Collection Period. 

  

					
		 	13	 	Sale and Servicing Agreement (20[  ]-[  ])

 (b) The Indenture Trustee will, on or before the Payment Date relating to each Collection Period,
withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amounts in the Collection Account in accordance with the Servicer’s Certificate. 

(c) The Indenture Trustee will, on each Payment Date, withdraw from the Reserve Account (i) all investment earnings (net of investment
losses and expenses on funds on deposit in the Reserve Account during the related Collection Period) and distribute such investment earnings to the Servicer and (ii) the Reserve Account Excess Amount, if any, for such Payment Date and deposit
such amount in the Collection Account. 
 (d) On the Closing Date the Seller will cause the amount available in the Reserve Account to equal
the Initial Reserve Account Deposit Amount through a cash deposit from proceeds of the sale of the Notes. 
 (e) On or prior to the [third]
Business Day preceding each Determination Date, the Relevant Trustee shall send a written notice, or make such information available electronically, to the Servicer stating the amount of investment income earned, if any, during the related
Collection Period on each Trust Account maintained at the Relevant Trustee. 
 (f) [The Indenture Trustee will promptly, on the day of
receipt, deposit into the Collection Account all Net Swap Receipts received by it under the Interest Rate Swap Agreement in immediately available funds.] 

SECTION 4.4 Distributions. 

(a) Unless the Notes have been accelerated pursuant to Section 5.2 of the Indenture, on each Payment Date, the Relevant Trustee
(based on information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.8) shall make the following deposits and distributions, to the extent of Available Funds and
the Reserve Account Draw Amount, on deposit in the Collection Account for such Payment Date, in the following order of priority: 
  

	 	(1)	first, to the Indenture Trustee, the Owner Trustee [and the Asset Representations Reviewer], any accrued and unpaid fees (including unpaid Indenture Trustee fees, Owner Trustee fees [or Asset Representations
Reviewer fees] with respect to prior periods) and any reasonable expenses (including indemnification amounts) not previously paid by the Servicer; provided, however, that fees, expenses and indemnification amounts payable to the
Indenture Trustee, the Owner Trustee [and the Asset Representations Reviewer] pursuant to this clause first shall be limited to $[            ] per annum in the aggregate;

  

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

  

	 	(3)	[third, to the Swap Counterparty, the Net Swap Payment, if any, for such Payment Date]; 

  

					
		 	14	 	Sale and Servicing Agreement (20[  ]-[  ])

	 	(4)	fourth, pro rata [based on amounts due, (A) to the Swap Counterparty, any Senior Swap Termination Payments for such Payment Date, and (B)] to the Noteholders of the Class A Notes, the Accrued
Class A Note Interest due and accrued for the related Interest Period; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available will be applied
to the payment of such interest on the Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

  

	 	(5)	fifth, for distribution to the Noteholders pursuant to Section 8.2(b) of the Indenture, the First Allocation of Principal, if any; 

 

	 	(6)	sixth, to the Noteholders of the Class B Notes, the Accrued Class B Note Interest due and accrued for the related Interest Period; 

 

	 	(7)	seventh, for distribution to the Noteholders in accordance with Section 8.2(b) of the Indenture, the Second Allocation of Principal, if any; 

 

	 	(8)	eighth, to the Noteholders of Class C Notes, the Accrued Class C Note Interest due and accrued for the related Interest Period; 

 

	 	(9)	ninth, for distribution to the Noteholders in accordance with Section 8.2(b) of the Indenture, the Third Allocation of Principal, if any; 

 

	 	(10)	tenth, to the Noteholders of Class D Notes, the Accrued Class D Note Interest due and accrued for the related Interest Period; 

 

	 	(11)	eleventh, for distribution to the Noteholders in accordance with Section 8.2(b) of the Indenture, the Fourth Allocation of Principal, if any; 

 

	 	(12)	twelfth, to the Noteholders of Class E Notes, the Accrued Class E Note Interest due and accrued for the related Interest Period; 

 

	 	(13)	thirteenth, for distribution to the Noteholders in accordance with Section 8.2(b) of the Indenture, the Fifth Allocation of Principal, if any; 

 

	 	(14)	fourteenth, to the Reserve Account, any additional amounts required to cause the amount of cash on deposit in the Reserve Account to equal the Specified Reserve Account Balance; 

 

	 	(15)	fifteenth, for distribution to the Noteholders in accordance with Section 8.2(b) of the Indenture, the Regular Allocation of Principal, if any; 

 

	 	(16)	[sixteenth, to the Swap Counterparty, any Subordinated Swap Termination Payments for such Payment Date;] and 

  

	 	(17)	 [seventeenth, any funds remaining, to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or, to the
extent  

  

					
		 	15	 	Sale and Servicing Agreement (20[  ]-[  ])

	 	
Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to the Certificateholders. 

Notwithstanding any other provision of this Section 4.4, following the occurrence and during the continuation of an Event of Default which has
resulted in an acceleration of the Notes, the Indenture Trustee shall apply all amounts on deposit in the Collection Account pursuant to Section 5.4(b) of the Indenture. 

(b) After the payment in full of the Notes[, all amounts payable to the Swap Counterparty] and all other amounts payable under
Section 4.4(a), all Collections shall be paid to or in accordance with the instructions provided from time to time by the Certificateholders. 

SECTION 4.5 Net Deposits. If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the
Collection Account by noon, New York City time, on the Business Day prior to the related Payment Date only the net amount distributable to Persons other than the Servicer and its Affiliates on such Payment Date. The Servicer shall be permitted to
pay the Optional Purchase Price pursuant to Section 8.1 net of amounts to be distributed to the Servicer or its Affiliates on the related Redemption Date, and accounts between the Servicer and such Affiliates shall be adjusted
accordingly. The Servicer shall, however, account for all deposits and distributions in the Servicer’s Certificate as if the amounts were deposited and/or distributed separately. 

SECTION 4.6 Statements to Noteholders and Certificateholders. On or before each Determination Date, the Servicer shall provide
to the Certificate Paying Agent and to the Relevant Trustee (with a copy to each Rating Agency and the Issuer), and the Relevant Trustee shall forward (or make available on its website, as described below) to each Noteholder and Certificateholder of
record as of the most recent Record Date, a statement setting forth for the Collection Period and Payment Date relating to such Determination Date the following information (to the extent applicable): 

(a) the aggregate amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes; 

(b) the Class A-1 Note Balance, the Class A-2-A Note Balance, the Class A-2-B Note Balance, the Class A-3 Note Balance,
the Class B Note Balance, the Class C Note Balance, the Class D Note Balance, the Class E Note Balance and the Note Factor with respect to each Class of Notes, in each case after giving effect to payments on such Payment Date; 

(c) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and end of the
related Collection Period, (ii) the amount to be deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the
Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (v) the change in such
balance from the immediately preceding Payment Date; 

  

					
		 	16	 	Sale and Servicing Agreement (20[  ]-[  ])

 (d) the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation
of Principal, the Fourth Allocation of Principal, the Fifth Allocation of Principal and the Regular Allocation of Principal for such Payment Date; 

(e) the Pool Balance and the Pool Factor as of the close of business on the last day of the preceding Collection Period; 

(f) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of any unpaid
Servicing Fees and the change in such amount from that of the prior Payment Date; 
 (g) the amount of fees to be paid to the Indenture
Trustee and the Owner Trustee with respect to the related Payment Date and the amount of any unpaid fees to the Indenture Trustee and the Owner Trustee and the change in such amount from that of the prior Payment Date; 

(h) the amount of the Class A Noteholders’ Interest Carryover Shortfall, the Class B Noteholders’ Interest Carryover Shortfall,
the Class C Noteholders’ Interest Carryover Shortfall, the Class D Noteholders’ Interest Carryover Shortfall and the Class E Noteholders’ Interest Carryover Shortfall, if any, on such Payment Date and the change in such amounts from
the preceding Payment Date; 
 (i) the aggregate Repurchase Price with respect to Repurchased Receivables paid by the Servicer with respect
to the related Collection Period; 
 (j) the aggregate Principal Balance of Receivables that are more than 30 days delinquent as of the end
of the related Collection Period; 
 (k) the Cumulative Net Loss Ratio for the related Collection Period; 

(l) [the Net Swap Receipts and Net Swap Payment, if any; 

(m) the Senior Swap Termination Payment and Subordinated Swap Termination Payment, if any; 

(n) the Swap Replacement Proceeds, if any; 

(o) the Swap Termination Payment, if any]; 

(p) the aggregate Principal Balance of 60 Day Delinquent Receivables as of such Payment Date; 

(q) the Delinquency Percentage for the related Collection Period; 

(r) the Delinquency Trigger for such Payment Date; and 

(s) the number of Receivables that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period. 

  

					
		 	17	 	Sale and Servicing Agreement (20[  ]-[  ])

 Each amount set forth pursuant to clause (a) or (h) above relating to the Notes
shall be expressed as a dollar amount per $1,000 of the aggregate principal amount of the Notes (or Class thereof).  
 No disbursements shall be
made directly by the Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise. 

The Relevant Trustee shall make available via the Relevant Trustee’s internet website all reports or notices required to be provided by
the Relevant Trustee under this Section 4.6 (which reports may include information with respect to the Non-Investment Grade Notes). Any information that is disseminated in accordance with the provisions of this Section 4.6
shall not be required to be disseminated in any other form or manner. The Relevant Trustee will make no representation or warranty as to the accuracy or completeness of such documents and will assume no responsibility therefor. 

The Indenture Trustee’s internet website shall be initially located at
“[                            ]” or at such other address as shall be specified by the
Indenture Trustee from time to time in writing to the Noteholders, the Owner Trustee, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may
require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Indenture Trustee shall notify the Noteholders in writing of any changes
in the address or means of access to the Internet website where the reports are accessible 
 SECTION 4.7 No Duty to Confirm.
The Relevant Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Servicer’s Certificate delivered by the Servicer to the Relevant Trustee, and the Relevant Trustee
shall be fully protected in relying upon such Servicer’s Certificate. 
 SECTION 4.8 [Interest Rate Swap Agreement. 

(a) The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of
this Section 4.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or
“Event of Default” (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap
Agreement entered into pursuant to this Section 4.8(a), the Issuer may not enter into any additional interest rate swap agreements. 

(b) In the event of any early termination of any Interest Rate Swap Agreement, (i) upon written direction and notification of such early
termination, the Indenture Trustee shall establish the Swap Termination Payment Account, (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap
Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; provided, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap
Counterparty under the 

  

					
		 	18	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Interest Rate Swap Agreement; provided, further that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap
Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account. 

(c) The Issuer shall promptly, following the early termination of any Initial Interest Rate Swap Agreement due to an “Event of
Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent
possible and practicable through application of funds available in the Swap Termination Payment Account unless entering into such Replacement Interest Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied. 

(d) To the extent that (i) the funds available in the Swap Termination Payment Account exceed the costs of entering into a Replacement
Interest Rate Swap Agreement or (ii) the Issuer determines not to replace the Initial Interest Rate Swap Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the Swap Termination Payment Account
(other than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 4.4(a)
on the following Payment Date. In any other situation, amounts on deposit in the Swap Termination Payment Account at any time shall be invested pursuant to Section 4.1(b) and on each Payment Date after the creation of a Swap Termination
Payment Account, the funds therein shall be used to cover any shortfalls in the amounts payable under clauses first through [twelfth] under Section 4.4(a), provided, that in no event will the amount withdrawn
from the Swap Termination Payment Account on such Payment Date exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been no termination of
such transaction. Any amounts remaining in the Swap Termination Payment Account after payment in full of the latest maturing class of floating-rate Notes shall be included in Available Funds and allocated in accordance with the order of priority
specified in Section 4.4(a) on the following Payment Date. 
 (e) If the Swap Counterparty is required to post collateral under
the terms of the Interest Rate Swap Agreement, upon written direction and notification of such requirement the Indenture Trustee shall establish the Swap Collateral Account (the “Swap Collateral Account”) over which the Indenture
Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Swap Counterparty and the Noteholders shall have any legal or beneficial interest. The Indenture Trustee shall
deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be held
in trust by the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be
(i) for application to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when
and as required by the Interest Rate Swap Agreement. 

  

					
		 	19	 	Sale and Servicing Agreement (20[  ]-[  ])

 (f) If at any time the Interest Rate Swap Agreement becomes subject to early termination due to
the occurrence of an “Event of Default” or “Termination Event” (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee shall use reasonable efforts (following the expiration of any applicable grace
period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Interest Rate Swap Agreement and consistent with the terms hereof. To the extent not fully paid from Swap Replacement Proceeds, any Swap Termination
Payment owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement shall be payable to the Swap Counterparty in installments made on each following Payment Date until paid in full in accordance with the order of priority
specified in Section 4.4(a). To the extent that the Swap Replacement Proceeds exceed any such Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess
of such Swap Termination Payments, if any, shall be included in Available Funds and allocated and applied in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date.] 

ARTICLE V 
 THE SELLER

 SECTION 5.1 Representations and Warranties of Seller. The Seller makes the following representations and warranties as
of the Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred
Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and
Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as
presently owned or operated, and to execute, to deliver and to perform its obligations under 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 or affect the enforceability or collectability of the Receivables or any other part of the Transferred Assets. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Seller of the Transaction Documents to which it
is a party have been duly authorized by all necessary limited liability company action on the part of the Seller and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational
documents or (iii) any indenture or 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, indentures, agreements or instruments which do not affect
the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its obligations
under, the Transaction Documents). 

  

					
		 	20	 	Sale and Servicing Agreement (20[  ]-[  ])

 (c) No Consent Required. No approval or authorization by, or filing with, any Governmental
Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that
have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or any other part of the Transferred
Assets or would not materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents. 

(d) Binding Effect. Each Transaction Document to which the Seller is a party 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 the
enforcement of 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. 

(e) Lien Filings. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller. 

(f) No Proceedings. There are no actions, orders, suits, investigations 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, (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 or the collectability or enforceability of the Receivables, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income,
excise, franchise or similar tax attributes of the Notes. 
 (g) Investment Company Act. The Seller is not an “investment
company” that is registered or required to be registered under, or otherwise subject to the restrictions of the Investment Company Act of 1940, as amended. 

(h) Assignment. The Receivables and the other Transferred Assets have been validly assigned by the Seller to the Issuer. 

(i) Security Interests. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller
that includes a description of collateral covering any Receivable other than any financing statement relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Receivables hereunder,
will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected
by the filing of a financing statement) in favor of the Issuer which security interest is prior to all other Liens (other 

  

					
		 	21	 	Sale and Servicing Agreement (20[  ]-[  ])

 
than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Seller. 

(j) Creation, Perfection and Priority of Security Interests. The representations and warranties regarding creation, perfection and
priority of security interests in the Transferred Assets, which are attached to this Agreement as Exhibit B, are true and correct to the extent that they are applicable. 

SECTION 5.2 Liability of Seller; Indemnities. The Seller shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Seller under this Agreement, and hereby agrees to the following: 
 (a) The Seller shall
indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee (including when performing its duties as Relevant Trustee) from and against any loss, liability or expense incurred by reason of the Seller’s violation
of federal or State securities laws in connection with the registration or the sale of the Notes. 
 (b) Indemnification under this
Section 5.2 will survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this Agreement and will include, without limitation, reasonable fees and expenses of counsel and expenses of
litigation. If the Seller has made any indemnity payments pursuant to this Section 5.2 and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay
such amounts to the Seller, without interest. 
 (c) The Seller’s obligations under this Section 5.2 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, the Issuer, the Servicer,
the Indenture Trustee and the Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have 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, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee 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 the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee, as applicable, further acknowledges and agrees that any such interest, claim or benefit in or from Other
Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination
agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges and 

  

					
		 	22	 	Sale and Servicing Agreement (20[  ]-[  ])

 
agrees that no adequate remedy at law exists for a breach of this Section 5.2(c) and the terms of this Section 5.2(c) may be enforced by an action for specific
performance. The provisions of this Section 5.2(c) will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 

SECTION 5.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any entity (i) into which the Seller
may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or consolidation to
which the Seller shall be a party, or any entity succeeding to the business of the Seller or (ii) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Banco
Santander, S.A. and which executes an agreement of assumption to perform every obligation of the Seller under this agreement, shall be the successor to the Seller under this Agreement, in each case, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Within thirty days following the consummation of any of the foregoing transactions in which the Seller is not the surviving entity, the Seller
shall deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to
preserve and protect the interest of the Issuer in the Receivables or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest. 

SECTION 5.4 Limitation on Liability of Seller and Others. The Seller and any officer or employee or agent of the Seller may rely
in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Seller will not be under any obligation to appear in, prosecute or defend
any legal action that is not incidental to its obligations under this Agreement and that in its opinion may involve it in any expense or liability. 

SECTION 5.5 Seller May Own Notes. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity
become the owner or pledgee of Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the
other Transaction Documents, Notes so owned by the Seller or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as
among all of the Notes. Unless all Notes are owned by the Issuer, the Seller, any Certificateholder, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Seller, any Certificateholder, the
Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction
Document. 
 SECTION 5.6 Sarbanes-Oxley Act Requirements. To the extent any documents are required to be filed or any
certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer and the 

  

					
		 	23	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Seller, or either of them, to prepare, sign, certify and file any such documents or certifications on behalf of the Issuer. 

SECTION 5.7 Compliance with Organizational Documents. The Seller shall comply with its limited liability company agreement and
other organizational documents. 
 ARTICLE VI 

THE SERVICER 
 SECTION
6.1 Representations of Servicer. The Servicer makes the following representations and warranties as of the Closing Date, on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and
warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 

(a) Existence and Power. The Servicer is an Illinois corporation validly existing and in good standing under the laws of its state of
organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it
is a party. The Servicer 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 Servicer to perform its obligations under the Transaction Documents
or affect the enforceability or collectability of the Receivables or any other part of the Transferred Assets. 
 (b) Authorization and
No Contravention. The execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Servicer and do not contravene or constitute a
default under (i) any applicable law, rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement or instrument to which the Servicer is a party or by which its properties are bound, in
each case, other than violations of such laws, rules, regulations, organizational documents, indentures, agreements or instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in
the aggregate, would not materially and adversely affect the transactions contemplated by, or the Servicer’s ability to perform its obligations under, the Transaction Documents. 

(c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the
execution, delivery and performance by the Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made or approvals,
authorizations or filings that will be made on a timely basis and (iii) approval, authorizations or filings that, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or
would not materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents. 

  

					
		 	24	 	Sale and Servicing Agreement (20[  ]-[  ])

 (d) Binding Effect. Each Transaction Document to which the Servicer is a party constitutes
the legal, valid and binding obligation of the Servicer enforceable against the Servicer 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 corporations from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Servicer, threatened
against the Servicer 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, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Servicer of its obligations under this
Agreement or any of the other Transaction Documents or (iv) relate to the Servicer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 

SECTION 6.2 Indemnities of Servicer. The Servicer will be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following: 
 (a) The Servicer will defend, indemnify
and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee (including when performing its duties as Relevant Trustee) and the Seller from and against any and all costs, expenses, losses, damages, claims and liabilities, arising out of or
resulting from the use, ownership or operation by the Servicer or any Affiliate thereof or any sub-contractor hired by the Servicer or such Affiliate of a Financed Vehicle. 

(b) The Servicer will indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee (including when performing
its duties as Relevant Trustee) from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein or in the other Transaction Documents, if any, including, without limitation,
any sales, gross receipts, general corporation, tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the conveyance of the Receivables to
the Issuer or the issuance and original sales of the Notes, or asserted with respect to ownership of the Receivables, or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement and the other
Transaction Documents) and costs and expenses in defending against the same. For the avoidance of doubt, the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities due to the credit risk of the Obligors and for
which reimbursement would constitute recourse for uncollectible Receivables. 
 (c) The Servicer will indemnify, defend and hold harmless
the Issuer, the Owner Trustee, the Indenture Trustee (including when performing its duties as Relevant Trustee) and the Seller from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost,
expense, loss, claim, damage, or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith (other than 

  

					
		 	25	 	Sale and Servicing Agreement (20[  ]-[  ])

 
errors in judgment) of the Servicer in the performance of its duties under this Agreement or any other Transaction Document to which it is a party, or by reason of its failure to perform its
obligations or of reckless disregard of its obligations and duties under this Agreement or any other Transaction Document to which it is a party; provided, however, that the Servicer will not indemnify for any costs, expenses, losses,
claims, damages or liabilities arising from its breach of any covenant for which the purchase of the affected Receivables is specified as the sole remedy pursuant to Section 3.6. 

(d) The Servicer will compensate and indemnify the Indenture Trustee (including when performing its duties as Relevant Trustee) and the Owner
Trustee to the extent and subject to the conditions set forth in Section 6.7 of the Indenture and Section 8.2 of the Trust Agreement, as applicable, except, with respect to the Indenture Trustee, to the extent that any cost,
expense, loss, claim, damage or liability arises out of or is incurred in connection with the performance by the Indenture Trustee of the duties of a Successor Servicer hereunder. 

(e) Indemnification under this Section 6.2 by Santander Consumer (or any successor thereto pursuant to Section 7.1) as
Servicer, with respect to the period such Person was the Servicer, will survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement or the resignation or removal of the
Owner Trustee or the Indenture Trustee (including when performing its duties as Relevant Trustee) and will include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this
Section 6.2 and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Servicer, without interest. 

SECTION 6.3 Merger or Consolidation of, or Assumption of the Obligations of, Servicer. Any entity (i) into which the
Servicer may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or
consolidation to which the Servicer shall be a party, or any entity succeeding to the business of the Servicer or (ii) of which more than 50% of the voting stock or voting power and 50% or more of the economic equity is owned directly or
indirectly by Banco Santander, S.A. and which executes an agreement of assumption to perform every obligation of the Servicer under this Agreement, shall be the successor to the Servicer under this Agreement, in each case, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

SECTION 6.4 Limitation on Liability of Servicer and Others. 

(a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer will be under any liability to the
Issuer, the Indenture Trustee, the Owner Trustee, the Noteholders[, the Swap Counterparty] or the Certificateholders, except as provided under this Agreement or the other Transaction Documents, for any action taken or for refraining from the taking
of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision will not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance
or bad faith in the performance of duties or by reason of its failure to perform its obligations or of reckless disregard of obligations 

  

					
		 	26	 	Sale and Servicing Agreement (20[  ]-[  ])

 
and duties under this Agreement, or by reason of negligence in the performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer or
employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer’s Certificate of the Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any
matters arising under this Agreement. 
 (b) Except as provided in this Agreement, the Servicer will not be under any obligation to appear
in, prosecute, or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that
the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Noteholders and the Certificateholders under
this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom will be expenses, costs and liabilities of the Servicer. 

SECTION 6.5 Delegation of Duties. The Servicer may, at any time without notice or consent, delegate (a) any or all of its
duties (including, without limitation, its duties as custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including, without limitation, its duties as custodian) to sub-contractors who are in the business
of performing such duties; provided, that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Issuer, the Indenture Trustee and, to the
extent it is acting as Relevant Trustee, the Certificate Paying Agent for its duties hereunder as if the Servicer alone were performing such duties. For any servicing activities delegated to third parties in accordance with this
Section 6.5, the Servicer shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing activities as the Servicer follows with respect to comparable motor vehicle
receivables serviced by the Servicer for its own account.  
 SECTION 6.6 Santander Consumer Not to Resign as Servicer.
Subject to the provisions of Sections 6.3 and 6.5, Santander Consumer will not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties
under this Agreement is no longer permissible under applicable law. Notice of any such determination permitting the resignation of Santander Consumer will be communicated to the Issuer and the Indenture Trustee at the earliest practicable time (and,
if such communication is not in writing, will be confirmed in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee
concurrently with or promptly after such notice. No such resignation will become effective until a successor Servicer has assumed the responsibilities and obligations of Santander Consumer as Servicer. 

SECTION 6.7 Servicer May Own Notes. The Servicer, and any Affiliate of the Servicer, may, in its individual or any other
capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein
or in the other Transaction Documents, Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among all of
the Notes. 

  

					
		 	27	 	Sale and Servicing Agreement (20[  ]-[  ])

 ARTICLE VII 

TERMINATION OF SERVICER 

SECTION 7.1 Termination of Servicer. 

(a) If a Servicer Replacement Event shall have occurred and be continuing, the Indenture Trustee shall, at the direction of the Noteholders
representing at least a majority of the Note Balance of the Controlling Class, by notice given to the Servicer, the Owner Trustee, the Issuer, the Administrator and the Noteholders [and the Swap Counterparty], terminate the rights and obligations of
the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is removed or resigns as Servicer with respect to servicing the Receivables, the Indenture Trustee shall appoint a successor Servicer. Upon the
Servicer’s receipt of notice of termination, such Servicer will continue to perform its functions as Servicer under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination
notice, until receipt of such notice. If a successor Servicer has not been appointed at the time when the outgoing Servicer ceases to act as Servicer in accordance with this Section, the Indenture Trustee without further action will automatically be
appointed the successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally unable or is unwilling to so act, will appoint, or petition a court of competent jurisdiction to appoint a successor Servicer. Any successor
Servicer shall be an established institution having a net worth of not less than $100,000,000 and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than
$50,000,000. 
 (b) Noteholders holding not less than a majority of the Note Balance of the Controlling Class may waive any Servicer
Replacement Event. Upon any such waiver, such Servicer Replacement Event shall cease to exist and be deemed not to have occurred, and any Servicer Replacement Event arising therefrom shall be deemed not to have occurred for every purpose of this
Agreement, but no such waiver shall extend to any prior, subsequent or other Servicer Replacement Event or impair any right consequent thereto. 

(c) If replaced, the Servicer agrees that it will use commercially reasonable efforts at its own expense to effect the orderly and efficient
transfer of the servicing of the Receivables to a successor Servicer. 
 (d) Upon the effectiveness of the assumption by the successor
Servicer of its duties pursuant to this Section 7.1, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement with respect to the Receivables, and shall be subject to
all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer, including indemnification obligations as set forth in
Section 6.2(e). In such event, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the transfer and endorsement of the Receivables and related
documents, or otherwise. No Servicer 

  

					
		 	28	 	Sale and Servicing Agreement (20[  ]-[  ])

 
shall resign or be relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed Servicer for the Receivables shall have assumed the responsibilities and
obligations of the resigning or terminated Servicer under this Agreement. Notwithstanding anything else herein to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee or for any differential in the amount of the
Servicing Fee paid hereunder and the amount necessary to induce any successor Servicer to act as successor Servicer under this Agreement and the transactions set forth or provided for herein. 

(e) In connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of the successor Servicer out
of Available Funds as it and such successor Servicer will agree; provided, however, that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement. 

SECTION 7.2 Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer pursuant to
this Article VII, the Indenture Trustee will give prompt written notice thereof to the Owner Trustee, the Issuer, the Administrator, the Asset Representations Reviewer and to the Noteholders at their respective addresses of record. 

ARTICLE VIII 
 OPTIONAL
PURCHASE 
 SECTION 8.1 Optional Purchase of Trust Estate. The Servicer shall have the right at its option (the
“Optional Purchase”) to purchase the Trust Estate (other than the Reserve Account) from the Issuer on any Payment Date if both of the following conditions are satisfied: (i) as of the last day of the related Collection Period,
the Pool Balance has declined to 10% or less of the Pool Balance as of the Cut-Off Date, and (ii) the sum of the Optional Purchase Price and the Available Funds for such Payment Date would be sufficient to pay (A) the Servicing Fee for
such Payment Date and all unpaid Servicing Fees with respect to prior periods, (B) interest then due on the Notes and (C) the aggregate unpaid Note Balance of all of the Outstanding Notes [plus all amounts owing to the Swap Counterparty as
of the Redemption Date]. To exercise such option, the Servicer shall deposit, subject to Section 4.5, the Optional Purchase Price into the Collection Account on the Redemption Date. The Servicer shall furnish written notice of its
election to exercise the Optional Purchase to the Indenture Trustee and the Owner Trustee not later than twenty days prior to the date of the Optional Purchase. If the Servicer exercises the Optional Purchase, the Notes shall be redeemed and in each
case in whole but not in part on the related Payment Date for the Redemption Price. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

SECTION 9.1 Amendment. 

(a) Any term or provision of this Agreement may be amended by the Seller and the Servicer, without the consent of the Indenture Trustee, any
Noteholder, the Issuer, [the Swap 

  

					
		 	29	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Counterparty,] the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

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

provided, [that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the
Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (which consent shall not be unreasonably withheld or delayed)]. 

(b) This Agreement (including Appendix A) may also be amended from time to time by the Seller, the Servicer and the Indenture Trustee
(when so directed by an Issuer Request), with the consent of the Noteholders evidencing not less than a majority of the Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, that no such amendment shall (i) reduce the interest rate or principal amount of any Note or change or delay the Final Scheduled
Payment Date of any Note without the consent of the Holder of such Note or (ii) reduce the percentage of the aggregate outstanding principal balance of the Outstanding Notes, the consent of which is required to consent to any matter without the
consent of the Holders of at least the percentage of the Note Balance which was required to consent to such matter before giving effect to such amendment[; provided, further, that such amendment shall not materially and adversely
affect the rights or obligations of the Swap Counterparty under this Sale and Servicing Agreement unless the Swap Counterparty shall have consented in writing to such amendment (which consent shall not be unreasonably withheld or delayed)]. It will
not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other
consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment
of record dates pursuant to the Depository Agreement. 
 (c) Any term or provision of this Agreement (including Appendix A) may also
be amended from time to time by the Seller and the Servicer, for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an
offering memorandum with respect to the Non-Investment Grade Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; provided, however, that the Seller and the
Servicer shall provide written notification of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of any such amendment, the 

  

					
		 	30	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Seller and the Servicer shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

(d) Prior to the execution of any such amendment, the Servicer shall provide written notification of the substance of such amendment to each
Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, notwithstanding
anything herein to the contrary, that no amendment pursuant to this Section 9.1 shall be effective which affects the rights, protections or duties of the Indenture Trustee (including when performing its duties as Relevant Trustee) or the
Owner 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 and the Indenture Trustee (if the Indenture Trustee is then the Relevant Trustee) shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be
obligated to, enter into or execute on behalf of the Issuer any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s (including when performing its duties as Relevant Trustee), as applicable, own rights,
duties or immunities under this Agreement. 
 (f) Notwithstanding subsections (a) and (b) of this
Section 9.1, this Agreement may only be amended by the Seller and the Servicer if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of
the Seller or the Servicer or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. 

SECTION 9.2 Protection of Title. 

(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the Indenture Trustee under this Agreement in the Receivables (other than any Related Security with respect
thereto, to the extent that the interest of the Issuer or the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Issuer file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) Neither the Seller nor the Servicer
shall change its name, identity, organizational structure or jurisdiction of organization in any manner that would make any financing statement or continuation statement filed by the Seller in accordance with paragraph (a) above
“seriously misleading” within the meaning of Sections 9-506, 9-507 or 9-508 of the UCC, unless it (i) shall have given the Issuer and the Indenture Trustee at least five days’ prior written
notice thereof, (ii) to the extent necessary, shall have promptly filed amendments to previously filed financing statements or continuation statements described in paragraph (a) above and (iii) shall have

  

					
		 	31	 	Sale and Servicing Agreement (20[  ]-[  ])

 
delivered to the Indenture Trustee within 30 days after such change an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer in the Receivables or (B) stating that, in the opinion of such counsel, no such action shall be necessary to
preserve and protect such interest. 
 (c) The Seller shall give the Issuer and the Indenture Trustee at least five days’ prior written
notice of any change of location of the Seller for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or shall have made arrangements to take such action
substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable to amend all previously filed financing statements or continuation statements described in paragraph
(a) above. 
 (d) The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) in accordance with its Customary
Servicing Practices accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing
(and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 

(e) The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) its computer systems so that, from time to time after the
conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer in such Receivable and that such Receivable is owned by the
Issuer and has been pledged to the Indenture Trustee on behalf of the Noteholders pursuant to the Indenture. Indication of the Issuer’s and the Indenture Trustee’s interest in a Receivable shall not be deleted from or modified on such
computer systems until, and only until, the related Receivable shall have been paid in full or repurchased. 
 (f) If at any time the
Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the
Issuer and has been pledged to the Indenture Trustee on behalf of the Noteholders. 
 SECTION 9.3 Other Liens or Interests.
Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables and other property transferred to the Issuer
against all claims of third parties claiming through or under the Seller. 

  

					
		 	32	 	Sale and Servicing Agreement (20[  ]-[  ])

 SECTION 9.4 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales, transfers, assignments and conveyances rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and
related Transferred Assets shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller. The sales and transfers by the Seller of Receivables and related Transferred Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Seller are intended to provide a remedy for breach of
representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables. 
 (b)
Notwithstanding the foregoing, in the event that the Receivables and other Transferred Assets are held to be property of the Seller, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the
Receivables and other Transferred Assets, then it is intended that: 
  

	 	(i)	This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 

 

	 	(ii)	The conveyance provided for in Section 2.1 shall be deemed to be a grant by the Seller of, and the Seller hereby grants to the Issuer, a security interest in all of its right (including the power to convey
title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Transferred Assets, to secure such indebtedness and the performance of the obligations of the Seller hereunder; 

 

	 	(iii)	The possession by the Issuer, or the Servicer as the Issuer’s agent, of the Receivable Files and any other property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be
“possession by the secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and

  

	 	(iv)	Notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations
from, bailees or agents (as applicable) of the Issuer for the purpose of perfecting such security interest under applicable law. 

SECTION 9.5 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the
Issuer, the Seller or any of their Affiliates, 

  

					
		 	33	 	Sale and Servicing Agreement (20[  ]-[  ])

 
in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

SECTION 9.6 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed
by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and addressed in each case as set forth on
Schedule I hereto or at such other address as shall be designated in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address
of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices
hereunder; provided, however, that any notice to a Noteholder mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 

SECTION 9.7 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 9.8 Headings. The section
headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

SECTION 9.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.10
Waivers. No failure or delay on the part of the Servicer, the Seller, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any
notice or demand in similar or other circumstances. No waiver or approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 SECTION 9.11
Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto
with respect to 

  

					
		 	34	 	Sale and Servicing Agreement (20[  ]-[  ])

 
the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

SECTION 9.12 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 SECTION 9.13 Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in
full force and effect until such time as the parties hereto shall agree. 
 SECTION 9.14 Acknowledgment and Agreement. By
execution below, the Seller expressly acknowledges and consents to the pledge, assignment and Grant of a security interest in the Receivables, the other Transferred Assets and the Issuer’s rights under this Agreement by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders [and the Swap Counterparty]. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the
right to exercise all powers, privileges and claims of the Issuer under this Agreement in the event that the Issuer shall fail to exercise the same. 

SECTION 9.15 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 SECTION 9.16 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after
payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any
other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

SECTION 9.17 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 

  

					
		 	35	 	Sale and Servicing Agreement (20[  ]-[  ])

 (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
or proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.6 of this Agreement; 

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

SECTION 9.18 Limitation of Liability. 

(a) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by
[                                        
], not in its individual capacity but solely as Owner Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the
other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally
liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of
this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by
[                    ], not in its individual capacity but solely as Indenture Trustee and Certificate Paying Agent, respectively, and in no event
shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered
pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer; provided that the Indenture Trustee shall be responsible for its actions as Indenture Trustee hereunder and under the Indenture. Under no
circumstances shall the 

  

					
		 	36	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Indenture Trustee or the Certificate Paying Agent be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations,
representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Indenture Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article VI of the Indenture. 
 SECTION 9.19 Third-Party
Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and the Owner Trustee shall be an express third party beneficiary hereof and may enforce the
provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 

SECTION 9.20 Regulation AB. The Servicer shall cooperate fully with the Seller and the Issuer to deliver to the Seller and the
Issuer (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Seller or the Issuer to permit the Seller to comply with the
provisions of Regulation AB and its reporting obligations under the Exchange Act, together with such disclosures relating to the Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Seller to be necessary in
order to effect such compliance. 
 SECTION 9.21 Information to Be Provided by the Indenture Trustee. 

(a) Each of the Servicer and the Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Seller, in
writing, of any Form 10-D Disclosure Item with respect to such Person (or in the case of the Indenture Trustee, any Form 10-D Disclosure Item of which a Responsible Officer of the Indenture Trustee has knowledge) together with a description of any
such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Seller; provided, however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the
information previously provided by the Indenture Trustee to Seller, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the
Seller, in writing, such updated information. 
 (b) As soon as available but no later than March 15 of each calendar year, commencing
in [            ], the Indenture Trustee shall: 
 (i) deliver to
the Seller a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and
Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit C as applicable to the Indenture Trustee or such other
criteria as mutually agreed upon by the Seller and the Indenture Trustee; 
 (ii) cause a firm of registered public
accountants that is qualified and independent with the meaning of Rule 2-01 of Regulation S-X under the Securities Act to 

  

					
		 	37	 	Sale and Servicing Agreement (20[  ]-[  ])

 
deliver a report for inclusion in the Issuer’s filing of Exchange Act Form 10-K that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered to
the Seller pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; 

(iii) deliver to the Seller and any other Person that will be responsible for signing the certification (a “Sarbanes
Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act) on behalf of the Issuer or the Seller substantially in the form attached hereto as Exhibit D or such form
as mutually agreed upon by the Seller and the Indenture Trustee; and 
 (iv) notify the Seller in writing of any affiliations
or relationships (as described in Item 1119 of Regulation AB) between the Indenture 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. 
 The Indenture Trustee acknowledges that the parties identified in clause (iii) above may
rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c) The Indenture Trustee shall, to the extent the Indenture Trustee has received any such repurchase or replacement request, no later than
the 5th Business Day after the last day of each calendar month, provide notice to the Seller and the Servicer (each, a “Santander Party” and, collectively, the “Santander Parties”), in a form to be mutually agreed
upon by the Servicer and the Indenture Trustee, of the request or any requests of (i) all demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for breach of the
representations and warranties concerning such Receivable and (ii) any actions taken by the Indenture Trustee with respect to such demand communicated to the Indenture Trustee in respect of any Receivables. In addition, the Indenture Trustee
shall, upon written request of either Santander Party, at any time such Santander Party reasonably feels necessary, provide notification to the Santander Parties with respect to any actions taken by the Indenture Trustee as soon as practicable and
in any event within five Business Days of receipt of such request. 
 SECTION 9.22 Form 8-K Filings. Each of the Indenture
Trustee and the Servicer shall promptly notify the Seller, but in no event later than two (2) Business Days after its occurrence, of any Reportable Event of which the Servicer or a Responsible Officer of the Indenture Trustee has actual
knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Seller or the Servicer has actual knowledge). Each Person shall be deemed to have actual knowledge of any such event
to the extent that it relates to such Person or any action or failure to act by such Person. 
 SECTION 9.23 Relevant Trustee.
Following the payment in full of principal of, and interest on, the Notes, the Certificate Paying Agent shall assume the role of Relevant Trustee hereunder and shall perform the obligations of the Relevant Trustee set forth herein. At least five
(5) Business Days prior to the final payment in full of principal of, and interest on, the 

  

					
		 	38	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Notes, the Servicer shall deliver a written notification to the Certificate Paying Agent, which notice shall set forth the date upon which the Certificate Paying Agent will assume the role of
Relevant Trustee (the “Assumption Date”). For the avoidance of doubt, the obligations and duties of the Certificate Paying Agent as Relevant Trustee under the Transaction Documents shall be limited to the express duties of the
Relevant Trustee, and shall not be deemed to include any duty or obligation of the Indenture Trustee, the Issuer, or any other Person. In the performance of its obligations as Relevant Trustee, the Certificate Paying Agent shall be entitled to all
of the same rights, protections, indemnities and immunities as the Owner Trustee under the Trust Agreement, which rights, protections, indemnities and immunities are incorporated herein by reference. The parties hereby agree to amend the Transaction
Documents prior to the Assumption Date to provide for such terms and conditions as may be necessary or desirable in connection with the assumption of the role of Relevant Trustee by the Certificate Paying Agent. 

SECTION 9.24 Dispute Resolution. 

(a) If the Seller, the Issuer, the Owner Trustee (in its discretion or at the direction of a Certificateholder pursuant to the Trust
Agreement) or the Indenture Trustee (in its discretion or at the direction of a Noteholder or Note Owner pursuant to Section 7.5 of the Indenture) (the “Requesting Party”) requests that Santander Consumer repurchase any
Receivable pursuant to Section 3.4 of the Purchase Agreement (the party or parties requested to repurchase a receivable, the “Requested Party” or “Requested Parties”) and the repurchase request has not
been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by Santander Consumer, the Requesting Party will have the right to refer the matter, at its
discretion, to either mediation or arbitration pursuant to this Section 9.24; provided, however, that (i) if the Indenture Trustee declines to act in accordance with this Section 9.24 at the direction of a
Noteholder or Note Owner due to the failure of such Noteholder or Note Owner to offer the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and
liabilities that might be incurred by it, its agents and its counsel in connection with such act, such Noteholder or Note Owner shall be deemed to be a “Requesting Party” or (ii) if the Owner Trustee declines to act in accordance with
this Section 9.24 at the direction of a Certificateholder due to the failure of such Certificateholder to offer the Owner Trustee reasonable security or indemnity satisfactory to the Owner Trustee against the reasonable costs, expenses,
disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such act, such Certificateholder shall be deemed to be a “Requesting Party.” If the Requesting Party is the Indenture
Trustee or the Owner Trustee acting at the direction of a Noteholder, Note Owner, or Certificateholder, as applicable, the Indenture Trustee or Owner Trustee, as applicable, as Requesting Party, will act at the direction of such Noteholder, Note
Owner, or Certificateholder in making all decisions related to mediation or arbitration. Santander Consumer will inform the Requesting Party in writing upon a determination by Santander Consumer that a Receivable subject to a demand to repurchase
will be repurchased and the monthly distribution report filed by the Seller on Form 10-D for the Collection Period in which such Receivables were repurchased will include disclosure of such repurchase. A failure of Santander Consumer to
inform the Requesting Party that a Receivable subject to a demand will be repurchased within 180 days of the receipt of notice of the request shall be deemed to be a determination by Santander Consumer that no repurchase of that

  

					
		 	39	 	Sale and Servicing Agreement (20[  ]-[  ])

  
Receivable due to a breach of Section 3.4 of the Purchase Agreement is required. [For transactions in which the initial bona fide offer occurs prior to November 23,
2016: The monthly distribution report filed by the Seller on Form 10-D for the Collection Period in which a repurchase demand is made and for each subsequent Collection Period until such repurchase demand is resolved or the related Receivable is
repurchased, shall include disclosure regarding the date of the repurchase demand as well as the status of such repurchase demand for each applicable Receivable.] [For transactions in which the initial bona fide offer occurs after
November 23, 2016: Disclosure regarding repurchase demands will be provided in accordance with Item 3(h) of Schedule AL, contained in Item 1125 of Regulation AB.] If both the Owner Trustee (on behalf of one or more
Certificateholders) and the Indenture Trustee (on behalf of one or more Noteholders) are Requesting Parties, then the Indenture Trustee as Requesting Party shall have the right to make the selection of mediation or arbitration. If more than one
Noteholder or Note Owner has directed the Indenture Trustee in connection with a request to pursue dispute resolution pursuant to this Section 9.24, the Indenture Trustee shall act at the direction of the Noteholders or Note Owners, as
applicable, holding a majority of the Note Balance of the Notes held by such directing Noteholders and/or Note Owners. 
  (b) The
Requesting Party will provide notice in accordance with the provisions of Section 9.6 of its intention to refer the matter to mediation or arbitration, as applicable, to the Requested Parties, with a copy to the Issuer, the Owner Trustee
and the Indenture Trustee. Each of the Sponsor and the Seller agree that such Person will participate in the resolution method selected by the Requesting Party to the extent such Person is a Requested Party. The Requested Party shall provide notice
to the Seller, the Issuer, the Owner Trustee, and the Indenture Trustee that the Requested Party has received a request to mediate or arbitrate a repurchase request. Upon receipt of such notice, the Seller, the Issuer, the Owner Trustee, and the
Indenture Trustee shall advise the Requesting Party and Requested Party of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. A Requesting Party may not initiate a
mediation or arbitration pursuant to this Section 9.24 with respect to a Receivable that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but
will have the right, subject to a determination by the parties to the existing mediation or arbitration that such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding,
to join an existing mediation or arbitration with respect to that Receivable if the mediation or arbitration has not yet concluded. In the case of any such joinder, if the initial Requesting Party is (i) the Indenture Trustee (on behalf of one
or more Noteholders or Note Owners), any decisions related to the mediation or arbitration will be made by the Indenture Trustee on behalf of the Requesting Party holding a majority of the Note Balance of all of the Outstanding Notes and
(ii) the Owner Trustee (on behalf of one or more Certificateholders), any decisions related to the mediation or arbitration will be made by the Owner Trustee on behalf of the Requesting Party holding the majority of the voting interests of the
Certificates outstanding. 
 (c) If the Requesting Party selects mediation as the resolution method, the following provisions will apply:

 (i) The mediation will be administered by [a nationally recognized arbitration and mediation association] [one of
[identify acceptable options]] selected by [the 

  

					
		 	40	 	Sale and Servicing Agreement (20[  ]-[  ])

 
Requesting Party] pursuant to such association’s mediation procedures in effect at such time. 

(ii) The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. 

(iii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are
relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”). 

(d) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i) The arbitration will be administered by [a nationally recognized arbitration and mediation association] [one of [identify
acceptable options]] jointly selected by the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

(ii) The arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are
relevant to the dispute hereunder and will be appointed from a list of neutrals maintained by AAA. 
 (iii) The arbitrator
will make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in
any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by it[, and the Requested Party shall not be required to pay more than the applicable Repurchase Amount with respect to
any receivable which such Requested Party is required to repurchase under the terms of the Purchase Agreement or this Agreement, as applicable]. In its final determination, the arbitrator will determine and award the costs of the arbitration
(including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion. The determination
of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination may be enforced in any court of competent jurisdiction. 

(iv) No person may bring a putative or certified class action to arbitration. 

(e) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in [New York, New York] or such other location mutually agreed to by the
Requesting Party and the Requested Parties; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have
the right to seek provisional relief from a competent court of law, including a temporary 

  

					
		 	41	 	Sale and Servicing Agreement (20[  ]-[  ])

 
restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

(iii) The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled
repurchase request, mediations or arbitration proceedings conducted under this Section 10.13, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to resolve an
unfulfilled repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and
inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 9.24) other than as
required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Requested Party, in its sole discretion, elects to disclose such information. Such information will be kept strictly
confidential and will not be disclosed or discussed with any third party,, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively
“Representatives”), as reasonably required in connection with any resolution procedure under this Section 9.24, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party
(a) directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such
Representatives from disclosing such information. If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the
other party and will provide the other party with the opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in
the absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to
the party compelling disclosure only the part of such Confidential Information that is required to be disclosed. 
 SECTION 9.25
Cooperation with Voting. Each of Santander Consumer, the Seller and the Issuer hereby acknowledges and agrees that it shall cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to the terms
of Section 7.6 of the Indenture. 
 [SIGNATURES FOLLOW] 

  

					
		 	42	 	Sale and Servicing Agreement (20[  ]-[  ])

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

			
	SANTANDER DRIVE AUTO RECEIVABLES LLC, as Seller
		
	By:	 	  

		 	Name:
		 	Title:

  

					
		 	S-1	 	Sale and Servicing Agreement (20[  ]-[  ])

 
			
	 SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ], as Issuer

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

		 	Name:
		 	Title:

  

					
		 	S-2	 	Sale and Servicing Agreement (20[  ]-[  ])

 
			
	SANTANDER CONSUMER USA INC., as Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  

					
		 	S-3	 	Sale and Servicing Agreement (20[  ]-[  ])

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

		 	Name:
		 	Title:

  

					
		 	S-4	 	Sale and Servicing Agreement (20[  ]-[  ])

 SCHEDULE I 

NOTICE ADDRESSES 
 If to the
Issuer: 
 Santander Drive Auto Receivables Trust 20[    ]-[  ] 

c/o
[                                        ]

[                          
                ] 

[                          
                ] 
 Facsimile:
[                                        ]

 Attention:
[                                        ]

 with copies to the Administrator and the Indenture Trustee 

If to Santander Consumer, the Servicer or the Administrator: 

Santander Consumer USA Inc. 
 1601 Elm Street, Suite 800 

Dallas, Texas 75201 
 Facsimile:
[                    ] 
 Attention:
[                                        ]

 Email:
[                                         
     ] 
 If to the Seller: 

Santander Drive Auto Receivables LLC 
 1601 Elm Street, Suite 800

 Dallas, Texas 75201 
 Facsimile:
[                    ] 
 Attention:
[                                        ]

 Email:
[                                         
     ] 
 If to the Indenture Trustee: 

[                          
                ] 

[                          
                ] 

[                          
                ] 
 Facsimile:
[                                        ]

 Attention:
[                                        ]

 If to the Owner Trustee: 

[                          
                ] 

[                          
                ] 

[                          
                ] 
 Facsimile:
[                                        ]

  

					
		 	I-1	 	 Schedule I to the

Sale and Servicing Agreement

 Attention:
[                                        ]

 If to [        ]: 

[                    ] 

[                          
                ] 

[                          
                ] 
 Facsimile:
[                                        ]

 Attention:
[                                        ]

 If to [            ]: 

[                        ] 

[                          
              ] 

[                          
              ] 
 Facsimile:
[                                        ]

 Attention:
[                                        ]

  

					
		 	I-2	 	 Schedule I to the

Sale and Servicing Agreement

 EXHIBIT A 

FORM OF ASSIGNMENT PURSUANT TO SALE AND SERVICING AGREEMENT 

[            ], 20[  ] 

For value received, in accordance with the Sale and Servicing Agreement (the “Agreement”), dated as of
[            ], 20[ ], by and between Santander Drive Auto Receivables Trust 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), Santander Drive Auto Receivables
LLC, a Delaware limited liability company (the “Seller”), Santander Consumer USA Inc., an Illinois corporation (“Santander Consumer”), and [            ]
(the “Indenture Trustee”), on the terms and subject to the conditions set forth in the Agreement, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer on the Closing Date, without recourse
(subject to the obligations in the Agreement) all right, title and interest of the Seller, whether now owned or hereafter acquired, in, to and under the Receivables set forth on the schedule of Receivables delivered by the Seller to the Issuer on
the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, together with all of the Seller’s rights under the Purchase Agreement and all proceeds of the foregoing, which sale shall
be effective as of the Cut-Off Date. 
 The foregoing sale does not constitute and is not intended to result in an assumption by the Issuer
of any obligation of the Seller or any Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related
thereto. 
 This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned
contained in the Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Agreement. 
 [Remainder of page intentionally left blank.] 

  

					
		 	A-1	 	 Exhibit A to the

Sale and Servicing Agreement

 IN WITNESS HEREOF, the undersigned has caused this assignment to be duly executed as of the date
first above written. 
  

			
	SANTANDER DRIVE AUTO RECEIVABLES LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		 	A-2	 	 Exhibit A to the

Sale and Servicing Agreement

 EXHIBIT B 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

4. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and
marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of
any Lien. 
 5. The Seller has received all consents and approvals to the sale of the Receivables hereunder to the Issuer required by the terms of the
Receivables that constitute instruments. 
 Perfection 

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

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

  

					
		 	B-1	 	 Exhibit B to the

Sale and Servicing Agreement

 (i) All original executed copies of each such instrument or tangible chattel paper have been
delivered to the Indenture Trustee; or 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the
Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer, in its capacity as custodian, is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as
pledgee of the Issuer; or 
 (iii) The Servicer received possession of such instruments or tangible chattel paper after the Indenture
Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee, not in its individual capacity but solely as Indenture Trustee, as pledgee of the Issuer. 

Priority 
 8. Neither the Seller nor
Santander Consumer has authorized the filing of, or is aware of any financing statements against either the Seller or Santander Consumer that include a description of collateral covering the Receivables other than any financing statement
(i) relating to the conveyance of the Receivables by Santander Consumer to the Seller under the Purchase Agreement, (ii) relating to the security interest granted to the Issuer hereunder or (iii) that has been terminated. 

9. Neither the Seller nor Santander Consumer is aware of any material judgment, ERISA or tax lien filings against either the Seller or Santander Consumer.

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

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

Survival of Perfection Representations 

12. Notwithstanding any other provision of the Sale and Servicing Agreement or any other Transaction Document, the perfection representations, warranties and
covenants contained in this Exhibit B shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 

No Waiver 
 13. The Seller and the
Servicer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in 

  

					
		 	B-2	 	 Exhibit B to the

Sale and Servicing Agreement

 
this Exhibit B, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 

Servicer to Maintain Perfection and Priority 

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

  

					
		 	B-3	 	 Exhibit B to the

Sale and Servicing Agreement

 EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S AND SERVICER’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee or the Servicer, as applicable, shall address, at a minimum, the
criteria identified below as “Applicable Indenture Trustee Servicing Criteria” or “Applicable Servicer Servicing Criteria”, as applicable: 
  

									
	 Servicing Criteria
	  	Applicable
Indenture
Trustee
Servicing Criteria	  	Applicable
Servicer
Servicing
Criteria	  	Inapplicable
Servicing
Criteria
	 Reference
	  	Criteria	  		  		  	
					
		  	General Servicing Considerations	  		  		  	
					
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  		  	X	  	
					
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  		  	X	  	
					
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  		  	X	  	
					
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  		  		  	X
					
	 1122(d)(1)(v)
	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  		  		  	
					
		  	Cash Collection and Administration	  		  		  	
					
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  		  	X	  	
					
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	X	  		  	
					
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  		  		  	X
					
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  		  	X	  	
					
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  		  	X	  	
					
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  		  		  	X

  

					
		 	C-1	 	 Exhibit C to the

Sale and Servicing Agreement

									
	 Servicing Criteria
	  	Applicable
Indenture
Trustee
Servicing Criteria	  	Applicable
Servicer
Servicing
Criteria	  	Inapplicable
Servicing
Criteria
	 Reference
	  	Criteria	  		  		  	
					
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  		  	X	  	
					
		  	Investor Remittances and Reporting	  		  		  	
					
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance
with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  		  	X	  	
					
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X1	  		  	
					
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	X	  		  	
					
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X	  		  	
					
		  	Pool Asset Administration	  		  		  	
					
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  		  	X	  	
					
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  		  	X	  	
					
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  		  	X	  	
					
	 1122(d)(4)(iv)
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  		  	X	  	
					
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  		  	X	  	

  

	1 	Solely with regard to timeframes and that distributions were made in accordance with the instructions of the Servicer. 

  

					
		 	C-2	 	 Exhibit C to the

Sale and Servicing Agreement

									
	 Servicing Criteria
	  	Applicable
Indenture
Trustee
Servicing Criteria	  	Applicable
Servicer
Servicing
Criteria	  	Inapplicable
Servicing
Criteria
	 Reference
	  	Criteria	  		  		  	
					
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool
asset documents.	  		  	X	  	
					
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  		  	X	  	
					
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  		  	X	  	
					
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  		  		  	X
					
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the
related Accounts, or such other number of days specified in the transaction agreements.	  		  		  	X
					
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  		  		  	X
					
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  		  		  	X
					
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  		  		  	X
					
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  		  	X	  	
					
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  		  	X	  	

  

					
		 	C-3	 	 Exhibit C to the

Sale and Servicing Agreement

 EXHIBIT D 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
  

	Re:	SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[  ]-[  ] 

 [  
], not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies to Santander Drive Auto Receivables LLC (the “Seller”), and its officers, with the knowledge and intent that they will
rely upon this certification, that: 
 (1) It has reviewed the report on assessment of the Indenture Trustee’s
compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended, and Item 1122 of Regulation AB (the “Servicing Assessment”) that was delivered by the Indenture Trustee to the
Seller pursuant to the Sale and Servicing Agreement (the “Agreement”), dated as of [   ], by and between Santander Consumer USA Inc., the Seller, the Indenture Trustee and Santander Drive Auto Receivables Trust
20[   ]-[   ] (collectively, the “Indenture Trustee Information”); 
 (2) To the best
of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such
statements were made, not misleading with respect to the period of time covered by the Servicing Assessment; and 
 (3) To
the best of its knowledge, all of the information required to be provided by the Indenture Trustee pursuant to Sections 9.21 and 9.22 of the Agreement has been provided to the Seller. 

 

			
	 [   ], not in its individual capacity but solely as

Indenture Trustee

		
	Date:	 	 

  

					
		 	D-1	 	 Exhibit D to the

Sale and Servicing Agreement

 APPENDIX A 

DEFINITIONS 
 The following terms have the
meanings set forth, or referred to, below: 
 “60-Day Delinquent Receivables” means, as of any date of determination, all
Receivables (other than Repurchased Receivables and Defaulted Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period
immediately proceeding such date), as determined in accordance with the Servicer’s Customary Servicing Practices. 
 “Accrued
Class A Note Interest” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such
Payment Date. 
 “Accrued Class B Note Interest” means, with respect to any Payment Date, the sum of the Class B
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class B Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class C Note Interest” means, with respect to any Payment Date, the sum of the Class C Noteholders’ Monthly
Accrued Interest for such Payment Date and the Class C Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class D Note Interest” means, with respect to any Payment Date, the sum of the Class D Noteholders’
Monthly Accrued Interest for such Payment Date and the Class D Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Accrued Class E Note Interest” means, with respect to any Payment Date, the sum of the Class E Noteholders’ Monthly
Accrued Interest for such Payment Date and the Class E Noteholders’ Interest Carryover Shortfall for such Payment Date. 

“Act” has the meaning set forth in Section 11.3(a) of the Indenture. 

“Administration Agreement” means the Administration Agreement, dated as of the Closing Date, between the Administrator, the
Issuer and the Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Administrator” means
Santander Consumer, or any successor Administrator under the Administration Agreement. 
 “Affiliate” means, for any
specified Person, any other Person which, directly or indirectly, controls, is controlled by or is under common control with such specified Person and “affiliated” has a meaning correlative to the foregoing. For purposes of this
definition, “control” means the power, directly or indirectly, to cause the direction of the management and policies of a Person. 

“Applicable Tax State” means, as of any date, each of the following: (a) the State in which the Issuer is located, and
(b) the States of Texas and Illinois. 

  

					
		 		 	Definitions (20[  ]-[  ])

 “Asset Representations Review Agreement” means the Asset Representations Review
Agreement, dated as of the date hereof, between the Issuer, the Sponsor, the Servicer and the Asset Representations Reviewer. 

“Asset Representations Reviewer” means [            ], or
any successor Asset Representations Reviewer under the Asset Representations Review Agreement. 
 “Asset Review” shall have
the meaning assigned to such term in the Asset Representations Review Agreement. 
 “Assumption Date” has the meaning set
forth in Section 9.23 of the Sale and Servicing Agreement. 
 “Authenticating Agent” means any Person
authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes. 
 “Authorized
Newspaper” means a newspaper of general circulation in the City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and holidays. 

“Authorized Officer” means (a) with respect to the Issuer, (i) any officer of the Owner Trustee who is authorized
to act for the Owner Trustee in matters relating to the Issuer (including any agent of the Owner Trustee acting under a power of attorney) and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture
Trustee on the Closing Date or (ii) so long as the Administration Agreement is in effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer pursuant to the Administration Agreement
and who is identified on the list of Authorized Officers delivered by the Administrator to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (b) with
respect to the Owner Trustee, the Indenture Trustee and the Servicer, any officer of the Owner Trustee, the Indenture Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee or the Servicer, as
applicable, in matters relating to the Transaction Documents and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee and the Servicer to the Indenture Trustee on the Closing Date (as
such list may be modified or supplemented from time to time thereafter). 
 “Available Funds” means, for any Payment Date
and the related Collection Period, an amount equal to the sum of the following amounts: (i) all Collections received by the Servicer during such Collection Period, (ii) the sum of the Repurchase Prices deposited into the Collection Account
with respect to each Receivable that is to become a Repurchased Receivable on such Payment Date and (iii) the Reserve Account Excess Amount for such Payment Date, [(iv) the Net Swap Receipts (excluding Swap Termination Payments received from
the Swap Counterparty and deposited into the Swap Termination Payment Account), (v) amounts on deposit in the Swap Termination Payment Account to the extent such amounts are required to be included in Available Funds pursuant to
Section 4.10(d) of the Sale and Servicing Agreement and (vi) Swap Replacement Proceeds, to the extent required to be included in Available Funds pursuant to Section 4.10(f) of the Sale and Servicing Agreement]. 

  

					
		 	A-2	 	Definitions (20[  ]-[  ])

 “Available Funds Shortfall Amount” means, as of any Payment Date, the amount, if
any, by which the aggregate amount required to be paid pursuant to clauses first through [twelfth] of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date. 

“Banco Santander, S.A.” means Banco Santander, S.A., or its successors in interest. 

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq., as amended. 

“Bankruptcy Event” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days or (ii) the
commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case
under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the making by such Person of any general
assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

“Bankruptcy Remote Party” means each of the Seller, the Issuer, any other trust created by the Seller or any limited
liability company or corporation wholly-owned by the Seller. 
 “Benefit Plan” means (i) any “employee benefit
plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (ii) a “plan” described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code or (iii) any entity
deemed to hold the plan assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity. 

“Book-Entry Certificates” means the Certificates held by a Clearing Agency or its nominee and with respect to which
beneficial ownership and transfer thereof shall be made through book entries by a Clearing Agency as described in Section 3.3 of the Trust Agreement. 

“Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.10 of the Indenture. 
 “Business Day” means any day
other than a Saturday, a Sunday or a day on which banking institutions in the states of Delaware, Illinois, Texas or New York, or in the state in which the Corporate Trust Office of the Indenture Trustee is located, are authorized or obligated by
law, executive order or government decree to be closed. 

  

					
		 	A-3	 	Definitions (20[  ]-[  ])

 “Certificate” means a certificate substantially in the form of Exhibit A
to the Trust Agreement evidencing a beneficial ownership interest in the Issuer. For the avoidance of doubt, the reference in the Transaction Documents to a “Certificate” or a “Certificateholder,” unless the context otherwise
requires, shall be deemed to be reference to “Certificates” or “Certificateholders” if more than one Certificate has been issued. 

“Certificate Distribution Account” means the account designated as such, established and maintained pursuant to
Section 4.1 of the Sale and Servicing Agreement. 
 “Certificate Investor Representation Letter” means a
certificate investor representation letter, substantially in the form of Exhibit B to the Trust Agreement. 
 “Certificate of
Title” means, with respect to any Financed Vehicle, the certificate of title or other documentary evidence of ownership of such Financed Vehicle as issued by the department, agency or official of the jurisdiction (whether in paper or
electronic form) in which such Financed Vehicle is titled responsible for accepting applications for, and maintaining records regarding, certificates of title and liens thereon. 

“Certificate Owner” means, with respect to any Book-Entry Certificate, the Person who is the beneficial owner of such
Book-Entry Certificate, as reflected on the books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules
of such Clearing Agency). 
 “Certificate Paying Agent” means
[                                        ]
or any other Person appointed as the successor Certificate Paying Agent pursuant to Section 3.8 of the Trust Agreement. 

“Certificate Register” shall have the meaning specified in Section 3.6 of the Trust Agreement. 

“Certificate Registrar” shall have the meaning specified in Section 3.6 of the Trust Agreement. 

“Certificateholder” means, as of any date, the Person in whose name a Certificate is registered on the Certificate Register
on such date. 
 “Class” means a group of Notes whose form is identical except for variation in denomination, principal
amount or owner, and references to “each Class” thus mean each of the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes
and the Class E Notes. 
 “Class A Note Balance” means, at any time, the sum of the Class A-1 Note Balance, the
Class A-2-A Note Balance, the Class A-2-B Note Balance and the Class A-3 Note Balance at such time. 
 “Class A
Notes” means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes. 

  

					
		 	A-4	 	Definitions (20[  ]-[  ])

 “Class A Noteholders’ Interest Carryover Shortfall” means, with respect to
any Payment Date, the excess, if any, of the Class A Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class A Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over
the amount in respect of interest that was actually paid to Noteholders of Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A Notes on the preceding Payment
Date, to the extent permitted by law, at the respective Interest Rates borne by such Class A Notes for the related Interest Period. 

“Class A Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued
for the related Interest Period on the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes and the Class A-3 Notes at the respective Interest Rate for such Class on the Note Balance of the Notes of each such Class on
the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Noteholders of the Notes of such Class on or prior to such preceding Payment Date. 

“Class A-1 Final Scheduled Payment Date” means the Payment Date occurring in
[            ]. 
 “Class A-1 Interest Rate” means
[            ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year). 

“Class A-1 Note Balance” means, at any time, the Initial Class A-1 Note Balance reduced by all payments of principal
made prior to such time on the Class A-1 Notes. 
 “Class A-1 Noteholder” means the Person in whose name a
Class A-1 Note is registered on the Note Register. 
 “Class A-1 Notes” means the Class of Auto Loan Asset Backed
Notes designated as Class A-1 Notes, issued in accordance with the Indenture. 
 “Class A-2 Final Scheduled Payment
Date” means the Payment Date occurring in [            ]. 

“Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered on the Note Register. 

“Class A-2-A Interest Rate” means [            ]% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-2-A Note Balance” means, at any time,
the Initial Class A-2-A Note Balance reduced by all payments of principal made prior to such time on the Class A-2-A Notes. 

“Class A-2-A Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-2-A Notes, issued in
accordance with the Indenture. 
 “Class A-2-B Interest Rate” means LIBOR + [    ]% per annum
(computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360 day year). 

  

					
		 	A-5	 	Definitions (20[  ]-[  ])

 “Class A-2-B Note Balance” means, at any time, the Initial Class A-2-B Note
Balance reduced by all payments of principal made prior to such time on the Class A-2-B Notes. 
 “Class A-2-B Notes”
means the Class of Auto Loan Asset Backed Notes designated as Class A-2-B Notes, issued in accordance with the Indenture. 

“Class A-2 Notes” means, collectively, the Class A-2-A Notes and the Class A-2-B Notes. 

“Class A-3 Final Scheduled Payment Date” means the Payment Date occurring in [    ]. 

“Class A-3 Interest Rate” means [            ]% per annum
(computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-3 Note Balance” means, at any time, the
Initial Class A-3 Note Balance reduced by all payments of principal made prior to such time on the Class A-3 Notes. 

“Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered on the Note Register. 

“Class A-3 Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-3 Notes, issued in accordance
with the Indenture. 
 “Class B Final Scheduled Payment Date” means the Payment Date occurring in
[            ]. 
 “Class B Interest Rate” means
[    ] per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class B Note
Balance” means, at any time, the Initial Class B Note Balance reduced by all payments of principal made prior to such time on the Class B Notes. 

“Class B Noteholder” means the Person in whose name a Class B Note is registered on the Note Register. 

“Class B Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess, if any, of the
Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class B Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that was
actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Class B
Interest Rate for the related Interest Period. 
 “Class B Noteholders’ Monthly Accrued Interest” means, with respect
to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be,
after giving effect to all payments of principal to the Class B Noteholders on or prior to such preceding Payment Date. 

  

					
		 	A-6	 	Definitions (20[  ]-[  ])

 “Class B Notes” means the Class of Auto Loan Asset Backed Notes designated as
Class B Notes, issued in accordance with the Indenture. 
 “Class C Final Scheduled Payment Date” means the Payment Date
occurring in [    ]. 
 “Class C Interest Rate” means [    ]% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class C Note Balance” means, at any time, the
Initial Class C Note Balance reduced by all payments of principal made prior to such time on the Class C Notes. 
 “Class C
Noteholder” means the Person in whose name a Class C Note is registered on the Note Register. 
 “Class C Noteholders’
Interest Carryover Shortfall” means, with respect to any Payment Date, the excess, if any, of the Class C Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class C Noteholders’ Interest
Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that was actually paid to Noteholders of Class C Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to
Noteholders of Class C Notes on the preceding Payment Date, to the extent permitted by law, at the Class C Interest Rate for the related Interest Period. 

“Class C Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued
for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the
Class C Noteholders on or prior to such preceding Payment Date. 
 “Class C Notes” means the Class of Auto Loan Asset
Backed Notes designated as Class C Notes, issued in accordance with the Indenture. 
 “Class D Final Scheduled Payment
Date” means the Payment Date occurring in [            ]. 

“Class D Interest Rate” means [            ]% per annum
(computed on the basis of a 360-day year of twelve 30-day months). 
 “Class D Note Balance” means, at any time, the
Initial Class D Note Balance reduced by all payments of principal made prior to such time on the Class D Notes. 
 “Class D
Noteholder” means the Person in whose name a Class D Note is registered on the Note Register. 
 “Class D Noteholders’
Interest Carryover Shortfall” means, with respect to any Payment Date, the excess, if any, of the Class D Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class D Noteholders’ Interest
Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that was actually paid to Noteholders of Class D Notes on such preceding Payment Date, plus interest on the amount of

  

					
		 	A-7	 	Definitions (20[  ]-[  ])

 
interest due but not paid to Noteholders of Class D Notes on the preceding Payment Date, to the extent permitted by law, at the Class D Interest Rate for the related Interest Period. 

“Class D Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued
for the related Interest Period on the Class D Notes at the Class D Interest Rate on the Class D Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the
Class D Noteholders on or prior to such preceding Payment Date. 
 “Class D Notes” means the Class of Auto Loan Asset
Backed Notes designated as Class D Notes, issued in accordance with the Indenture. 
 “Class E Final Scheduled Payment
Date” means the Payment Date occurring in [            ]. 

“Class E Interest Rate” means [            ]% per annum
(computed on the basis of a 360-day year of twelve 30-day months). 
 “Class E Note Balance” means, at any time, the
Initial Class E Note Balance reduced by all payments of principal made prior to such time on the Class E Notes. 
 “Class E
Noteholder” means the Person in whose name a Class E Note is registered on the Note Register. 
 “Class E Noteholders’
Interest Carryover Shortfall” means, with respect to any Payment Date, the excess, if any, of the Class E Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class E Noteholders’ Interest
Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that was actually paid to Noteholders of Class E Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to
Noteholders of Class E Notes on the preceding Payment Date, to the extent permitted by law, at the Class E Interest Rate for the related Interest Period. 

“Class E Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued
for the related Interest Period on the Class E Notes at the Class E Interest Rate on the Class E Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the
Class E Noteholders on or prior to such preceding Payment Date. 
 “Class E Notes” means the Class of Auto Loan Asset
Backed Notes designated as Class E Notes, issued in accordance with the Indenture. 
 “Clearing Agency” means an
organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act and shall initially be DTC. 

“Clearing Agency Participant” means a broker, dealer, bank or other financial institution or other Person for which from time
to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing
Date” means [            ], 20[    ]. 

  

					
		 	A-8	 	Definitions (20[  ]-[  ])

 “Code” means the Internal Revenue Code of 1986, as amended, modified or
supplemented from time to time, and any successor law thereto, and the regulations promulgated and the rulings issued thereunder. 

“Collateral” has the meaning set forth in the Granting Clause of the Indenture. 

“Collection Account” means the trust account established and maintained pursuant to Section 4.1 of the Sale and
Servicing Agreement. 
 “Collection Period” means the period commencing on the first day of each calendar month and ending
on the last day of such calendar month (or, in the case of the initial Collection Period, the period commencing on the close of business on the Cut-Off Date and ending on
[            ]). As used herein, the “related” Collection Period with respect to a Payment Date shall be deemed to be the Collection Period which precedes such Payment
Date. 
 “Collections” means, with respect to any Receivable and to the extent received by the Servicer after the Cut-Off
Date, (i) any monthly payment by or on behalf of the Obligor thereunder, (ii) any full or partial prepayment of such Receivable, (iii) all Liquidation Proceeds and (iv) any other amounts received by the Servicer which, in
accordance with the Customary Servicing Practices, would be applied to the payment of accrued interest or to reduce the Principal Balance of the Receivable, including rebates of premiums with respect to the cancellation or termination of any
Insurance Policy, extended warranty or service contract; provided, however, that the term “Collections” in no event will include (1) for any Payment Date, any amounts in respect of any Receivable the Repurchase
Price of which has been included in the Available Funds on a prior Payment Date or (2) any Supplemental Servicing Fees. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Contract” means, with respect to any Receivable, the motor vehicle retail installment sales contract and/or note and
security agreement, the installment loan agreement, any amendments thereto and any related documentary draft, if applicable, evidencing such Receivable. 

“Contract Rate” means, with respect to a Receivable, the rate per annum at which interest accrues under the Contract
evidencing such Receivable. Such rate may be less than the “Annual Percentage Rate” disclosed in the Receivable. 

“Controlling Class” means, with respect to any Notes Outstanding, the Class A Notes (voting together as a single Class)
as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding, and thereafter the Class C Notes as long as any Class C Notes are Outstanding, and thereafter the Class D Notes as
long as any Class D Notes are Outstanding, and thereafter the Class E Notes as long as any Class E Notes are Outstanding. 

“Corporate Trust Office” means: 

(a) as used with respect to Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate
trust business shall be administered which 

  

					
		 	A-9	 	Definitions (20[  ]-[  ])

 
office at date of the execution of the Indenture is located at
[                        ], or at such other address as the Indenture Trustee may designate from time to time by notice to
the Noteholders, the Administrator, the Servicer, the Owner Trustee and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the
Administrator, the Servicer, the Owner Trustee and the Issuer); 
 (b) as used with respect to Owner Trustee, the corporate trust office of
the Owner Trustee located at [                        ], or at such other address as the Owner Trustee may designate by
notice to the Certificateholders and the Seller, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholders and the Seller); and 

(c) as used with respect to the Certificate Registrar, the principal office of the Certificate Registrar at which at any particular time its
corporate trust business shall be administered, which office at date of the execution of the Trust Agreement is located at
[                        ], or at such other address as the Certificate Registrar may designate from time to time by
notice to the Certificateholders, the Indenture Trustee, the Owner Trustee and the Issuer, or the principal corporate trust office of any successor Certificate Registrar (the address of which the successor Certificate Registrar will notify the
Certificateholders, the Indenture Trustee, the Owner Trustee and the Issuer). 
 “Cram Down Loss” means, with respect to
any Receivable (other than a Defaulted Receivable) as to which any court in any bankruptcy, insolvency or other similar proceeding issues an order reducing the principal amount to be paid on such Receivable or otherwise modifies any payment terms
with respect thereto, an amount equal to the greater of (i) the amount of the principal reduction ordered by such court and (ii) the difference between the Principal Balance of such Receivable at the time of such court order and the net
present value (using a discount rate which is the higher of the Contract Rate of such Receivable or the rate of interest specified by such court order) of the remaining scheduled payments to be paid on such Receivable as modified or restructured. A
“Cram Down Loss” will be deemed to have occurred on the date of issuance of such court’s order. 
 “Cumulative Net
Loss Rate Table” means the levels set forth below for the Collection Periods related to the Payment Dates set forth below: 
  

					
	 Payment Date.
	  	Trigger	 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 
	
[                        
]
	  	 	[            	]% 

 “Cumulative Net Loss Ratio” means, as of any Payment Date, the ratio (expressed as a
percentage) of (i) the aggregate Principal Balance of Receivables that became Defaulted Receivables plus all the Cram Down Losses (without duplication) which occurred during the period from the Cut-Off Date through the end of the related
Collection Period reduced by the 

  

					
		 	A-10	 	Definitions (20[  ]-[  ])

 
amount of Liquidation Proceeds with respect to Defaulted Receivables received during such period which are applied to principal of the Defaulted Receivables to (ii) the Pool Balance as of
the Cut-Off Date. 
 “Cumulative Net Loss Trigger” means, for any Measurement Date, that the Cumulative Net Loss Ratio for
such Measurement Date exceeds the level specified as the “Trigger” in the Cumulative Net Loss Rate Table for such Measurement Date. 

“Customary Servicing Practices” means the customary servicing practices of the Servicer or any Sub-Servicer with respect to
all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself and others, as such customary servicing practices may be changed from time to time, it being understood that the Servicer and the
Sub-Servicers may not have the same “Customary Servicing Practices.” 
 “Cut-Off Date” means
[                        ]. 

“Dealer” means a motor vehicle dealership. 

“Debt-For-Tax Opinion” means an Opinion of Counsel, of nationally recognized tax counsel, delivered to the Depositor and the
Indenture Trustee stating that the Notes will be debt for United States federal income tax purposes. 
 “Default” means any
occurrence that is, or with notice or lapse of time or both would become, an Event of Default. 
 “Defaulted Receivable”
means, with respect to any Collection Period, a Receivable as to which (a) a related monthly payment became four months past due during such Collection Period and the Servicer has not repossessed the related Financed Vehicle, (b) the
Servicer has either repossessed and liquidated the related Financed Vehicle or repossessed and held the related Financed Vehicle in its repossession inventory for 90 days, whichever occurs first, or (c) the Servicer has, in accordance with its
Customary Servicing Practices, determined that such Receivable has or should be written off as uncollectible. The Principal Balance of any Receivable that becomes a “Defaulted Receivable” will be deemed to be zero as of the date it
becomes a “Defaulted Receivable.” 
 “Definitive Certificate” means a definitive fully registered
Certificate issued pursuant to Section 3.5 of the Trust Agreement. 
 “Definitive Note” means a definitive
fully registered Note issued pursuant to Section 2.12 of the Indenture. 
 “Delinquency Percentage” means, for
any Payment Date and the related Collection Period, an amount equal to the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of all 60-Day Delinquent Receivables as of the last day of such Collection Period to
(ii) the Pool Balance as of the last day of such Collection Period. 
 “Delinquency Trigger” means, for any Payment
Date and the related Collection Period, [    ]%. 

  

					
		 	A-11	 	Definitions (20[  ]-[  ])

 “Delivery” when used with respect to Trust Account Property means: 

(a) with respect to (I) bankers’ acceptances, commercial paper, and negotiable certificates of deposit and other
obligations that constitute “instruments” as defined in Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer of actual possession thereof to the Indenture Trustee or its nominee or custodian by physical
delivery to the Indenture Trustee or its nominee or custodian endorsed to the Indenture Trustee or its nominee or custodian or endorsed in blank, and (II) with respect to a “certificated security” (as defined in Section 8-102(a)(4) of
the UCC) transfer of actual possession thereof (i) by physical delivery of such certificated security to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or
custodian or endorsed in blank, or to another person, other than a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), who acquires possession of the certificated security on behalf of the Indenture Trustee or
its nominee or custodian or, having previously acquired possession of the certificate, acknowledges that it holds for the Indenture Trustee or its nominee or custodian or (ii) if such certificated security is in registered form, by delivery
thereof to a “securities intermediary,” endorsed to or registered in the name of the Indenture Trustee or its nominee or custodian, and the making by such “securities intermediary” of entries on its books and records identifying
such certificated securities as belonging to the Indenture Trustee or its nominee or custodian and the sending by such “securities intermediary” of a confirmation of the purchase of such certificated security by the Indenture Trustee or
its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or custodian; and such additional or
alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations
or the interpretation thereof; 
 (b) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan
Mortgage Corporation, the Federal National Mortgage Association or the other government agencies, instrumentalities and establishments of the United States identified in Appendix A to Federal Reserve Bank Operating Circular No. 7 as in effect
from time to time that is a “book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account and eligible for transfer through the Fedwire® Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal
regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate securities account maintained with a Federal Reserve Bank by a “participant” (as such term is defined in Federal Reserve
Bank Operating Circular No. 7) that is a “depository institution” (as defined in Section 19(b)(1)(A) of the Federal Reserve Act) pursuant to applicable Federal regulations, and issuance by such depository institution of a deposit
notice or other written confirmation of such book-entry registration to the Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the making by such
depository institution of entries in its books and records identifying such book entry security held 

  

					
		 	A-12	 	Definitions (20[  ]-[  ])

 
through the Federal Reserve System pursuant to Federal book-entry regulations or a security entitlement thereto as belonging to the Indenture Trustee or its nominee or custodian and indicating
that such depository institution holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer
of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 

(c) with respect to any item of Trust Account Property that is an “uncertificated security” (as defined in
Section 8-102(a)(18) of the UCC) and that is not governed by clause (b) above, (i) registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or custodian, or (ii) registration
on the books and records of the issuer thereof in the name of another person, other than a securities intermediary, who acknowledges that it holds such uncertificated security for the benefit of the Indenture Trustee or its nominee or custodian.

 “Depositor” means the Seller in its capacity as Depositor under the Trust Agreement. 

“Depository Agreement” means the agreement, dated as of the Closing Date, executed by the Issuer in favor of DTC, as initial
Clearing Agency, relating to the Notes and the Certificates, as the same may be amended or supplemented from time to time. 

“Determination Date” means the [    ] Business Day preceding the related Payment Date, beginning
[                ]. 
 “Dollar” and
“$” mean lawful currency of the United States of America. 
 “DTC” means The Depository Trust Company, and
its successors. 
 “Eligible Account” means a segregated trust account with the corporate trust department of a depository
institution acting in its fiduciary capacity organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting
as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating from [      ] of at least “[    ]” and from
[      ] of “[    ],” if rated by [      ]. Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates, if such accounts meet the requirements of the preceding sentence. 
 “Eligible Investments” means any one or
more of the following types of investments: 
 (a) direct obligations of, and obligations fully guaranteed as to timely
payment by, the United States of America; 
 (b) demand deposits, time deposits or certificates of deposit of any depository
institution (including any Affiliate of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee) or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any
domestic branch of a 

  

					
		 	A-13	 	Definitions (20[  ]-[  ])

 
foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust
company as custodian with respect to any obligation referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or
contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the
rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a rating from [      ] of at least
“[    ]” and from [      ] of “[    ],” if rated by [      ]; 

(c) commercial paper (including commercial paper of any Affiliate of the Seller, the Servicer, the Indenture Trustee or the
Owner Trustee) having, at the time of the investment or contractual commitment to invest therein, a rating from [      ] of at least “[    ]” and from [      ]
of “[    ],” if rated by [      ]. 
 (d) investments in money
market funds (including funds for which the Seller, the Servicer, the Indenture Trustee or Owner Trustee or any of their respective Affiliates is investment manager or advisor) having a rating from [      ] of at least
“[    ]” and from [      ] of “[    ],” if rated by [      ]; 

(e) bankers’ acceptances issued by any depository institution or trust company referred to in clause
(b) above; and 
 (f) repurchase obligations with respect to any security that is a direct obligation of, or fully
guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above. 
 Each of the Eligible Investments may be purchased from the
Relevant Trustee or through an Affiliate of the Relevant Trustee. 
 “Eligible Receivable” means a Receivable meeting all
of the criteria set forth on Schedule I of the Sale and Servicing Agreement as of the Closing Date. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended and any successor law thereto, and the regulations promulgated and rulings issued thereunder. 

“Event of Default” has the meaning set forth in Section 5.1 of the Indenture. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Act Reports” means any reports on Form 10-D, Form 8-K and Form 10-K filed or to be filed by the Seller with respect
to the Issuer under the Exchange Act. 

  

					
		 	A-14	 	Definitions (20[  ]-[  ])

 “FATCA” means Sections 1471 through 1474 of the Code, any current or future
regulations or official interpretations thereunder or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental agreement entered into in connection with the
implementation of such sections of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

“FATCA Withholding Tax” has the meaning set forth in Section 3.3(v) of the Indenture. 

“Fifth Allocation of Principal” means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of
(a) the sum of the Class A Note Balance, the Class B Note Balance, the Class C Note Balance, the Class D Note Balance and the Class E Note Balance as of such Payment Date (before giving effect to any principal payments made on the Notes on
such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the
Fourth Allocation of Principal for such Payment Date; provided, however, that the Fifth Allocation of Principal on and after the Final Scheduled Payment Date for the Class E Notes shall not be less than the amount that is necessary to
reduce the outstanding principal amount of the Class E Notes to zero (after the application of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the Fourth Allocation of Principal). 

“Final Scheduled Payment Date” means, with respect to (i) the Class A-1 Notes, the Class A-1 Final Scheduled
Payment Date, (ii) the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) the Class A-3 Notes, the Class A-3 Final Scheduled Payment Date, (iv) the Class B Notes, the Class B Final Scheduled Payment
Date, (v) the Class C Notes, the Class C Final Scheduled Payment Date, (vi) the Class D Notes, the Class D Final Scheduled Payment Date and (vii) the Class E Notes, the Class E Final Scheduled Payment Date. 

“Financed Vehicle” means an automobile, light-duty truck or van, together with all accessions thereto, securing an
Obligor’s indebtedness under the applicable Receivable. 
 “First Allocation of Principal” means, with respect to any
Payment Date, an amount equal to the excess, if any, of (a) the Class A Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date) over (b) the Pool
Balance as of the end of the related Collection Period; provided, however, that the First Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for any Class of Class A Notes shall not be less
than the amount that is necessary to reduce the Note Balance of that Class of Class A Notes to zero. 
 “Form 10-D Disclosure
Item” means, with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject, or (b) any proceedings known to be contemplated by governmental authorities
against such Person or of which any property of such Person would be subject, in each case that would be material to the Noteholders. 

  

					
		 	A-15	 	Definitions (20[  ]-[  ])

 “Fourth Allocation of Principal” means, with respect to any Payment Date, an
amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance, the Class B Note Balance, the Class C Note Balance and the Class D Note Balance as of such Payment Date (before giving effect to any principal
payments made on the Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal, the Second Allocation of Principal and the
Third Allocation of Principal for such Payment Date; provided, however, that the Fourth Allocation of Principal on and after the Final Scheduled Payment Date for the Class D Notes shall not be less than the amount that is necessary to
reduce the outstanding principal amount of the Class D Notes to zero (after the application of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal). 

“GAAP” means generally accepted accounting principles in the USA, applied on a materially consistent basis. 

“Governmental Authority” means any (a) Federal, state, municipal, foreign or other governmental entity, board, bureau,
agency or instrumentality, (b) administrative or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority. 

“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a
lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of
the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder,
to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the
Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings. 

“Holder” means, as the context may require, the Certificateholder or a Noteholder or both. 

“Indenture” means the Indenture, dated as of the Closing Date, between the Issuer and Indenture Trustee, as the same may be
amended and supplemented from time to time. 
 “Indenture Trustee” means
[            ], a [    ], not in its individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture. 

“Independent” means, when used with respect to any specified Person, that such Person (i) is in fact independent of the
Issuer, any other obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor,
the Administrator or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor, the Administrator or any Affiliate of any of the foregoing Persons as an officer,

  

					
		 	A-16	 	Definitions (20[  ]-[  ])

 
employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 

“Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances
described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, made by an independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the
signer has read the definition of “Independent” in this Appendix A and that the signer is Independent within the meaning thereof. 

“Initial Certificate Transfer Opinion” means an opinion rendered by nationally recognized tax counsel (i) upon the
initial transfer by the Depositor of a Certificate that results in the Issuer being treated as a partnership for United States federal income tax purposes and (ii) while any Note retained by the Issuer or a Person that is considered the same
Person as the Issuer for United States federal income tax purposes is outstanding that (x) such Notes will be debt for United States federal income tax purposes or (y) the transfer by the Depositor of such Certificate will not cause the
Issuer to be treated as an association or publicly traded partnership taxable as a corporation. 
 “Initial Class A-1 Note Balance” means $[•]. 
 “Initial Class
A-2-A Note Balance” means $[•]. 
 “Initial Class A-2-B Note
Balance” means $[•]. 
 “Initial Class A-3 Note Balance” means
$[•]. 
 “Initial Class B Note Balance” means $[•]. 

“Initial Class C Note Balance” means $[•]. 

“Initial Class D Note Balance” means $[•]. 

“Initial Class E Note Balance” means $[•]. 

[“Initial Interest Rate Swap Agreement” means the ISDA Master Agreement, dated as of the Closing Date, between the Initial
Swap Counterparty and the Issuer, the Schedule and the Credit Support Annex thereto, dated as of the Closing Date and, the Confirmations thereto, each dated as of the Closing Date, and entered into pursuant to such ISDA Master Agreement, as the same
may be amended or supplemented from time to time in accordance with the terms thereof.] 
 “Initial Note Balance” means,
for any Class, the Initial Class A-1 Note Balance, the Initial Class A-2-A Note Balance, the Initial Class A-2-B Note Balance, the Initial Class A-3 Note
Balance, the Initial Class B Note Balance, the Initial Class C Note Balance, the Initial Class D Note Balance or the Initial Class E Note Balance, as applicable, or with respect to the Notes generally, the sum of the foregoing. 

“Initial Reserve Account Deposit Amount” means an amount equal to
$[                ]. 

  

					
		 	A-17	 	Definitions (20[  ]-[  ])

 [“Initial Swap Counterparty” means
[                    ] as the swap counterparty under the Initial Interest Rate Swap Agreement.] 

“Instituting Noteholders” has the meaning set forth in Section 7.5(c) of the Indenture. 

“Insurance Policy” means (i) any theft and physical damage insurance policy maintained by the Obligor under a
Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle, and (ii) any credit life or credit disability insurance maintained by an Obligor in connection with any Receivable. 

“Interest Period” means, with respect to any Payment Date, (a) with respect to the Class A-1 Notes and the
Class A-2-B Notes, from and including the Closing Date (in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding that Payment Date (for example, for a Payment Date in June, the Interest Period
is from and including the Payment Date in May to but excluding the Payment Date in June) and (b) for the Class A-2-A Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes, from and including the 15th day of the calendar month preceding such Payment Date (or from and including the Closing Date in the case of the first Payment Date) to but excluding the 15th day of the month in which such Payment Date occurs. 
 “Interest Rate”
means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2-A Notes, the Class A-2-A Interest Rate, (c) with respect to the Class A-2-B Notes, the
Class A-2-B Interest Rate, (d) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (e) with respect to the Class B Notes, the Class B Interest Rate, (f) with respect to the Class C Notes, the Class C
Interest Rate, (g) with respect to the Class D Notes, the Class D Interest Rate or (h) with respect to the Class E Notes, the Class E Interest Rate. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

[“Interest Rate Swap Agreement” means the Initial Interest Rate Swap Agreement and any Replacement Interest Rate Swap
Agreement.] 
 “Investment Grade Notes” means the Class A Notes, the Class B Notes, the Class C Notes and
the Class D Notes. 
 “Issuer” means Santander Drive Auto Receivables Trust 20[ ]-[ ], a Delaware statutory trust
established pursuant to the Trust Agreement, until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained in the Transaction Documents, each other obligor on the Notes. 

“Issuer Order” and “Issuer Request” means a written order or request of the Issuer signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Item 1119 Party” means the Seller,
Santander Consumer, the Servicer, the Indenture Trustee, the Owner Trustee, any underwriter of the Notes[, any Swap Counterparty] and any 

  

					
		 	A-18	 	Definitions (20[  ]-[  ])

 
other material transaction party identified by the Seller or Santander Consumer to the Indenture Trustee and the Owner Trustee in writing. 

“LIBOR” means, with respect to any Interest Period, the London interbank offered rate for deposits in U.S. Dollars having a
maturity of one month commencing on the related LIBOR Determination Date which appears on Bloomberg Screen BTMM Page (or any successor page) as of 11:00 a.m., London time, on such LIBOR Determination Date; provided, however, that for
the first Interest Period, LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of days in the first Interest Period. If the rates
used to determine LIBOR do not appear on the Bloomberg Screen BTMM Page (or any successor page), the rates for that day will be determined on the basis of the rates at which deposits in U.S. Dollars, having a maturity of one month and in a principal
amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m. London time, on such LIBOR Determination Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee will request the principal
London office of each of such reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths
of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage
point rounded upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Indenture Trustee (after consulting with the Seller), are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR
Determination Date to leading European banks for United States dollar deposits for that maturity; provided, that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest
Period will be LIBOR in effect for the previous Interest Period. The reference banks are the four major banks in the London interbank market selected by the Indenture Trustee (after consultation with the Seller). 

“LIBOR Determination Date” means the second London Business Day prior to the Closing Date with respect to the first Payment
Date and, as to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date. 

“Lien” means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on
such asset or property in favor of any other Person, except any Permitted Lien. 
 “Liquidation Proceeds” means, with
respect to any Receivable, (a) insurance proceeds received by the Servicer with respect to the Insurance Policies, (b) amounts received by the Servicer in connection with such Receivable pursuant to the exercise of rights under that
Receivable and (c) the monies collected by the Servicer (from whatever source, including proceeds of a sale of a Financed Vehicle, a deficiency balance recovered from the Obligor after the charge-off of such Receivable or as a result of any
recourse against the related Dealer, if any) on such Receivable other than any monthly payments by or on behalf of the Obligor thereunder or any full or partial prepayment of such Receivable, in the case of each of the foregoing clauses
(a) through (c), net of any expenses (including, without limitation, any auction, painting, repair 

  

					
		 	A-19	 	Definitions (20[  ]-[  ])

 
or refurbishment expenses in respect of the related Financed Vehicle) incurred by the Servicer in connection therewith and any payments required by law to be remitted to the Obligor. 

“London Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in London, England are
authorized or obligated by law or government decree to be closed. 
 “Majority Certificateholders” means Certificateholders
holding in the aggregate more than 50% of the Percentage Interests. 
 “Measurement Date” means the most recent Payment
Date specified in the first column of the Cumulative Net Loss Rate Table. 
 “Monthly Remittance Condition” has the meaning
set forth in Section 4.2 of the Sale and Servicing Agreement. 
 “Non-Investment Grade Notes” means the
Class E Notes. 
 [“Net Swap Payment” means for the Interest Rate Swap Agreement, the net amount with respect to
regularly scheduled payments, if any, owed by the Issuer to the Swap Counterparty on any Payment Date, including prior unpaid Net Swap Payments and any interest accrued thereon, under such Interest Rate Swap Agreement; provided, that
“Net Swap Payments” do not include Swap Termination Payments.] 
 [“Net Swap Receipts” means, for the
Interest Rate Swap Agreement, the net amounts owed by the Swap Counterparty to the Issuer, if any, on any Swap Payment Date, excluding any Swap Termination Payments.] 

“Note” means a Class A-1 Note, Class A-2-A Note, Class A-2-B Note, Class A-3 Note, Class B Note,
Class C Note, Class D Note or Class E Note in each case substantially in the forms of Exhibit A to the Indenture. 

“Note Balance” means, with respect to any date of determination, for any Class, the Class A-1 Note Balance, the
Class A-2-A Note Balance, the Class A-2-B Note Balance, the Class A-3 Note Balance, the Class B Note Balance, the Class C Note Balance, the Class D Note Balance or the Class E Note Balance, as applicable, or with
respect to the Notes generally, the sum of all of the foregoing. 
 “Note Factor” means, with respect to a Payment Date and
each Class of Notes, a six-digit decimal, which the Servicer will compute each month, equal to the Note Balance of such Class of Notes as of the end of the related Collection Period divided by the Note Balance of such Class of Notes as of the
Closing Date. The Note Factor will be 1.000000 as of the Closing Date; thereafter, the Note Factor will decline to reflect reductions in the Note Balance of such Class of Notes. 

“Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency 

  

					
		 	A-20	 	Definitions (20[  ]-[  ])

 
Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 

“Note Register” and “Note Registrar” have the respective meanings set forth in Section 2.4 of
the Indenture. 
 “Noteholder” means, as of any date, the Person in whose name a Note is registered on the Note Register on
such date. 
 “Noteholder Direction” has the meaning set forth in Section 7.5(c) of the Indenture. 

“Noteholder FATCA Information” means information sufficient to eliminate the imposition of, or determine the amount of U.S.
withholding tax under FATCA. 
 “Noteholder Tax Identification Information” means properly completed and signed tax
certifications (generally with respect to U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the
appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code). 

“Notes” means, collectively, the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes. 
 “Obligor”
means, for any Receivable, each Person obligated to pay such Receivable. 
 “Officer’s Certificate” means
(i) with respect to the Issuer, a certificate signed by any Authorized Officer of the Issuer and (ii) with respect to the Seller or the Servicer, a certificate signed by the chairman of the board, the president, any executive vice
president, any vice president, the treasurer, any assistant treasurer or the controller of the Seller or the Servicer, as applicable. 

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in the
Indenture or any other applicable Transaction Document, be employees of or counsel to the Issuer, the Servicer, the Seller or the Administrator, and which opinion or opinions comply with any applicable requirements of the Transaction Documents and
are in form and substance reasonably satisfactory to the recipient(s). Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of fact. 

“Optional Purchase” has the meaning set forth in Section 8.1 of the Sale and Servicing Agreement. 

“Optional Purchase Price” means the aggregate outstanding Pool Balance as of the last day of the Collection Period relating
to the Payment Date on which the Optional Purchase will occur. 

  

					
		 	A-21	 	Definitions (20[  ]-[  ])

 “Originator” means, with respect to any Receivable, [either] Santander Consumer
[or [ ], as applicable, and “Originators” means, together, Santander Consumer and [ ]]. 
 “Other Assets”
means any assets (or interests therein) (other than the Trust Estate) conveyed or purported to be conveyed by the Seller to another Person or Persons other than the Issuer, whether by way of a sale, capital contribution or by virtue of the granting
of a lien. 
 “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class) theretofore
authenticated and delivered under the Indenture except: 
 (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes (or Notes of an applicable Class) or portions thereof the
payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption
has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 
 (iii)
Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any
such Notes are held by a bona fide purchaser; 
 provided that in determining whether Noteholders holding the requisite Note Balance have given any
request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, the Seller, any Certificateholder, the Servicer, the Administrator or any of their respective
Affiliates shall be disregarded and deemed not to be Outstanding unless all of the Notes are then owned by the Issuer, the Seller, any Certificateholder, the Servicer, the Administrator or any of their respective Affiliates, except that, in
determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, vote or waiver, only Notes that a Responsible Officer of the Indenture Trustee knows to be so owned
shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof establishes to the satisfaction of the Indenture Trustee such pledgee’s right so to act with respect to such
Notes and that such pledgee is not the Issuer, the Seller, any Certificateholder, the Servicer, the Administrator or any of their respective Affiliates. 

“Owner Trustee” means
[                            ], a [    ], not in its individual capacity but
solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “Paying Agent” means the
Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments of principal of or interest on the Notes
on behalf of the Issuer. 
 “Payment Date” means the 15th day of each calendar month beginning
[            ], 20[     ]; provided, however, whenever a Payment Date would otherwise be a day that is not a Business

  

					
		 	A-22	 	Definitions (20[  ]-[  ])

 
Day, the Payment Date shall be the next Business Day. As used herein, the “related” Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which
immediately follows such Collection Period. 
 “Payment Default” has the meaning set forth in Section 5.4(a) of
the Indenture. 
 “Percentage Interest” means, with respect to a Certificate, the individual percentage interest of such
Certificate (calculated as the percentage that the nominal principal amount of such Certificate represents of the aggregate nominal principal balance of all Certificates) which shall be specified on the face thereof and which shall represent the
percentage of certain distributions of the Issuer beneficially owned by such Certificateholder. The sum of the Percentage Interests for all of the Certificates shall be 100%. 

“Permitted Liens” means (a) any liens created by the Transaction Documents; (b) any liens for taxes not yet due and
payable or the amount of which is being contested in good faith by appropriate proceedings; and (c) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen and other like liens securing obligations which are not
due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings. 
 “Person”
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political
subdivision thereof. 
 “Physical Property” has the meaning specified in the definition of “Delivery”
above. 
 “Pool Balance” means, at any time, the aggregate Principal Balance of the Receivables at such time. 

“Pool Factor” means, for any Payment Date, a six-digit decimal figure, which the Servicer will compute each month equal to
the Pool Balance as of the end of the related Collection Period divided by the aggregate Principal Balance of the Receivables as of the Cut-Off Date. The Pool Factor will be 1.000000 as of the Cut-Off Date; thereafter, the Pool Factor will decline
to reflect reductions in the Pool Balance. 
 “Predecessor Note” means, with respect to any particular Note, every previous
Note evidencing all or a portion of the same debt as that evidenced by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in
lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 

“Principal Balance” means, as of any time, for any Receivable, the principal balance of such Receivable under the terms of
the Receivable determined in accordance with the Customary Servicing Practices. The Principal Balance of any Receivable that becomes a Defaulted Receivable will be deemed to be zero as of the date it becomes a Defaulted Receivable. 

  

					
		 	A-23	 	Definitions (20[  ]-[  ])

 “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding. 
 “Prospectus” means the final prospectus dated
[            ], 20[__] and the final prospectus supplement dated [            ], 20[__] with respect to the
Investment Grade Notes. 
 “Purchase Agreement” means the Purchase Agreement, dated as of the Closing Date, between
Santander Consumer and the Seller, as amended, modified or supplemented from time to time. 
 “Purchased Assets” has the
meaning set forth in Section 2.1 of the Purchase Agreement. 
 “Qualified Institutional Buyer” has the meaning
specified in Rule 144A. 
 “Rating Agency” means each of
[            ] and [            ]. 

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating Agency, either (a) written
confirmation (which may be in the form of a letter, a press release or other publication, or a change in such Rating Agency’s published ratings criteria to this effect) by such Rating Agency that the occurrence of such event or circumstance
will not cause such Rating Agency to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of
such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable and is acceptable to such Rating Agency) and such Rating Agency shall not have issued any written notice that the occurrence
of such event or circumstance will itself cause it to downgrade, qualify or withdraw its rating assigned to the Notes. Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with respect to any event, and it is
understood that such Rating Agency may not actually review notices received by it prior to or after the expiration of the ten (10) day period described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or
withdraw its rating assigned to all or any of the Notes at any time in its sole judgment even if the Rating Agency Condition with respect to an event had been previously satisfied pursuant to clause (a) or clause (b) above.

 “Receivable” means any Contract with respect to a new or used automobile, light-duty truck or van which shall appear on
the Schedule of Receivables and all Related Security in connection therewith which has not been released from the lien of the Indenture. 

“Receivable Files” has the meaning set forth in Section 2.4(a) of the Sale and Servicing Agreement. 

“Record Date” means, unless otherwise specified in any Transaction Document, with respect to any Payment Date or Redemption
Date, (i) for any Definitive Notes and for any Definitive Certificates, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Payment Date or Redemption Date occurs and
(ii) for any Book-Entry Notes and for any Book-Entry Certificates, the close of business on the Business Day immediately preceding such Payment Date or Redemption Date. 

  

					
		 	A-24	 	Definitions (20[  ]-[  ])

 “Records” means, for any Receivable, all contracts, books, records and other
documents or information (including computer programs, tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Receivable or the related Obligor. 

“Redemption Date” means, in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the
Payment Date specified by the Administrator or the Issuer pursuant to Section 10.1 of the Indenture. 
 “Redemption
Price” means an amount equal to the sum of (a) the unpaid Note Balance of all Notes redeemed, plus (b) accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the
Redemption Date. 
 “Registered Holder” means the Person in whose name a Note is registered on the Note Register on the
related Record Date. 
 “Regular Allocation of Principal” means, with respect to any Payment Date, an amount not less than
zero equal to (1) the excess, if any, of (a) the Note Balance of the Notes as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (b) (i) the Pool Balance as of
the end of the related Collection Period less (ii) the Targeted Overcollateralization Amount minus (2) the sum of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal, the Fourth
Allocation of Principal and the Fifth Allocation of Principal for such Payment Date. 
 “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 “Related Security” means, for any Receivable, (i) the security interest in the related Financed Vehicle,
(ii) any proceeds from claims on any related Insurance Policy or refunds in connection with extended service agreements relating to such Receivable (if such Receivable became a Defaulted Receivable after the Cut-Off Date), (iii) any other
property securing such Receivable and (iv) all proceeds of the foregoing. 
 “Relevant Trustee” means (i) prior
to the payment in full of principal of and interest on the Notes, the Indenture Trustee and (ii) following the payment in full of principal of and interest on the Notes, Wells Fargo Bank, National Association, in its capacity as Certificate
Paying Agent; provided, however, that with respect to any property that is under the joint or separate control of a co-trustee or separate trustee under the Trust Agreement or the Indenture, respectively, “Relevant
Trustee” shall refer to either or both of the Certificate Paying Agent and such co-trustee or separate trustee or to either or both of the Indenture Trustee and such co-trustee or separate trustee, as the case may be. 

[“Replacement Interest Rate Swap Agreement” means any ISDA Master Agreement, dated after the Closing Date, between the
Replacement Swap Counterparty and the Issuer, the Schedule and Credit Support Annex thereto, dated after the Closing Date, on the Confirmations 

  

					
		 	A-25	 	Definitions (20[  ]-[  ])

 
thereto, each dated after the Closing Date, and entered into pursuant to such ISDA Master Agreement, and pursuant to the conditions set forth in the Initial Interest Rate Swap Agreement, as the
same may be amended or supplemented from time to time in accordance with the terms thereof.] 
 [“Replacement Swap
Counterparty” means, with respect to any Swap Counterparty, any replacement Swap Counterparty under a Replacement Interest Rate Swap Agreement that satisfies the conditions set forth in the Interest Rate Swap Agreement.] 

“Reportable Event” means any event required to be reported on Form 8-K, and in any event, the following: 

(a) entry into a material definitive agreement related to the Issuer, the Notes, the Receivables or an amendment to a
Transaction Document, even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 

(b) termination of a Transaction Document (other than by expiration of the agreement on its stated termination date or as a
result of all parties completing their obligations under such agreement), even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 

(c) with respect to the Servicer only, the occurrence of a Servicer Replacement Event; 

(d) an Event of Default; 

(e) the resignation, removal, replacement, or substitution of the Indenture Trustee or the Owner Trustee; and 

(f) with respect to the Indenture Trustee only, a required distribution to holders of the Notes is not made as of the required
Payment Date under the Indenture. 
 “Repurchase Price” means, with respect to any Repurchased Receivable, a price equal to
the outstanding Principal Balance (calculated without giving effect to the last sentence of the definitions of “Defaulted Receivable” and “Principal Balance”) of such Receivable plus any unpaid accrued interest
related to such Receivable accrued to and including the end of the Collection Period preceding the date that such Repurchased Receivable was purchased by Santander Consumer or the Servicer, as applicable. 

“Repurchased Receivable” means a Receivable purchased by Santander Consumer pursuant to Section 3.4 of the
Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement. 
 “Requested
Party” has the meaning set forth in Section 9.24 of the Sale and Servicing Agreement. 

  

					
		 	A-26	 	Definitions (20[  ]-[  ])

 “Requesting Party” has the meaning set forth in Section 9.24 of the
Sale and Servicing Agreement. 
 “Reserve Account” means the account designated as such, established and maintained
pursuant to Section 4.1 of the Sale and Servicing Agreement. 
 “Reserve Account Draw Amount” means, for any
Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net
investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available
funds on deposit in the Reserve Account on the Redemption Date. 
 “Reserve Account Excess Amount” means, with respect to
any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to
and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date. 

“Reserve Amount” means, for any Payment Date, the amount of cash or other immediately available funds in the Reserve Account
on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date. 

“Responsible Officer” means, (a) with respect to the Indenture Trustee, any officer within the corporate trust
department of the Indenture Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those
performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of the Indenture, (b) with respect to the Owner Trustee, any agent of the Owner Trustee acting under a power of attorney or any officer within the Corporate Trust Office of the Owner Trustee including any
vice president, assistant vice president, assistant treasurer, assistant secretary, or any other officer customarily performing functions similar to those performed by any of the above designated officers and having direct responsibility for the
administration of the Issuer, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (c) with respect to the
Servicer, the Administrator or Seller, any officer of such Person having direct responsibility for the transactions contemplated by the Transaction Documents, including the president, treasurer or secretary or any vice president, assistant vice
president, assistant treasurer, assistant secretary, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

  

					
		 	A-27	 	Definitions (20[  ]-[  ])

 “Restricted Notes” means any Note for which no Debt-For-Tax Opinion has been
rendered on or after the later of (i) the Closing Date and (ii) the most recent date on which such Note was beneficially owned by the Issuer (or the single beneficial owner of the Issuer for United States federal income tax purposes). 

“Review Notice” means the notice delivered by the Indenture Trustee in accordance with Section 7.5(d) of the
Indenture to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review. 

“Review Report” shall have the meaning assigned to such term in Section 3.07 of the Asset Representations Review
Agreement. 
 “Review Satisfaction Date” means, with respect to any Asset Review, the first date on which (a) the
Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred. 

“Rule 144A” means Rule 144A under the Securities Act and any successor rule thereto. 

“Rule 144A Information” means the information specified pursuant to Rule 144A(d)(4) of the Securities Act (or any
successor provision thereto). 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, between the Seller, the Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 

“Santander Consumer” means Santander Consumer USA Inc., an Illinois corporation, and its successors and assigns. 

“Sarbanes Certification” has the meaning set forth in Section 9.21(b)(iii) of the Sale and Servicing Agreement.

 “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended, modified or supplemented from time to time, and
any successor law thereto. 
 “Schedule of Receivables” means the electronic data file of the Receivables transferred to
the Issuer on the Closing Date on file with the Servicer. 
 “Second Allocation of Principal” means, with respect to any
Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance and the Class B Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes
and the Class B Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the First Allocation of Principal for such Payment Date; provided, however, that the Second
Allocation of Principal on and after the Final Scheduled Payment Date for the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero (after the application of the
First Allocation of Principal). 
 “Securities Act” means the Securities Act of 1933, as amended. 

  

					
		 	A-28	 	Definitions (20[  ]-[  ])

 “Seller” means Santander Drive Auto Receivables LLC, a Delaware limited
liability company. 
 [“Senior Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap
Counterparty under an Interest Rate Swap Agreement that is not a Subordinated Swap Termination Payment.] 
 “Servicer”
means Santander Consumer, initially, and any replacement Servicer appointed pursuant to the Sale and Servicing Agreement. 

“Servicer Replacement Event” means any one or more of the following that shall have occurred and be continuing: 

(a) any failure by the Servicer to deliver or cause to be delivered any required payment to the Indenture Trustee for distribution to the
Noteholders, which failure continues unremedied for five Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing at
least 25% of the Note Balance, voting together as a single Class; 
 (b) any failure by the Servicer to duly observe or perform in any
respect any other of its covenants or agreements in the Sale and Servicing Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for 90 days after discovery thereof by a
Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate Note Balance of all Outstanding Notes; provided, that no
Servicer Replacement Event will result from the breach by the Servicer of any covenant for which the purchase of the affected Receivable is specified as the sole remedy pursuant to Section 3.6 of the Sale and Servicing Agreement; or 

(c) the Servicer suffers a Bankruptcy Event; 

provided, however, that (A) if any delay or failure of performance referred to in clause (a) above shall have been caused by
force majeure or other similar occurrence, the five Business Day grace period referred to in such clause (a) shall be extended for an additional 60 calendar days and (B) if any delay or failure of performance referred to in
clause (b) above shall have been caused by force majeure or other similar occurrence, the 90 day grace period referred to in such clause (b) shall be extended for an additional 60 calendar days. The existence or occurrence of
any “material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (a) or (b) above has occurred. 

“Servicer’s Certificate” means the certificate delivered pursuant to Section 3.8 of the Sale and Servicing
Agreement. 
 “Servicing Criteria” shall mean the “servicing criteria” set forth in Item 1122(d) of
Regulation AB. 
 “Servicing Fee” means, for any Payment Date, the product of (A) one-twelfth, (B) the Servicing
Fee Rate and (C) the Pool Balance as of the first day of the related Collection Period 

  

					
		 	A-29	 	Definitions (20[  ]-[  ])

 
(or, in the case of the first Payment Date, as of the Cut-Off Date). The Servicing Fee for the first Payment Date shall be
$[            ]. 
 “Servicing Fee Rate” means
[        ]% per annum. 
 “Similar Law” means any federal, state, local or other
law that is substantially similar to the fiduciary provisions of ERISA or Section 4975 of the Code. 
 “Simple Interest
Method” means the method of calculating interest due on a motor vehicle receivable on a daily basis based on the actual outstanding principal balance of the receivable on that date. 

“Simple Interest Receivable” means any motor vehicle receivable pursuant to which the payments due from the Obligors during
any month are allocated between interest, principal and other charges based on the actual date on which a payment is received and for which interest is calculated using the Simple Interest Method. 

“Specified Reserve Account Balance” means, for any Payment Date, an amount equal to
[            ]% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the
principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0. 
 “Sponsor” means
Santander Consumer. 
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §
3801 et seq. 
 “Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day Delinquent Receivables
as of the [end of the Collection Period immediately preceding the] related Review Satisfaction Date. 
 [“Subordinated Swap
Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under an Interest Rate Swap Agreement where the Swap Counterparty is the “defaulting party” or sole “affected party”
(other than with respect to “illegality” or a “tax event”), as each such term is defined in such Interest Rate Swap Agreement.] 

“Sub-Servicer” means any Affiliate of the Servicer or any sub-contractor to whom any or all duties of the Servicer
(including, without limitation, its duties as custodian) under the Transaction Documents have been delegated in accordance with Section 6.5 of the Sale and Servicing Agreement. 

“Supplemental Servicing Fees” means any and all (i) late fees, (ii) extension fees, (iii) non-sufficient funds
charges and (iv) any and all other administrative fees or similar charges allowed by applicable law with respect to any Receivable. 

[“Swap Collateral Account” means a single, segregated trust account in the name of the Indenture Trustee, which shall be
designated as the “Swap Collateral Account” which shall be 

  

					
		 	A-30	 	Definitions (20[  ]-[  ])

 
held in trust for the benefit of the Noteholders established pursuant to Section 4.10(e) of the Sale and Servicing Agreement.] 

[“Swap Counterparty” means the Initial Swap Counterparty and any Replacement Swap Counterparty.] 

[“Swap Payment Date” means the date on which Net Swap Receipts or Net Swap Payments, as applicable, are made pursuant to the
Interest Rate Swap Agreement.] 
 [“Swap Replacement Proceeds” means any amounts received from a Replacement Swap
Counterparty in consideration for entering into a Replacement Interest Rate Swap Agreement for a terminated Interest Rate Swap Agreement.] 

[“Swap Termination Payment” means any payment due to the Swap Counterparty by the Issuer or to the Issuer by the Swap
Counterparty, including interest that may accrue thereon, under the Interest Rate Swap Agreement due to a termination of the Interest Rate Swap Agreement due to an “event of default” or “termination event” under the Interest Rate
Swap Agreement.] 
 [“Swap Termination Payment Account” means an Eligible Account held in the United States in the name of
the Indenture Trustee which shall be held in trust for the benefit of the Noteholders and the Swap Counterparty pursuant to Section 4.10(b) of the Sale and Servicing Agreement.] 

“Targeted Overcollateralization Amount” means, for any Payment Date, the greater of (a)[(i) for each Payment Date on or prior
to the Payment Date on which the Class A-2 Notes are paid in full, [ ]% of the Pool Balance as of the last day of the related Collection Period and (ii) for each Payment Date after the Payment Date on which the Class A-2 Notes are
paid in full, [ ]% of the Pool Balance as of the] last day of the related Collection Period and [(b)] [ ]% of the Pool Balance as of the Cut-Off Date; provided, however, that with respect to any Payment Date after the occurrence
of a Cumulative Net Loss Trigger (and regardless of whether the Cumulative Net Loss Ratio for any subsequent Measurement Date does not exceed the level specified as the “Trigger” in the Cumulative Net Loss Rate Table for that subsequent
Measurement Date), “Targeted Overcollateralization Amount” means the greater of (i) [ ]% of the Pool Balance as of the last day of the related Collection Period and (ii) 1.50% of the Pool Balance as of the Cut-Off Date.

 “Test Fail” shall have the meaning assigned to such term in the Asset Representations Review Agreement. 

“Third Allocation of Principal” means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of
(a) the sum of the Class A Note Balance, the Class B Note Balance and the Class C Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes
on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal and the Second Allocation of Principal for such Payment Date;
provided, however, that the Third Allocation of Principal on and after the Final Scheduled Payment Date for the Class C Notes shall not be less than the amount that is necessary 

  

					
		 	A-31	 	Definitions (20[  ]-[  ])

 
to reduce the outstanding principal amount of the Class C Notes to zero (after the application of the First Allocation of Principal and the Second Allocation of Principal). 

“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in force on the date
hereof, unless otherwise specifically provided. 
 “Transaction Documents” means the Indenture, the Notes, the Depository
Agreement, the Sale and Servicing Agreement, the Purchase Agreement, the Administration Agreement[, the Interest Rate Swap Agreement,] the Trust Agreement and the Asset Representations Review Agreement, as the same may be amended or modified from
time to time. 
 “Transferred Assets” means (a) the Purchased Assets, (b) all of the Seller’s rights under
the Purchase Agreement, including the representations and warranties of Santander Consumer therein as set forth in Schedule II to the Purchase Agreement and (c) all proceeds of the foregoing. 

“Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account
(whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

“Trust Accounts” means the Collection Account and the Reserve Account. 

“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Seller and the
Owner Trustee, as the same may be amended and supplemented from time to time. 
 “Trust Estate” means all money, accounts,
chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale and Servicing Agreement, the Related Security
relating thereto and Collections thereon after the Cut-Off Date, (ii) all Receivable Files, (iii) the rights of the Issuer to the funds on deposit from time to time in the Trust Accounts and any other account or accounts (other than the
Certificate Distribution Account) established pursuant to the Indenture or Sale and Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds thereof (including investment earnings,
net of losses and investment expenses, on amounts on deposit therein, other than as provided in Section 3.7 of the Sale and Servicing Agreement), (iv) the rights of the Seller, as buyer, under the Purchase Agreement, (v) the
rights of the Issuer under the Sale and Servicing Agreement and the Administration Agreement [and the Interest Rate Swap Agreement] and (vi) all proceeds of the foregoing. 

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as
amended from time to time. 
 “Underwriter” or “Underwriters” means, collectively,
[            ], [            ] and [            ]. 

  

					
		 	A-32	 	Definitions (20[  ]-[  ])

 “Underwriting Agreement” means the Underwriting Agreement, dated as of
[            ], 20[  ], among [            ], on its own behalf and as representative of the several underwriters named
therein, Santander Consumer and the Depositor. 
 “United States” or “USA” means the United States of
America (including all states, the District of Columbia and political subdivisions thereof). 
 “U.S. Tax Person” means a
Person that is a “U.S. person” as defined in Section 7701(a)(30) of the Code, generally including: 
 (a) a
citizen or resident of the United States; 
 (b) a corporation or partnership organized in or under the laws of the United
States, any State or the District of Columbia; 
 (c) an estate, the income of which is includible in gross income for United
States tax purposes, regardless of its source; or 
 (d) a trust if a U.S. court is able to exercise primary supervision over
the administration of the trust and one or more U.S. Persons have the authority to control all substantial decisions of the trust or a trust that has elected to be treated as a U.S. Person. 

“Verification Documents” means, with respect to any Note Owner, a certification from such Note Owner certifying that such
Person is in fact, a Note Owner, as well as an additional piece of documentation reasonably satisfactory to the recipient, such as a trade confirmation, account statement, letter from a broker or dealer or other similar document. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise
inconsistent with the terms of this Agreement, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously
recalculated at the time any information relevant to such calculation changes. 

  

					
		 	A-33	 	Definitions (20[  ]-[  ])

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