Document:

EX-10.1

 Exhibit 10.1 

***Text Omitted and Filed Separately 

With Securities and Exchange Commission 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 of the 

Securities Exchange Act of 1934, as amended. 

RESEARCH AND LICENSE AGREEMENT 

This Research and License Agreement is entered into as of this 29th day of August 2013 (the “Effective Date”),
by and among Technion Research and Development Foundation Ltd., a company formed under the laws of Israel, having a place of business at the Technion City, Haifa 32000, Israel (“TRDF”) and Eloxx Pharma Ltd., a company formed under
the laws of Israel, having a place of business at 14 Shenkar St. Herzelia, Israel (“Licensee”). 
 WHEREAS, TRDF is
the wholly-owned subsidiary of the Technion – Israel Institute of Technology (the “Technion”) and serves as its technology licensing arm; 

WHEREAS, Professor Timor Baasov of the Technion and member of his laboratory at the Technion have developed certain technology relating
to aminoglycosides and the redesign of aminoglycosides for the treatment of human genetic diseases caused by premature stop mutations; 

WHEREAS, Licensee wishes to fund further research in Professor Baasov’s laboratory relating to such technology; 

WHEREAS, Licensee wishes to obtain a license with respect to such technology and with respect to the results of such research in order
to develop and commercialize products based thereon; 
 WHEREAS, TRDF desires to have products based on such technology and results
developed and commercialized to benefit the public; and 
 WHEREAS, Licensee has represented to TRDF, in order to induce TRDF to
enter into this Agreement, that Licensee shall commit itself to diligent efforts to develop and commercialize such products. 
 NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Definitions. 

Whenever used in this Agreement with an initial capital letter, the terms defined in this Article 1, whether used in the singular or the
plural, shall have the meanings specified below. 
 1.1. “Affiliate” means, with respect to an entity, any person,
organization or entity controlling, controlled by or under common control with, such party. For purposes of this definition only, “control” of another person, organization or entity shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise. Without limiting the foregoing, control shall be
presumed to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the other organization or entity or

  
 ***Confidential
Treatment Requested 

 
(b) possesses, directly or indirectly, the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the organization or other entity. The parties
acknowledge that in the case of certain entities organized under the laws of certain countries, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such cases such lower
percentage shall be substituted in the preceding sentence. 
 1.2. “Background Patent Rights” means: (a) the
patents and patent applications listed in Exhibit A; (b) any patent or patent application that claims priority to and is divisional, continuation, reissue, renewal, reexamination, substitution or extension of any patent application identified
in (a); (c) any patents issuing on any patent application identified in (a) or (b), including any reissues, renewals, reexaminations, substitutions or extensions thereof; (d) any claim of a continuation-in-part application or patent (including any reissues, renewals, reexaminations, substitutions or extensions thereof) that is entitled to the priority date of, and is directed specifically to
subject matter specifically described in, at least one of the patents or patent applications identified in (a), (b) or (c); (e) any foreign counterpart (including PCTs) of any patent or patent application identified in (a), (b) or (c) or of the
claims identified in (d); and (f) any supplementary protection certificates, any other patent term extensions and exclusivity periods and the like of any patents and patent applications identified in (a) through (e); 

1.3. “Calendar Quarter” means each of the periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31, for so long as this Agreement is in effect. 
 1.4.
“Consulting Results” means any and all data, materials, compositions, methods, processes, analyses, formulae and information generated, conceived or created by the Principal Investigator (during his employment with the Technion or
within one year thereafter) in the performance of services for Licensee. 
 1.5. “Covered Compound” means any
compound: (a) the making, using or selling of which falls within the scope of a Valid Claim; and/or (b) that is/was identified, developed and/or made, at any stage of development or manufacture, with or through the use of, or that
incorporates, TRDF Results, and/or Technology Transfer Material; and/or (c) that is/was developed by or on behalf of a Related Party through the use or modifications of a Covered Compound described in (a) or (b). 

1.6. “Development Milestones” means the development and commercialization milestones set forth in Exhibit B. 

1.7. “Development Plan” means the plan for the development and commercialization of Licensed Products attached hereto
as Exhibit C, as such plan may be adjusted from time to time pursuant to Section 5.2. 
 1.8. “Field” means the
prevention, diagnosis or treatment of any human disease or condition. 

  
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 1.9. “First Commercial Sale” means the date of the first sale by
Licensee, its Affiliate or a Sublicensee of a Licensed Product to a third party for end use or consumption of such Licensed Product following receipt of any required Marketing Authorization in the country in which such Licensed Product is sold. For
clarity, sales or other distribution for (a) use in clinical trials, compassionate use, use in named patient or expanded access programs or use in similar instances in which products may be provided to patients prior to approval of an NDA or
BLA or (b) provision of samples for test marketing or similar purposes shall not be deemed “First Commercial Sale”. 

1.10. “Invention” means any patentable invention or discovery (a) that is conceived and reduced to practice in
the performance of the Research during the Research Period (“Research Invention”) and/or (b) conceived and/or reduced to practice by the Principal Investigator (during his employment with the Technion or within one year thereafter) in
the performance of services for Licensee (“Consulting Invention”). 
 1.11. “Joint Invention” means any
Invention for which: 
 (a) one or more inventors is a member of the TRDF Team; and 

(b) one or more inventors is an employee, consultant or contractor of Licensee (other than members of the TRDF Team and any other person
subject to the Technion’s intellectual property policy). 
 Inventorship of Inventions shall be determined in accordance with
Section 3.2 below. 
 1.12. “Joint Patent Rights” means, in each case solely to the extent the claims are
directed to the subject matter of such Joint Invention: (a) any patents and patent applications that claim any Joint Invention; (b) any patent or patent application that claims priority to and is a divisional, continuation, reissue,
renewal, reexamination, substitution or extension of any patent application identified in (a); (c) any patents issuing on any patent application identified in (a) or (b), including any reissues, renewals, reexaminations, substitutions or
extensions thereof; (d) any claim of a continuation-in-part application or patent (including any reissues, renewals, reexaminations, substitutions or extensions
thereof) that is entitled to the priority date of, and is directed specifically to subject matter specifically described in, at least one of the patents or patent applications identified in (a), (b) or (c); (e) any foreign counterpart (including
PCTs) of any patent or patent application identified in (a), (b) or (c) or of the claims identified in (d); and (f) any supplementary protection certificates, any other patent term extensions and exclusivity periods and the like of any
patents and patent applications described in (a) through (e). 
 1.13. “Licensed Product” means any product for
use in the Field that incorporates a Covered Compound, in any and all forms, presentations, formulations and dosage forms. 
 1.14.
“Licensee Consulting Results” means Consulting Results (other than Inventions) generated jointly by the Principal Investigator and one or more employee(s), consultant(s) or contractor(s) of Licensee (other than members of the TRDF
Team and any other person subject to the Technion’s intellectual property policy). 

  
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 1.15. “Major Country” any of the following: the United States; Germany;
the United Kingdom; France; Italy; Spain; and Japan. 
 1.16. “Marketing Authorization” means all approvals from the
relevant Regulatory Authority necessary to market and sell a Licensed Product in a country. 
 1.17. “Net Sales”
means the gross amount billed or invoiced by or on behalf of a Related Party on sales, leases or other transfers of Licensed Products, less the following to the extent applicable on such sales, leases or other transfers, or and not previously
deducted from the gross invoice price: (a) customary trade, quantity or cash discounts to the extent actually allowed and taken; (b) amounts actually repaid or credited by reason of rejection or return of any previously sold, leased or
otherwise transferred Licensed Products; (c) customer freight charges that are paid by or on behalf of the Related Party; (d) to the extent separately stated on purchase orders, invoices or other documents of sale, any sales, value added
or similar taxes, custom duties or other similar governmental charges levied directly on the production, sale, transportation, delivery or use of a Licensed Product that are paid by or on behalf of the Related Party, but not including any tax levied
with respect to income; provided that: 
 1.17.1. in any transfers, or provision, of Licensed Products between a Related Party and
another Related Party not for the purpose of resale by such other Related Party, Net Sales shall be equal to the fair market value of the Licensed Products so transferred or provided, assuming an arm’s length transaction made in the ordinary
course of business, and 
 1.17.2. in the event that a Related Party receives non-cash
consideration for any Licensed Products or in the case of transactions not at arm’s length with a non-Affiliate of the Related Party, Net Sales shall be calculated based on the fair market value of such
consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business. 
 Sales of Licensed
Products by a Related Party to another Related Party for resale by such Related Party shall not be deemed Net Sales. Instead, Net Sales shall be determined based on the gross amount billed or invoiced by such Related Party on resale of such Licensed
Products to a third party purchaser. 
 1.18. “Non-Royalty Sublicense Income”
means any payments or other consideration that Licensee or any of its Affiliates receives in connection with a Sublicense, other than: (i) royalties based on Net Sales; (ii) amounts received to cover actual, documented, direct costs
incurred by Licensee during defined periods in the performance of research or development activities under a Sublicense agreement in connection with a Licensed Product, as indicated by inclusion as specific line items in a written agreement between
Licensee and such Sublicensee (to the extent such costs are not actually incurred by Licensee during the defined periods in accordance with such Sublicense agreement, such amounts shall be deemed Sublicense Income). In the event that Licensee or an
Affiliate of Licensee receives, in connection with a Sublicense, either (i) non-

  
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cash consideration or (ii) consideration not at arm’s length, Non-Royalty Sublicense Income shall be calculated based on the fair market value of
such consideration or transaction, at the time of the transaction, assuming an arm’s length transaction made in the ordinary course of business. 

1.19. “Patent Rights” means any TRDF Patent Rights and any Joint Patent Rights. 

1.20. “Phase II Clinical Trial” means a human clinical trial in any country conducted to evaluate the effectiveness of
a therapeutic product, for a particular indication or indications in patients with the disease or condition under study and, possibly, to determine the common short-term side effects and risks associated with the therapeutic product. In the United
States, “Phase II Clinical Trial” means a human clinical trial that satisfies the requirements of 21 C.F.R. § 312.21 (b). 

1.21. “Pivotal Study” means a human clinical study, including any Phase III or Phase II/III Clinical Trial(but
excluding, for the avoidance of doubt, any clinical study the successful completion of which does not, by itself, provide the data necessary to support Marketing Authorization for a Licensed Product, e.g. Phase II Clinical Trials), the results of
which, if the study endpoints are met, would provide the last data necessary to support Marketing Authorization for a Licensed Product in a Major Country. A Pivotal Study shall be deemed to have commenced when the first patient has been dosed in
such study or, in the case of a study determined by the Regulatory Authority to meet the criteria of a Pivotal Study as set forth above after the first patient has been dosed, when such study is determined to meet such criteria. 

1.22. “Principal Investigators” means Professor Timor Baasov or such other principal investigator(s) who may replace
either of them pursuant to Section 2.1.2. 
 1.23. “Regulatory Authority” means any applicable government
regulatory authority involved in granting approvals for the manufacturing and marketing of a Licensed Product, including, in the United States, the FDA. 

1.24. “Related Party” means Licensee, Affiliates of Licensee, Sublicensees and Affiliates of Sublicensees. 

1.25. “Research” means the research conducted during the Research Period by the TRDF Team under the terms of this
Agreement in accordance with the Research Plan. 
 1.26. “Research Period” means a period (a) commencing on
____________ and (b) ending 12 months thereafter, which period may be subsequently extended on a yearly basis by mutual consent of the parties in writing, subject to the approval of the Board of Directors of Licensee, Licensee’s then
current work plans and needs and agreement by the parties on an expansion to the Research Plan and appropriate funding. 
 1.27.
“Research Plan” means the research plan attached hereto as Exhibit D, as may be amended from time to time by the mutual written agreement of the parties, which sets forth the research to be undertaken by the TRDF Team under
the direction of the Principal Investigator during the Research Period. 

  
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 1.28. “Research Results” means any and all data, materials, compositions,
methods, processes, analyses, formulae and information generated, conceived or created by members of the TRDF Team (alone or together with others) in the performance of the Research. 

1.29. “Sublicense” means: (a) any right granted, license given or agreement entered into by Licensee to or with
any other person or entity, under or with respect to or permitting any use of any of the Patent Rights or Technology Transfer Material or otherwise permitting the development, manufacture, marketing, distribution, use and/or sale of Licensed
Products; (b) any option or other right granted by Licensee to any other person or entity to negotiate for or receive any of the rights described under clause (a); or (c) any standstill or similar obligation undertaken by Licensee
toward any other person or entity not to grant any of the rights described in clause (a) or (b) to any third party; in each case regardless of whether such grant of rights, license given, agreement entered into or obligations undertaken is
referred to or is described as a sublicense. It is hereby acknowledged that Licensee may enter into one or more agreements with F. Hoffmann-La Roche Ltd. or any of its Affiliates (together “Roche”)
pursuant to which Roche may fund research and development activities relating to Licensed Products, which agreement(s) do(es) not grant any license, nor other right nor an option to obtain a license or other right, under or with respect to or
permitting any use of any of the Patent Rights or Technology Transfer Material or otherwise permitting the development, manufacture, marketing, distribution, use and/or sale of Licensed Products, and that such agreements which do not grant any such
rights shall not be regarded as a Sublicense for the purpose hereof. 
 1.30. “Sublicensee” means any person or
entity granted a Sublicense. 
 1.31. “Sublicensee Net Sales” means Net Sales generated by a Sublicensee or an
Affiliate of a Sublicensee. 
 1.32. “TRDF Consulting Results” means Consulting Results for which each creator is a
member of the TRDF Team. 
 1.33. “TRDF Invention” means any Invention for which each inventor is a member of the
TRDF Team. 
 1.34. “TRDF New Patent Rights” means, in each case to the extent the claims are directed to the
subject matter of such TRDF Invention: (a) any patents and patent applications that claim any TRDF Invention, in each case solely; (b) any patent or patent application that claims priority to and is a divisional, continuation, reissue,
renewal, reexamination, substitution or extension of any patent application identified in (a); (c) any patents issuing on any patent application identified in (a) or (b), including any reissues, renewals, reexaminations, substitutions or
extensions thereof; (d) any claim of a continuation-in-part application or patent (including any reissues, renewals, reexaminations, substitutions or extensions
thereof) that is entitled to the priority date of, and is directed specifically to subject matter specifically described in, at least one of the patents or patent applications identified in (a), (b) or (c); (e) any foreign counterpart (including
PCTs) of any patent or patent application identified in (a), (b) or (c) or of the claims identified in (d); and (f) any supplementary protection certificates, any other patent term extensions and exclusivity periods and the like of any
patents and patent applications described in (a) through (e). 

  
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 1.35. “TRDF Patent Rights” means the Background Patent Rights and the
TRDF New Patent Rights. 
 1.36. “TRDF Results” means all Research Results and all TRDF Consulting Results. 

1.37. “TRDF Team” means the Principal Investigator and those faculty members, research fellows, students, technicians,
scientists and/or other individuals working at or on behalf of the Technion or TRDF on the Research. 
 1.38. “Technology
Transfer Material” means (a) the protocols, methods, data and other materials described in Exhibit E and (b) the TRDF Results. 

1.39. “Valid Claim” means: (a) a claim of an issued and unexpired patent within the TRDF Patent Rights or Joint
Patent Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction; unappealable or unappealed within the time allowed for appeal,
(ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) lost through an interference proceeding; and (b) a pending claim of a pending patent application within the TRDF Patent Rights or Joint Patent
Rights that (i) has been asserted and continues to be prosecuted in good faith and (ii) has not been abandoned or finally rejected without the possibility of appeal or refilling. 

2. Research 
 2.1. Performance of
Research. 
 2.1.1 TRDF shall cause the Technion to perform the Research in accordance with the Research Plan; however, TRDF and
the Technion make no warranties or representations regarding the achievement of any particular results. 
 2.1.2 The Research will be
directed and supervised by the Principal Investigator, who shall have primary responsibility for the performance of the Research. If the Principal Investigator ceases supervising the Research for any reason, TRDF will notify Licensee promptly, and
TRDF shall endeavor to find a Technion scientist or scientists acceptable to Licensee, in Licensee’s sole discretion, to continue the supervision of the Research in place of such Principal Investigator. If TRDF is unable to find a replacement
scientist or scientists acceptable to Licensee within thirty (30) days after the Principal Investigator ceases to supervise the Research, Licensee shall have the right to terminate the funding of the Research. Licensee shall promptly advise
TRDF in writing if Licensee so elects. Such termination of funding shall terminate TRDF’s and the Technion’s obligations pursuant to Section 2.1.1 above, but shall not terminate this Agreement or any of the other rights or obligations
of the parties under this Agreement. Nothing contained in this Section 2.1.2, shall be deemed to impose an obligation on TRDF or Technion to successfully find a replacement for the Principal Investigator. Upon such termination, any amounts
actually paid by the Licensee on account of tasks which have not been performed, less any obligations taken by TRDF or the Technion that cannot be canceled, shall be refunded to the Licensee. 

  
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 2.2 Funding. 

2.2.1 Licensee shall fund the Research in the total amount of at least Fifty Thousand US Dollars ($50,000) per year during the Research
Period. The exact amount of research funding per year of the Research Period will be agreed upon by the parties in good faith prior to the beginning of each year of the Research Period, based on Licensee’s research and development needs and the
approval of Licensee’s Chief Executive Officer and Board of Directors. 
 2.2.2. With respect to each year of the Research
Period, the agreed upon funding for such year will be paid in two equal installments, the first of which will be paid prior to the commencement of such year and the second of which will be paid within six months thereafter. 

2.2.3. TRDF and the Technion shall not be obligated to incur costs or expend funds to conduct the Research in excess of the total
amount paid by Licensee under Sections 2.2.1 and 2.2.2. 
 2.2.4. Nothing in this Agreement shall be interpreted to prohibit TRDF,
the Technion or the Principal Investigator from seeking and receiving funding from non-commercial sources, including government agencies and foundations, or from commercial entities for non-commercial purposes, to further support the Research; provided that such funding shall not be on terms that give such entity(ies) any rights to any Results or Inventions in the Field, unless agreed to in advance
by Licensee. TRDF shall notify Licensee upon such application for and receiving any such funding, which notice shall include a copy of any notices awarding such funding. Licensee acknowledges that it is aware that the Principal Investigator has on-going research programs involving Covered Compounds that is being funded by the National Institute of Health (US) (the “NIH”), under sub-wards from the University
of Alabama and the University of Michigan (copies of which have been provided to Licensee) and that it is possible that such research programs will overlap with the Research. Licensee understands that in the case of any such overlap, the work
product of such research will be subject to the terms and conditions of such sub-awards, including certain obligations under 35 U.S.C. §§ 200-212 in the case
of any TRDF Inventions that are also “subject invention” as defined in 35 U.S.C. §201. 
 2.3 Reports. Within
thirty (30) days after the end of every six (6) month period during the Research Period, the Principal Investigator shall provide Licensee with a written report summarizing Research Results obtained during the preceding six
(6) month period, which report shall include all raw data and logs collected and generated in the course of the performance of the Research. In addition, Licensee’s representatives (including any authorized subcontractors) shall have the
right, upon reasonable notice and prior coordination with the Principal Investigator, to visit Principal Investigator’s lab at the Technion, in order to observe the conduct of the Research, review records and conduct of the Research, and
discuss the progress of the Research with the Principal Investigator or any member of the TRDF Team. 

  
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 2.4 Publications. 

2.4.1 TRDF and Licensee recognize the traditional freedom of all scientists to publish and present promptly the results of their
research. TRDF and Licensee also recognize that obtaining patent rights can be jeopardized by public disclosure prior to the filing of suitable patent applications. Therefore, TRDF shall ensure that no publications in writing, in scientific journals
or orally at scientific conventions disclosing Results are published by it or its researchers, without first complying with procedure set forth below. 

2.4.2 TRDF will ensure that each proposed manuscript containing Results shall be submitted to Licensee at least thirty (30) days
prior to initial submission for publication, and abstracts will be submitted to Licensee at least fourteen (14) days prior to proposed publication, for the purpose of enabling Licensee’s review for Inventions with respect to which Licensee
wishes TRDF to file patent applications. 
 2.4.3 If Licensee has reason to believe that any such manuscript or abstract reveals an
Invention, Licensee may so notify TRDF in writing prior to expiration of the thirty (30) day period or fourteen (14) days period, as applicable, specified in Section 2.5.2. If Licensee so notifies TRDF, TRDF shall cause the Principal
Investigator to delay publication for the purpose of enabling TRDF to file a patent application until the earliest to occur of: (a) a patent application has been filed with respect to such potentially patentable Invention; (b) TRDF and
Licensee have determined that the relevant Invention is not patentable; or (c) sixty (60) days have elapsed from the date of Licensee’s notification under this Section 2.4.3. 

3. Rights and Title. 
 3.1 Title.

 3.1.1 The entire right, title and interest in and to all Technology Transfer Material, all TRDF Inventions and all TRDF Patent
Rights shall be owned solely and exclusively by the TRDF. 
 3.1.2 The entire right, title and interest in and to all Licensee
Consulting Results shall be owned solely and exclusively by the Licensee. 
 3.1.3 The entire right, title and interest in and to all
Joint Inventions and Joint Patent Rights shall be owned jointly by Licensee and TRDF. 
 3.1.4 The parties acknowledge and agree that
the current funding rules of the Office of the Chief Scientist (“OCS”) stipulate that certain intellectual property financed with OCS funding, to the extent applicable, shall be owned by the Licensee. Accordingly, notwithstanding the
foregoing provisions, in consideration for the royalties to be paid by the Licensee pursuant to this Agreement and, if and to the extent required by such rules and such rules do not contradict rules of other Israeli governmental agencies or Israeli
laws or regulations, TRDF 

  
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hereby agrees to assign to the Licensee its respective rights, title and interest in and to Consulting Inventions that are developed by the Principal Investigator in the performance of services
for Licensee and that would otherwise vest in TRDF in accordance with the relevant regulations of the Technion. Notwithstanding the foregoing, should the relevant rules and regulations of the OCS change or should the Licensee cease operations, any
Consulting Invention developed by the Principal Investigator, shall be owned by the relevant parties in accordance with Sections 3.1.1, 3.1.2 and 3.1.3 above, and subject to the license granted hereby, and shall revert, as far as legally possible,
to TRDF, subject to approval of the OCS, to the extent required. For clarity, this Section 3.1.4 does not apply to any Research Inventions, to any Research Results nor to any Patent Rights claiming Research Inventions or Research Results. 

3.2. Inventorship. All determinations of inventorship under this Agreement shall be made in accordance with United States patent
law. In case of dispute over inventorship, a mutually acceptable outside patent counsel shall make the determination of the inventor(s) by applying the standards contained in United States patent law. 

3.3. Disclosure. 

3.3.1 TRDF shall disclose to Licensee in a confidential writing the conception and reduction to practice of any Invention of which it
becomes aware, promptly after the receipt of an invention disclosure form the relevant member(s) of the TRDF Team. 
 3.3.2 The
Principal Investigator shall disclose to Licensee and TRDF in a confidential writing the development, making, conception or reduction to practice of any Consulting Invention, promptly after he becomes aware thereof. 

3.3.3 Licensee shall disclose to TRDF in a confidential writing the development, making, conception or reduction to practice of any
Consulting Invention promptly after it becomes aware thereof. 
 3.4 The Principal Investigator may enter into a consulting agreement
with Licensee, in a form to be agreed to in advance by TRDF (the “PI Consulting Agreement”). Such PI Consulting Agreement shall be consistent with and subordinate to the provisions of this Section 3, and shall require the Principal
Investigator to assign his rights in Consulting Inventions and Results in a manner consistent with the provisions of this Section 3 and shall allow the Principal Investigator to make the disclosures contemplated by Section 3.3. In the case
of any discrepancy between any provisions of Section 3 and the PI Consulting Agreement, the terms of this Agreement shall prevail. So long as the Principal Investigator remains a faculty member of the Technion, any amendment to the PI
Consulting Agreement and any new agreement between the Principal Investigator and Licensee pursuant to which the Principal Investigator provides services and/or serves on the scientific advisory board of Licensee shall require the prior written
approval of TRDF. The above does not limit, in any way, rights TRDF may have with respect to any intellectual property conceived, reduced to practice or otherwise developed or generated by the Principal Investigator that are neither Invention nor
Results. 

  
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 3.5 The parties shall cooperate in order to ensure the orderly transfer of copies of the
Technology Transfer Materials to the Licensee’s personnel to be completed within six (6) months from the Effective Date (the “Tech Transfer Period”). During the Tech Transfer Period, Licensee’s representatives
will be granted access to Principal Investigator’s lab, in coordination with TRDF and subject to each such representative signing TRDF’s standard confidentiality agreement, in order to gain first hand knowledge of the licensed technology
under guidance of Principal Investigator or his staff. Other than as provided herein, TRDF shall not be obliged to provide any technical support to the Licensee, its Affiliates or its Sublicensees. 

3.6 TRDF hereby undertakes that, unless it is prevented from doing so by any obligations to commercial entities, it will promptly
provide Licensee with written notice of any patent applications filed by TRDF covering an invention with respect to the redesign of aminoglycosides for the treatment of diseases caused by premature stop mutations which is conceived and reduced to
practice by the Principal Investigator, including jointly with others, and is disclosed to TRDF through an invention disclosure during the Research Period or during the two years following the end of the Research Period (“Additional
Researcher IP”). If, at any time during the two year period following such disclosure, TRDF wishes to grant a third party rights in Additional Researcher IP, unless it is prevented from doing so by any obligations to third parties, it shall
provide notice in writing to the Licensee of such decision (the “Transaction Notice”). Within 14 calendar days following receipt of the Transaction Notice, Licensee shall notify TRDF in writing if Licensee has an interest in
obtaining a license with respect to such Additional Researcher IP. If Licensee so notifies TRDF in writing within such 14 day period (“Negotiation Notice”), the parties shall negotiate in good faith for 90 calendar days a definitive
agreement with respect to the commercialization of such Additional Researcher IP. If the parties are not able to agree upon a definitive agreement within. such 90 day negotiation period, then TRDF shall have no further obligations under this
Section 3.6, and Licensee shall have no rights, with respect to such Additional Researcher IP. For clarity, nothing herein shall be deemed to limit, in any way, TRDF’s right to negotiate with third parties regarding a license to the
Additional Research IP, provided that TRDF complies with its obligation to negotiate in good faith with Licensee as set forth above if it receives a Negotiation Notice. 

4. License Grants. 
 4.1 License to
Licensee. 
 4.1.1 License Grants. 

4.1.1.1 Subject to the terms and conditions set forth in this Agreement, TRDF hereby grants to Licensee an exclusive, worldwide, non-transferrable, royalty-bearing license under the TRDF Inventions, TRDF Patent Rights and under TRDF’s interest in the Joint Inventions and Joint Patent Rights solely to develop, make, have made, market,
distribute, offer for sale, sell, have sold and import Licensed Products; provided, however, that (a) TRDF reserves the right, for itself, the Technion and other
not-for-profit research organizations to practice the TRDF Patent Rights and Joint Patent Rights solely for research, teaching and other educational purposes and
(b) in the case of any TRDF Inventions that are also “subject inventions” (as 

  
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described in Section 2.2.4), if any, the United States federal government will retain certain rights in the TRDF Patent Rights covering such TRDF Inventions pursuant to 35 U.S.C.
§§ 200-212 and 37 C.F.R. § 401 et seq., and any right granted in this Agreement greater than that permitted under 35 U.S.C. §§ 200-212 or 37
C.F.R. § 401 et seq. will be subject to modification as may be required to conform to the provisions of those statutes and regulations. 

4.1.1.2 Subject to the terms and conditions set forth in this Agreement, TRDF hereby grants to Licensee an exclusive, worldwide, non-transferrable, royalty-bearing license to use the Technology Transfer Materials solely to develop, make and have made compounds falling within the scope of a claim of the TRDF Patent Rights, solely to develop,
make, have made market, distribute, offer for sale, sell, have sold and import Licensed Products; provided, however, that TRDF reserves the right, for itself, the Technion and other
not-for-profit research organizations to Technology Transfer Material to develop, make and use such compounds solely for research, teaching and other educational
purposes. 
 4.1.2 Affiliates and Contractors. The license granted to Licensee under Section 4.1.1 includes the right to
have some or all of Licensee’s rights under Section 4.1.1 exercised or performed by one or more of Licensee’s Affiliates and/or contractors on Licensee’s behalf and for Licensee’s benefit without such right being deemed a
Sublicense; provided, however, that: 
 4.1.2.1 no such Affiliate or contractor shall be entitled to grant, directly or indirectly,
to any third party any right of whatever nature under, or with respect to, or permitting any use or exploitation of, any of the Patent Rights or Technology Transfer Material, including any right to develop, manufacture, market, sell or provide
Licensed Products; and 
 4.1.2.2 any act or omission taken or made by an Affiliate or contractor of Licensee under this Agreement
will be deemed an act or omission by Licensee under this Agreement. 
 4.1.3 Sublicenses. 

4.1.3.1 Sublicense Grant. Licensee shall be entitled to grant Sublicenses under the license granted pursuant to
Section 4.1.1 subject to the terms of this Section 4.1.3. Any such Sublicense shall be on terms and conditions in compliance with and not inconsistent with the terms of this Agreement. Such Sublicenses shall be made only for consideration
and in bona-fide arm’s length transactions. 
 4.1.3.2 Sublicense Agreements. Sublicenses shall be granted only pursuant
to written agreements, which shall be subject and subordinate to the terms and conditions of this Agreement. Such Sublicense agreements shall contain, among other things, provisions to the following effect: 

(a) all provisions necessary to ensure Licensee’s ability to perform its obligations under this Agreement; 

  
 12 

 (b) a section substantially the same as Section 11 (Indemnification), which also
shall state that the Indemnitees (as defined in Section 11.1) are intended third-party beneficiaries of such Sublicense agreement for the purpose of enforcing such indemnification; 

(c) in the event of termination of the license set forth in Section 4.1.1 above (in whole or in part (e.g., termination in a
particular country)), any existing Sublicense shall terminate to the extent of such terminated license; provided, however, that, for each Sublicensee, upon termination of a Sublicense agreement, if the Sublicense, is not then in breach of the
Sublicense agreement such that Licensee would have the right to terminate such Sublicense agreement, such Sublicensee shall have the right to seek a license from TRDF. TRDF agrees to negotiate such licenses in good faith under reasonable terms and
conditions, which shall not impose any representations, warranties, obligations or liabilities on TRDF that are not included in this Agreement; 

(d) the Sublicensee shall not be entitled to sublicense its rights under such Sublicense agreement; and 

(e) the Sublicensee shall not be entitled to assign the Sublicense agreement without the prior written consent of TRDF, except that
Sublicensee may assign the Sublicense agreement to a successor in connection with the merger, consolidation or sale of all or substantially all of its assets or that portion of its business to which the Sublicense agreement relates; provided,
however, that any permitted assignee agrees in writing in a manner reasonably satisfactory to TRDF to be bound by the terms of such Sublicense agreement. 

4.1.3.3 Delivery of Sublicense Agreement. Licensee shall furnish TRDF with a fully executed copy of any such Sublicense
agreement, promptly after its execution. TRDF shall keep any such copies of Sublicense agreements in its confidential files and shall use them solely for the purpose of monitoring Licensee’s and Sublicensees’ compliance with their
obligations hereunder and enforcing TRDF’s rights under this Agreement. 
 4.1.3.4 Breach by Sublicensee. In the case of
any act or omission by any Sublicensee that would have constituted a material breach of this Agreement, Licensee will notify TRDF of such act or omission promptly after Licensee is informed thereof and Licensee shall (a) use its best efforts to
cause such Sublicensee to cure any such breach by Sublicensee of the Sublicense agreement; or (b) enforce its rights by terminating such Sublicense Agreement. Any Sublicense agreement between Licensee and a Sublicensee will include
Licensee’s right to terminate the Sublicense agreement in case of such a breach by the Sublicensee. 
 4.2 No Other Grant of
Rights. Except for the licenses expressly granted in this Agreement, nothing in this Agreement shall be construed to confer any ownership interest, license or other rights upon Licensee by implication, estoppel or otherwise as to any technology,
intellectual property rights, products or materials of TRDF, the Technion, or any other entity, regardless of whether such technology, intellectual property rights, products or biological materials are dominant, subordinate or otherwise related to
any TRDF Patent Rights, Joint Patent Rights, Technology Transfer Material or Joint Inventions. 

  
 13 

 5. Development and Commercialization. 

5.1 Diligence. Licensee, alone and/or through its Affiliates and/or Sublicensees, shall use commercially reasonable efforts,
including funding consistent therewith: (a) to develop Licensed Products in accordance with the Development Plan; (b) to introduce Licensed Products into the commercial market; and (c) to market Licensed Products following such
introduction into the market. In addition and without limiting the foregoing, Licensee, by itself and/or through its Affiliates and/or Sublicensees, shall achieve each of the Development Milestones within the time periods specified in Exhibit A.

 5.2 Adjustments of Development Plan. Licensee will be entitled, from time to time, to make such adjustments to the then
applicable Development Plan as Licensee believes, in its good faith judgment, are needed in order to improve Licensee’s ability to meet the Development Milestones. 

5.3 Reporting. Within sixty (60) days after the end of each calendar year, Licensee shall furnish TRDF with a written
report summarizing its, its Affiliates’ and its Sublicensees’ efforts during the prior year to develop and commercialize Licensed Products, including without limitation: (a) research and development activities;
(b) commercialization efforts; and (c) marketing efforts. Each report shall contain a sufficient level of detail for TRDF to assess whether Licensee is in compliance with its obligations under Section 5.1 and a discussion of intended
efforts for the then current year. Together with each report, Licensee shall provide TRDF with a copy of the then current Development Plan. 

5.4 Failure to Meet Development Milestone; Opportunity to Cure. If Licensee believes that it will not achieve a Development
Milestone, it may notify TRDF in writing in advance of the relevant deadline. Licensee shall include with such notice (a) a reasonable explanation of the reasons for such failure (and lack of finances shall not constitute reasonable basis for
such failure) (“Explanation”) and (b) a reasonable, detailed, written plan for promptly achieving a reasonable extended and/or amended milestone (“Plan”). If Licensee so notifies TRDF, but fails to provide TRDF with both an
Explanation and Plan, then the provisions of Section 12.2.3.1 shall apply if Licensee in fact fails to meet the Development Milestone. If Licensee so notifies TRDF and provides TRDF with an Explanation and Plan, both of which are acceptable to
TRDF in its reasonable discretion, then Exhibit A shall be amended automatically to incorporate the extended and/or amended milestone set forth in the Plan. If Licensee so notifies TRDF and provides TRDF with an Explanation and Plan, but the
Explanation is not reasonable to TRDF in its reasonable discretion (e.g. Licensee asserts lack of finances or development preference for a non-Licensed Product), then the deadline for the relevant milestone
shall remain unchanged and the provisions of Section 12.2.3.1 shall apply if Licensee in fact fails to meet such milestone. If Licensee so notifies TRDF and provides TRDF with an Explanation and Plan, but the Plan is not acceptable to TRDF in
its reasonable discretion, then TRDF shall explain to Licensee why the Plan is not acceptable and provide Licensee with suggestions for an acceptable Plan. Licensee shall 

  
 14 

 
have one opportunity to provide TRDF with a reasonable Plan within ninety (90) days, during which time TRDF agrees to work with Licensee in its effort to develop a reasonable Plan. If,
within such ninety (90) days, Licensee provides TRDF with a reasonable Plan, then Exhibit A shall be amended automatically to incorporate the extended and/or amended milestone set forth in the Plan. If, within such ninety (90) days,
Licensee fails to provide a reasonable Plan, then Licensee shall have an additional thirty (30) days or until the original deadline of the relevant Development Milestone, whichever is later, to meet such milestone. Licensee’s failure to do
so shall constitute a material breach of this Agreement and TRDF shall have the right to terminate this Agreement forthwith. 
 6. Consideration for
Grant of License 
 6.1. Milestone Payments. Licensee shall pay TRDF the following milestone payments with respect to each
Licensed Product to reach such milestone, regardless of whether such milestone is achieved by or on behalf of Licensee or a Sublicensee: 

6.1.1 One Hundred Thousand US Dollars ($100,000) upon the first dosing of a patient in a Phase II Clinical Study with respect to such
Licensed Product; 
 6.1.2 One Million US Dollars ($1,000,000) upon the first dosing of a patient in a Pivotal Study with respect to
such Licensed Product; and 
 6.1.3 Five Million US Dollars ($5,000,000) upon the first filing of an NDA (New Drug Application) with
respect to such Licensed Product. 
 Licensee shall notify TRDF in writing within thirty (30) days following the achievement of each
milestone described in this Section 6.1, and shall make the appropriate milestone payment within thirty (30) days after the achievement of such milestone. 

The milestones set forth in Section 6.1 are intended to be successive. In the event that a Licensed Product is not required to undergo
the testing associated with a particular milestone (“Skipped Milestone”), such Skipped Milestone shall be deemed to have been achieved upon the achievement by such Licensed Product of the next successive milestone (“Achieved
Milestone”). Payment for any Skipped Milestone that is owed in accordance with the provisions of this paragraph shall be due within thirty (30) days after the achievement of the Achieved Milestone. 

The Licensee shall be entitled to offset the development milestone payments actually paid to TRDF pursuant to this Section 6.1 against
any amounts that the Licensee is required to pay to TRDF pursuant to Section 6.3 on account of Non-Royalty Sublicense Income that are paid to the Licensee or its Affiliates for achievement of the same
development milestone for the same Licensed Product. 

  
 15 

 6.2. Royalties on Net Sales. 

6.2.1 Royalty Rates. 

6.2.1.1 Subject to Section 6.2.1.2, Licensee shall pay TRDF an amount equal to [...***...]% of all Net Sales. 

6.2.1.2 Notwithstanding Section 6.2.1.1, If Licensee grants a Sublicense to a pharmaceutical or biotechnology company, which at
the time of the grant of such Sublicense, has annual sales of therapeutic products of at least [...***...] US Dollars ([...***...]) and a market cap of at least [...***...], the royalty rate with respect to Sublicensee Net Sales generated under such
Sublicense agreement will be [...***...]%. If and to the extent a Sublicense agreement entered into by Licensee (“Follow-Up Sublicense”) covers subject matter covered by another Sublicense previously
entered into by Licensee with the same Sublicensee, or an Affiliate or predecessor (e.g. by acquisition or acquisition of assets) of such Sublicensee (the “Original Sublicense”), the effective date of such
Follow-Up Sublicense for purposes of determining the annual sales and market cap of the Sublicensee will be deemed to be the effective date of the Original Sublicense. 

6.2.1.3 If Licensee pays Third Party Royalties with respect to sales of Licensed Products in any country, and Licensee provides TRDF
with reasonably satisfactory evidence of such Third Party Royalties payment, then Licensee will be entitled to deduct from all royalty payments due to TRDF with respect to such sales in such country an amount equal to [...***...] percent
([...***...]%) of such Third Party Royalties actually paid to such third party, provided that in no event shall such deductions reduce the royalties to be paid to TRDF with respect to such sales to less than [...***...]% of Net Sales. “Third
Party Royalties” shall mean royalties calculated on any amount invoiced by the Licensee, an Affiliate of Licensee or a Sublicensee for the sale of a Licensed Product and actually paid by the Licensee, an Affiliate of Licensee or a Sublicensee
to a third party, who is neither an Affiliate of the Licensee nor a Sublicensee, nor an Affiliate of a Sublicensee, for a license under an issued patent of such third party, that would be infringed by the development, manufacture and/or sale such
Licensed Product in such country, provided that the duty to pay the royalty to such third party has been established at arm’s-length and in good faith, and is set out in a written agreement, a copy of
which has been provided to TRDF. 
 6.2.1.4 On a
country-by-country basis, in the event a third party commercializes an authorized generic (i.e. that has received Marketing Authorization in the relevant country) to a
Licensed Product, the applicable royalty rate with respect to sales of such Licensed Product in such country will be reduced by a percentage equal to [...***...], but in no event shall the royalty payable to TRDF with respect to sales of such
Licensed Product in such country (including on account of any set offs under Section 6.2.1.3) be less than [...***...]% of Net Sales. A competing product’s market share will be based on the share of the total market for products acting
through the same mechanism as a Licensed Product based on data provided by IMS International or such other data mutually agreed by the Licensee and TRDF. 

  
 ***Confidential
Treatment Requested 

  
 16 

 6.2.2 Royalty Term. With respect to each such Licensed Product, the royalties set
forth above will be due on a country-by-country basis until the later of: (a) so long as the making, using or selling of the Licensed Product is covered by a Valid
Claim in the country in which such product is made, used or sold or is covered by any other statutory right giving or extending exclusivity in the country of sale, including but not limited to data exclusivity rights, supplementary protection
certificates, pediatric drug exclusivity periods and orphan drug exclusivity periods; and (b) until fifteen (15) years have passed from the date of the First Commercial Sale of such Licensed Product in such country. 

6.2.3 Patent Challenge. If Licensee, its Affiliate, a Sublicensee or an Affiliate of a Sublicensee commences an action in which
it challenges the validity, enforceability or scope of any of any of the TRDF Patent Rights (a “Challenge Proceeding”), the royalty rates specified in Section 6.6.1 will be doubled with respect to Net Sales of Licensed Products that
are covered by the Patent Rights that are the subject of the such Challenge Proceeding that are sold during the pendency of such Challenge Proceeding. If the outcome of such Challenge Proceeding is a determination in favor of TRDF, (a) the
royalty rate specified in Section 6.6.1 with respect to Net Sales of Licensed Products that are covered by the Patent Rights that are the subject of such Challenge Proceeding shall remain at such doubled rate and (b) Licensee shall
reimburse TRDF for all expenses incurred by TRDF (including reasonable attorneys’ fees) in connection with such Challenge Proceeding. 

6.3 Non-Royalty Sublicense Income. As partial consideration for the license granted
hereunder, Licensee shall pay TRDF and amount equal to twenty percent (20%) of all Non-Royalty Sublicense Income. 

6.4 Success Fee. 

6.4.1. “Exit Event” means: (a) a bona fide merger or acquisition transaction in which the Licensee’s
shareholders of record as constituted immediately prior to the merger or acquisition transaction, together with their affiliates, do not hold, immediately following such event, more than fifty percent (50%) of the shares or of the general voting
power of the surviving entity or acquiring corporation; (b) any transaction or series of related transactions in which a person or entity who was not a shareholder, or Affiliate of a shareholder, of Licensee prior to the transaction or series
of transactions acquires all or substantially all of the shares or voting power of Licensee, other than by investment in Licensee; (c) any sale, transfer or other disposition of all or substantially all of the assets of Licensee; or
(d) the initial underwritten public offering of Licensee’s shares on a recognized exchange (“IPO”). 

6.4.2. Upon the closing of the first Exit Event, TRDF shall be entitled to the following: 

  
 ***Confidential
Treatment Requested 

  
 17 

 6.4.2.1 in the case of an Exit Event described in Section 6.4.1 (a), (b) or (c), to
an amount equal to three percent (3%) (“Exit Fee”) of all non-refundable, non-contingent consideration, whether in cash or in kind (e.g. equity),
actually received by Licensee and/or its shareholders (for clarity, in the case of any refundable or non-contingent consideration, such consideration will be considered part of the Exit Fee if and when such
consideration: (i) becomes non-refundable and non-contingent, and (ii) is actually received, and will be paid to TRDF at such time); and 

6.4.2.2 in the case of an Exit Event that is an IPO, instead of the Exit Fee, a number of Ordinary Shares of Licensee representing
three percent (3%) of Licensee’s outstanding shares on a Fully Diluted Basis (as defined below) immediately prior to the closing of such IPO (i.e. excluding any securities issuable at such IPO). “Fully Diluted Basis” means, as of a
specified date, the number of ordinary shares of Licensee then outstanding (assuming conversion of all outstanding shares other than ordinary shares into ordinary shares) plus the number of ordinary shares of Licensee issuable upon exercise or
conversion of then outstanding convertible securities, options, rights or warrants of Licensee (excluding only such options or convertible securities which expire upon consummation of the IPO without being converted into shares or other securities).

 Notwithstanding any provision in this Agreement to the contrary, if all or a portion of the consideration at an Exit Event
consists of contingent payments or option payments to be made at time of exercise of the option, then that portion of the applicable fee attributable thereto shall be payable only upon actual realization of such contingent payments or option
payments. 
 6.4.3 Dividends. If, at any time prior to the closing of the first Exit Event, Licensee distributes any
dividends to any of its shareholders, in cash or in kind (other than in the form of bonus shares), Licensee shall pay TRDF an amount equal to the dividend amount that would be due to TRDF had TRDF (at the time of distribution) held a number of
shares (of the class with respect to which dividends are being distributed) constituting three percent (3%) of the outstanding shares of the Company. In the event of any such distribution of dividends prior to the first Exit Event, Licensee shall
inform TRDF in advance and in writing of any such intended distribution and shall make the relevant payment to TRDF simultaneously with the distribution to Licensee’s shareholders. 

6.5 Preemptive Rights. During the term of this Agreement and prior to the first Exit Event, in any investment round of Licensee
in which shareholders of the Licensee are offered to participate, TRDF will have the right to invest an amount equal to up to 5% of the amount contemplated to be raised at such investment round on the same terms as the other investors in such round.
Licensee will notify TRDF that such an investment is contemplated in accordance with the applicable preemptive provisions set forth in Licensee’s Articles of Association, and shall provide TRDF with the same period provided to the other
eligible shareholders, to determine whether it is interested in investing in such round. If TRDF notifies Licensee in writing, in accordance with the timeframe set forth in the Articles of Association, TRDF may invest in such round on the same terms
as the other investors. 

 6.6 Right to Appoint Observer. The parties agree that During the term of this
Agreement and until the closing of the first Exit Event by Licensee, TRDF will be entitled to designate an observer to attend all meetings of Licensee’s Board of Directors, or any committees thereof, in a nonvoting observer capacity. Such
observer shall be given copies of all notices, minutes, and consents of Licensee’s Board of Directors meetings, and other materials that are provided to the members of the Board of Directors of Licensee in connection with Board of Directors
meetings provided, however, that such appointment of the observer is conditional upon the observer entering into a confidentiality agreement with the Licensee in a form acceptable to Licensee. If the Board of Directors determines, in good faith,
that the attendance of the person appointed as the observer in a specific meeting (or part of the specific meeting) (i) constitutes a conflict of interests between such person (or his designator) and the Licensee, (ii) would adversely
impact the attorney/client privilege, or (iii) would result in disclosure of trade secrets, or if such person is affiliated with a direct competitor of the Licensee, then the Board of Directors may exclude such person from attending such
specific meeting (or relevant part thereof), accordingly, any related materials may as well be excluded from the such person. Licensee undertakes promptly (but in any event within sixty (60) days of the Effective Date) to take all corporate
actions necessary, including amending its Articles of Association, to implement the understandings set forth in this Section 6.6. 

6.7 Terms for Convenience. The parties acknowledge that the consideration terms and structure set forth in this Section 6
were agreed upon for convenience purposes with the intent of compensating TRDF for the rights granted under this Agreement, including with respect to know-how and other valuable intellectual property
transferred to Licensee, and represent the fair market value of such rights as determined and agreed upon by the parties. 
 7. Reports; Payments;
Records. 
 7.1 Reports and Payments. 

7.1.1 Reports. Within thirty (30) days after the conclusion of each Calendar Quarter commencing with the first Calendar
Quarter in which Net Sales are generated or Sublicense Income is received, Licensee shall deliver to TRDF a report containing the following information (in each instance, with a Licensed Product-by-Licensed Product and country-by-country breakdown): 

7.1.1.1 the number of units of Licensed Products sold, leased or otherwise transferred by Related Parties for the applicable
Calendar Quarter; 
 7.1.1.2 the gross amount billed or invoiced fur Licensed Products sold, leased or otherwise transferred or
provided by Related Parties during the applicable Calendar Quarter; 
 7.1.1.3 a calculation of Net Sales for the applicable
Calendar Quarter, including an itemized listing of applicable deductions; 

 7.1.1.4 a detailed accounting of all Non-Royalty
Sublicense Income received during the applicable Calendar Quarter; and 
 7.1.1.5 the total amount payable to TRDF in U.S.
Dollars on Net Sales and Non-Royalty Sublicense Income for the applicable Calendar Quarter, together with the exchange rates used for conversion. 

Each such report shall be certified on behalf of Licensee as true, correct and complete in all material respects. If no amounts are due to
TRDF for a particular Calendar Quarter, the report shall so state. 
 7.1.2 Payment. Within sixty (60) days after the end
of each Calendar Quarter, Licensee shall pay TRDF all amounts due with respect to Net Sales and Non-Royalty Sublicense Income for the applicable Calendar Quarter. 

7.2 Payment Currency. All payments due under this Agreement will be paid in U.S. Dollars. Conversion of foreign currency to U.S.
Dollars will be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on the last working day of the applicable Calendar Quarter. Such payments will be without deduction of exchange, collection or
other charges. 
 7.3 Records. Licensee shall maintain, and shall cause its Affiliates and Sublicensees to maintain, complete
and accurate records of Licensed Products that are made, used, sold, leased or otherwise transferred, or (in the case of services) provided, under this Agreement, any amounts payable to TRDF in relation to such Licensed Products, and all Non-Royalty Sublicense Income received by Licensee, which records shall include a country-by-country breakdown and shall contain
sufficient information to permit TRDF to confirm the accuracy of any reports or notifications delivered to TRDF under Section 7.1. Licensee, its Affiliates and/or its Sublicensees, as applicable, shall retain such records relating to a given
Calendar Quarter for at least five (5) years after the conclusion of that Calendar Quarter, during which time TRDF shall have the right, at its expense, to cause an independent, certified public accountant (or, in the event of a non-financial audit, other appropriate auditor) to inspect such records during normal business hours for the purposes of verifying the accuracy of any reports and payments delivered under this Agreement and
Licensee’s compliance with the terms hereof. Such accountant or other auditor, as applicable, shall not disclose to TRDF any information other than information relating to the accuracy of reports and payments delivered under this Agreement. The
parties shall reconcile any underpayment or overpayment within thirty (30) days after the accountant delivers the results of the audit. In the event that any audit performed under this Section 7.3 reveals an underpayment in excess of five
percent (5%) in any calendar year, Licensee shall reimburse TRDF for the full cost of such audit. TRDF may exercise its rights under this Section 7.3 only once every year per audited entity and only with reasonable prior notice to the audited
entity. 
 7.4 Late Payments. Any payments by Licensee that are not paid on or before the date such payments are due under
this Agreement shall bear interest at the lower of (a) one and one half percent (1.5%) per month and (b) the maximum rate allowed by law. Interest shall accrue 

 
beginning on the first day following the due date for payment and shall be compounded quarterly. Payment of such interest by Licensee shall not limit, in any way, TRDF’s right to exercise
any other remedies TRDF may have as a consequence of the lateness of any payment. 
 7.5 Payment Method. Each payment due to
TRDF under this Agreement shall be paid by check or wire transfer of funds to TRDF’s account in accordance with written instructions provided by TRDF. If made by wire transfer, such payments shall be marked so as to refer to this Agreement.

 7.6 Value Added Tax; Withholding and Similar Taxes. All amounts to be paid to TRDF pursuant to this Agreement are exclusive
of Value Added Tax; Licensee shall add value added tax, as required by law, to all such amounts. Should any payment required to be made to TRDF in accordance with the provisions of this Agreement be subject to withholding of any taxes
assessable upon TRDF, the Licensee shall inform TRDF of such withholding requirement sufficiently in advance of the first payment to be made by the Licensee to TRDF hereunder, so as to allow TRDF to obtain and provide the Licensee with an
appropriate certificate of exemption, if available. No withholding shall be made if an exemption is obtained for as long as it is valid. If Licensee is nevertheless required to withhold any amounts payable hereunder to TRDF due to the applicable
laws of any country, such amount will be deducted from the payment to be made by Licensee and remitted to the appropriate taxing authority for the benefit of TRDF. Licensee will withhold only such amounts as are required to be withheld by applicable
law in the country from which payment is being made. Licensee shall submit to TRDF originals of the remittance voucher and the official receipt evidencing the payment of the corresponding taxes with the applicable royalty report. Licensee will
cooperate with TRDF to provide such information and records as TRDF may require in connection with any application by TRDF to the tax authorities in any country, including attempt to obtain an exemption or a credit for any withholding tax paid in
any country. 
 8. Patent Filing, Prosecution and Maintenance. 

8.1 Control. 

8.1.1 TRDF Patent Rights. TRDF shall be responsible for the preparation, filing, prosecution, protection and maintenance of all
TRDF Patent Rights, using independent patent counsel reasonably acceptable to Licensee. TRDF shall: (a) instruct such patent counsel to furnish the Licensee with copies of all correspondence relating to the TRDF Patent Rights from the United
States Patent and Trademark Office (USPTO) and any other patent office, as well as copies of all proposed responses to such correspondence in time for Licensee to review and comment on each such response; (b) give Licensee an opportunity to
review the text of each patent application before filing; (c) consult with Licensee with respect thereto; (d) supply Licensee with a copy of the application as filed, together with notice of its filing date and serial number; and
(e) keep Licensee advised of the status of actual and prospective patent filings. TRDF shall give Licensee the opportunity to provide comments on and it make requests of TRDF concerning the preparation, filing, prosecution, protection and
maintenance of the TRDF Patent Rights, and shall consider such comments and requests in good faith; however, final decision-making authority shall vest in TRDF. 

 8.1.2 Joint Patent Rights. TRDF and Licensee shall consult each other regarding the
preparation, filing, prosecution and maintenance of Joint Patent Rights. All Joined Patent Rights shall be filed, prosecuted and maintained by the parties through independent patent counsel mutually agreed upon by TRDF and Licensee. Such counsel
shall be charged with the duty to act in the best interests of each of TRDF and Licensee, taking into account the parties’ intention to prepare, file, prosecute, obtain and maintain the Joint Patent Rights in a manner that will provide the
maximum economic advantage and return to the parties. Such counsel shall confer with each of TRDF and Licensee and attempt to achieve a consensus in all decisions made relative to the content of applications, the prosecution of the Joint Patent
Rights and the content of communications with the relevant patent agencies, prior to any communications with such agencies. 
 8.2
Expenses. 
 8.2.1 Ongoing Expenses. Subject to Section 8.3 below, Licensee shall reimburse TRDF for all documented, out-of-pocket expenses incurred by TRDF with respect to the activities described in Section 8.1 after the Effective Date, in each case within thirty (30) days after
the date of each invoice form TRDF for such expenses. 
 8.2.2 Past Expenses. In addition, upon the earlier of (a) within
thirty (30) days of the closing of an equity investment in the Licensee of an aggregate amount of at least $2,000,000 and (b) the third anniversary of the Effective Date, Licensee shall reimburse TRDF for all documented, out-of-pocket expenses incurred by TRDF prior to the Effective Date of the Agreement with respect to the preparation, filing, prosecution, protection and maintenance of
Background Patent Rights. Such expenses are estimated to be approximately NIS 640,000 as of the Effective Date. 
 8.3 Abandonment of
Patent Rights. 
 8.3.1 Abandonment. If Licensee decides that it does not wish to pay for the preparation, filing,
prosecution, protection or maintenance of any Patent Rights in a particular country (“Abandoned Patent Rights”), Licensee shall provide TRDF with prompt written notice of such election, but in any event at least sixty (60) days prior
to the applicable deadline for the filing of an application or responding to an office action in such country. Upon receipt of such notice by TRDF, Licensee shall be released from its obligation to reimburse TRDF for the expenses incurred
thereafter as to such Abandoned Patent Rights; provided, however, that expenses authorized prior to the receipt by TRDF of such notice shall be deemed incurred prior to the notice. In such event, TRDF, in its sole discretion, may choose to terminate
any license granted by TRDF to Licensee hereunder with respect to such Abandoned Patent Rights (and any subsequently-filed patent application or patent that claims priority thereto in such abandoned territory). 

 8.3.1 Effect of Abandonment of TRDF Patent Rights. If such Abandoned Patent Rights
are TRDF Patent Rights (“Abandoned TRDF Patent Rights”), TRDF, in its sole discretion, may choose to terminate any license granted by TRDF to License. hereunder with respect to such Abandoned TRDF Patent Rights (and any subsequently-filed
patent application or patent that claims priority thereto). If TRDF so chooses, any license granted by TRDF to Licensee hereunder with respect to such Abandoned TRDF Patent Right (and any subsequently-filed patent application or patent that claims
priority to it in such abandoned territory) will terminate, and Licensee will have no rights whatsoever to exploit such Abandoned TRDF Patent Right. TRDF shall then be free, without further notice or obligation to Licensee, to grant rights in and to
such Abandoned TRDF Patent Right to third parties. 
 8.3.2. Effect of Abandonment of Joint Patent Rights. If such Abandoned
Patent Rights are Joint Patent Rights (“Abandoned Joint Patent Rights”), TRDF, in its sole discretion, may choose to terminate any license granted by TRDF to Licensee hereunder with respect to such Abandoned Joint Patent Rights (and any
subsequently-filed patent application or patent that claims priority thereto in such abandoned territory). If TRDF exercises its right to terminate the license with respect to such Abandoned Joint Patent Rights and continues to pay for the
preparation, filing, prosecution, protection and maintenance of such Abandoned Joint Patent Rights, TRDF thereafter shall have the right to practice and exploit the inventions claimed in such Abandoned Joint Patent Rights without any duty to account
to Licensee or any obligation to obtain any consent or approval of Licensee for such use and exploitation, and Licensee shall have the right to practice the subject matter of such Abandoned Joint Patent Rights for internal research purposes only. In
such case, TRDF also shall be free, without further notice or obligation to Licensee, and Licensee hereby grants TRDF an exclusive license, to grant rights in and to such Abandoned Joint Patent Rights (and any subsequently-filed patent application
or patent that claims priority thereto in such abandoned territory) to third parties, subject to Licensee’s right to practice the subject matter of such Abandoned Joint Patent Rights for internal research purposes only. 

8.4 Marking. Licensee shall, and shall cause its Affiliates and Sublicensees to, mark all License Products sold, provided or
otherwise disposed of in such a manner as to conform with the patent laws and practice of the country to which such products are shipped or in which such products are sold for purposes of ensuring maximum enforceability of TRDF Patent Rights and
Joint Patent Rights in such country. 
 9. Enforcement of Patent Rights. 

9.1 Notice. In the event either party becomes aware of any possible or actual infringement of any claim within the TRDF Patent
Rights or Joint Patent Rights with respect to Licensed Products (an “Infringement”), that party shall promptly notify the other party and provide it with details regarding such Infringement. 

9.2 Licensed Product Infringement. 

9.2.1 Suit by Licensee. Licensee shall have the first right, but not the obligation, to take action in the prosecution,
prevention, or termination of any Infringement. Before Licensee 

 commences an action with respect to any Infringement, Licensee shall consider in good faith the views of TRDF and
potential effects on the public interest in making its decision whether to sue. Should Licensee elect to bring suit against an infringer, Licensee shall keep TRDF reasonably informed of the progress of the action and shall give TRDF a reasonable
opportunity in advance to consult with Licensee and offer its views about major decisions affecting the litigation. Licensee shall give careful consideration to those views, shall have the right to control the action; provided, however, that if
Licensee fails to defend in good faith the validity and/or enforceability of the TRDF Patent Rights or Joint Patent Rights in the action, or if Licensee’s license to a Valid Claim in the suit terminates, TRDF may elect to take control of the
action pursuant to Section 9.2.2. Should Licensee elect to bring suit against an infringer and TRDF is joined as party plaintiff in any such suit, TRDF shall have the right to approve the counsel selected by Licensee to represent Licensee and
TRDF, such approval not to be unreasonably withheld. The expenses of such suit or suits that Licensee elects to bring, including any expenses of TRDF reasonably incurred in conjunction with the prosecution of such suits or the settlement thereof by
Licensee, shall be paid for entirely by Licensee and Licensee shall hold TRDF free, clear and harmless from and against any and all costs of such litigation, including attorney’s fees. Licensee shall not compromise or settle such litigation
without the prior written consent of TRDF, which consent shall not be unreasonably withheld or delayed. In the event Licensee exercises its right to sue pursuant to this Section 9.2.1, it shall first reimburse itself out of any sums recovered
in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorney’s fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain
from said recovery, then TRDF shall receive an amount equal to twenty percent (20%) of such funds and the remaining eighty percent (80%) of such funds shall be retained by Licensee. 

9.2.2 Suit by TRDF. If Licensee does not take action in the prosecution, prevention, or termination of any Infringement pursuant
to Section 9.2.1 above, and has not commenced negotiations with the infringer for the discontinuance of said Infringement, within ninety (90) days after receipt of notice to Licensee by TRDF of the existence of an Infringement, TRDF may
elect to do so. Should TRDF elect to bring suit against an infringer and Licensee is joined as party plaintiff in any such suit, Licensee shall have the right to approve the counsel selected by TRDF to represent TRDF and Licensee, such approval not
to be unreasonably withheld. The expenses of such suit or suits that TRDF elects to bring, including any expenses of Licensee reasonably incurred in conjunction with the prosecution of such suits or the settlement thereof by TRDF, shall be paid for
entirely by TRDF and TRDF shall hold Licensee free, clear and harmless from and against any and all costs of such litigation, including attorney’s fees. TRDF shall not compromise or settle such litigation without the prior written consent of
Licensee, which consent shall not be unreasonably withheld or delayed. In the event TRDF exercises its right to sue pursuant to this Section 9.2.2, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof
for all costs and expenses of every kind and character, including reasonable attorney’s fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Licensee shall
receive an amount equal to twenty percent (20%) of such funds and the remaining eighty percent (80%) of such funds shall be retained by TRDF. 

 9.3 Own Counsel. Each party shall always have the right to be represented by
counsel of its own selection and at its own expense in any suit instituted under this Section 9 by the other party for Infringement. 

9.4 Cooperation. Each party agrees to cooperate fully in any action under this Section 9 that is controlled by the other
party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

9.5 Declaratory Judgment. If a declaratory judgment action is brought naming Licensee and/or any of its Affiliates or
Sublicensees as a defendant and alleging invalidity or unenforceability of any claims within the Patent Rights, Licensee shall promptly notify TRDF in writing and TRDF may elect, upon written notice to Licensee within thirty (30) days after
TRDF receives notice of the commencement of such action, to take over the sole defense of the invalidity and/or unenforceability aspect of the action at its own expense. 

10. Warranties; Limitation of Liability. 

10.1 Compliance with Law. Licensee represents, warrants and covenants that it will comply, and will ensure that its Affiliates
and Sublicensees comply, with all local, state, and international laws and regulations relating to the development, manufacture, use, sale and importation of Licensed Products. Without limiting the foregoing, Licensee represents and warrants that it
will comply, and will ensure that its Affiliates and Sublicensees comply, with all applicable export control laws and regulations with respect to Licensed Products. 

10.2 TRDF represents and warrants as follows: 

10.2.1 To TRDF’s knowledge, based on the notice of invention filed by the Principal Investigator with TRDF, the Background Patent Rights
list all inventors of the inventions disclosed in the Background Patent Rights. As between the parties, TRDF is solely responsible to compensate (in accordance with the Technion’s intellectual property policy) all persons subject to the
Technion’s intellectual property policy who are entitled, in accordance with such policy, to a share of the consideration received by TRDF under this Agreement in connection with the licenses granted by TRDF to Licensee under this Agreement;

 10.2.2 All inventors listed in the Background Patent Rights have assigned there rights in and to the inventions disclosed in the
Background Patent Rights to TRDF; 
 10.2.3 TRDF has not granted any rights to any third party that conflict with the rights granted in this
Agreement. 
 10.2.4 TRDF has no knowledge of any letter of demand, legal suit or proceeding issued or initiated by a third party against it
contesting the ownership of the Background Patents Rights and Technology Transfer Materials or the validity of the Background Patents Rights, or claiming that the practice of the inventions claimed in the Background Patents Rights or the use of the
Technology Transfer Materials would infringe the rights of such third party. 

 10.3 Disclaimer of Other Warranties. 

10.3.1 NOTHING CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY TRDF THAT IT CAN OR WILL BE ABLE TO OBTAIN PATENTS ON PATENT
APPLICATIONS INCLUDED IN THE TRDF PATENT RIGHTS OR JOINT PATENT RIGHTS, OR THAT ANY OF THE TRDF PATENT RIGHTS OR JOINT PATENT RIGHTS WILL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION. 

10.3.2 TRDF AND THE TECHNION MAKE NO WARRANTIES WHATSOEVER AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE RESEARCH, RESULTS, TRDF
PATENT RIGHTS, JOINT PATENT RIGHTS, TECHNOLOGY TRANSFER MATERIALS. TRDF AND THE TECHNION MAKE NO REPRESENTATION THAT THE PRACTICE OF THE TRDF PATENT RIGHTS OR JOINT PATENT RIGHTS, OR USE OF THE TECHNOLOGY TRANSFER MATERIALS, OR THE DEVELOPMENT,
MANUFACTURE, USE, SALE OR IMPORTATION OF ANY LICENSED PRODUCT, OR ANY ELEMENT THEREOF, WILL NOT INFRINGE THE PATENT OR PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

10.3.3 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH RESPECT TO ANY TECHNOLOGY,
RESEARCH, RESULTS, PATENTS, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING. 

10.4 Limitation of Liability. 

10.4.1 Except with respect to matters for which Licensee is obligated to indemnify TRDF under Section 11, neither party will be
liable to the other with respect to any subject matter of this Agreement under any contract, negligence, strict liability or other legal or equitable theory for (a) any indirect, incidental, consequential or punitive damages or lost profits or
(b) cost of procurement of substitute goods, technology or services. 
 10.4.2 TRDF’s aggregate liability for all damages
of any kind arising out of or relating to this Agreement or its subject matter shall not exceed the amounts paid to TRDF under this Agreement. 
 11.
Indemnification. 
 11.1 Indemnity. Licensee shall indemnify, defend and hold harmless TRDF and Technion and their
respective current and former directors, governing board members, trustees, officers, faculty, professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”) from
and against any claim, liability, cost, expense, damage, deficiency, loss or obligation or any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses of litigation) 

 (collectively, “Claims”), based upon or arising out of its acts or omissions or which derive from the
use, practice, research, development, manufacture, marketing, sale or sublicensing of any Licensed Product, or of any technology or intellectual property rights, licensed hereunder, including without limitation any cause of action relating to
product liability concerning any product, process, or service made, used or sold pursuant to any right or license granted under this Agreement. 

11.2 Procedures. If any Indemnitee receives notice of any Claim, such Indemnitee shall, as promptly as is reasonably possible,
give Licensee notice of such Claim; provided, however, that failure to give such notice promptly shall only relieve Licensee of any indemnification obligation it may have hereunder to the extent such failure diminishes the ability of Licensee to
respond to or to defend the Indemnitee against such Claim. TRDF and Licensee shall consult and cooperate with each other regarding the response to and the defense of any such Claim and Licensee shall, upon its acknowledgment in writing of its
obligation to indemnify the Indemnitee, be entitled to and shall assume the defense or represent the interests of the Indemnitee in respect of such Claim, that shall include the right to select and direct legal counsel and other consultants to
appear in proceedings on behalf of the Indemnitee and to propose, accept or reject offers of settlement, all at its sole cost; provided, however, that no such settlement shall be made without the written consent of the Indemnitee, such
consent not to be unreasonably withheld, provided however that the Indemnitee’s consent shall not be required if the settlement includes a complete release of Indemnitee, does not contain any admission of wrong-doing by Indemnitee, and does not
impose any financial liability on, or would otherwise adversely affect, Indemnitee. Nothing herein shall prevent the Indemnitee from retaining its own counsel and participating in its own defense at its own cost and expense. 

11.3 Insurance. Beginning at the time any Licensed Product is being commercially distributed, sold or (in the case of services)
provided by or on behalf of Licensee, an Affiliate of Licensee or a Sublicensee, Licensee shall, at its sole cost and expense, procure and maintain insurance that is reasonably adequate to fulfill any potential obligation to the Indemnitees under
this Section 11, taking into consideration, among other things, the nature of the products commercialized. Without limiting the foregoing, beginning at the time any Licensed Product is being sold, leased, otherwise transferred or
provided, such insurance shall include commercial liability insurance in amounts standard in the industry. Such insurance shall be obtained from a reputable insurance company. TRDF shall be added as co-insured
parties under such insurance policy. Licensee hereby undertakes to comply punctually with all obligations imposed upon it under such policy(ies), including without limitation the obligation to pay in full and punctually all premiums and other
payments due under such policy(ies). Licensee shall provide TRDF, upon request, with written evidence of such insurance. Licensee shall continue to maintain such insurance after the expiration or termination of this Agreement during any period in
which Licensee or Sublicensee continues to make, use, or sell Licensed Products, and thereafter for a period of seven (7) years. 

 12. Term and Termination. 

12.1 Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided in this
Article 11, shall continue in full force and effect on a Licensed Product-by-Licensed Product and
country-by-country basis until the expiration of all payment obligations pursuant to Section 6 for such Licensed Product. Following the expiration pursuant to this
Section 12.1 (and provided the Agreement has not been earlier terminated pursuant to Section 12.2, in which case the provisions of Section 12.3 will apply), Licensee shall have a fully-paid up, worldwide
non-exclusive, perpetual, irrevocable license (with the right to grant sublicenses) to use the Technology Transfer Material, solely to do or have done further research on, develop, have developed, make, have
made, use, sell, offer for sale and import Licensed Products. 
 12.2 Termination. 

12.2.1 Termination Without Cause. Licensee may terminate this Agreement upon sixty (60) days prior written notice to TRDF;
provided, however, that Licensee’s obligations under Section 2.2 to fund the Research shall survive such termination until the end of the relevant year of the Research Period. The foregoing shall not apply to remaining amounts which have
not been expended and are not needed to cover obligations taken by TRDF or the Technion in connection with the Research that cannot be canceled (e.g. annual engagement of personnel), if any, which remaining amounts will be refunded to the extent
paid by Licensee. 
 12.2.2 Termination for Patent Challenge. TRDF may terminate this Agreement immediately upon written
notice to Licensee if Licensee or an Affiliate of Licensee commences an action in which it challenges the validity, enforceability or scope of any of the Patent Rights. In addition, if a Sublicensee or an Affiliate of Sublicensee commences an action
in which it challenges the validity, enforceability or scope of any of the Patent Rights, TRDF may send a written demand to Licensee to terminate such sublicense with respect to the Patent Rights being challenged by such Sublicensee or Sublicensee
Affiliate. If Licensee fails to so terminate such sublicense within thirty (30) days after TRDF’s demand, TRDF may immediately terminate the license granted hereunder with respect to the Patent Rights being challenged by such Sublicensee
or Sublicensee Affiliate. 
 12.2.3 Termination for Default. 

12.2.3.1 In the event that either party commits a material breach of its obligations under this Agreement and such party fails to cure
such breach within thirty (30) days after receiving written notice thereof, the other party may terminate this Agreement immediately upon written notice to the party in breach. 

12.2.3.2. if Licensee defaults in its obligations under Section 11.3 to procure and maintain insurance, then TRDF may terminate
this Agreement immediately without notice or additional waiting period. 

 12.2.2.3. TRDF shall be entitled to terminate this Agreement in accordance with the
provisions of Section 5.4. 
 12.2.4 Bankruptcy. TRDF may terminate this Agreement upon notice to Licensee if Licensee
(a) suffers bankruptcy proceedings under any law which is not dismissed or stayed within ninety (90) days; (b) is adjudicated insolvent or bankrupt, which adjudication is not dismissed within one hundred and twenty (120) days; (c)
admits in writing its inability to pay a significant portion of its debts; (d) voluntarily has a custodian, receiver or trustee appointed for it or substantially all of its assets; or (e) involuntarily has a custodian, receiver or trustee
appointed for it or substantially all of its assets, which custodian, receiver or trustee is not discharged within ninety (90) days. 

12.3 Effect of Termination. 

12.3.1 Termination of Rights. Upon termination of this Agreement by either party pursuant to any of the provisions of
Section 12.2: (a) the rights and licenses granted to Licensee under Section 4 shall terminate; and (b) any existing agreements that contain a Sublicense shall terminate to the extent of such Sublicense; provided, however, that, for
each Sublicensee, upon termination of the Sublicense agreement with such Sublicensee, if the Sublicensee is not then in breach of its Sublicense agreement with Licensee such that Licensee would have the right to terminate such Sublicense, such
Sublicensee shall have the right to seek a license from TRDF. TRDF agrees to negotiate such licenses in good faith under reasonable terms and conditions, which shall not is pose any representations, warranties, obligations or liabilities on TRDF
that are not included in this Agreement. 
 12.3.2 Accruing Obligations. Termination or expiration of this Agreement shall not
relieve the parties of obligations accruing prior to such termination or expiration, including obligations to pay amounts accruing hereunder up to the date of termination or expiration. After the date of termination or expiration (except in the case
of termination by TRDF pursuant to Section 12.2.2 and 12.2.3), Licensee, its Affiliates and Sublicensees (a) may sell Licensed Products then in stock and (b) may complete the production of Licensed Products then in the process of
production and sell the same; provided that, in the case of both (a) and (b), Licensee shall pay the applicable royalties and payments to TRDF in accordance with Article 6, provide reports and audit rights to TRDF pursuant to Article 7 and
maintain insurance in accordance with the requirements of Section 11.3. 
 12.3.3 Transfer of Regulatory Filings and Know
How. If Licensee terminates this Agreement pursuant to Section 12.2.1 or TRDF terminates this Agreement pursuant to any of the provisions of Section 12.2, Licensee shall promptly deliver and assign to Licensee, and hereby shall be
deemed to have so assigned: (a) all of Licensee’s rights, title and interest in and to Joint Inventions and Joint Patent Rights; (b) all documents and other materials filed by or on behalf of Licensee and its Affiliates with
regulatory agencies in furtherance of applications for regulatory approval in the relevant country with respect to Licensed Products; and (c) all intellectual property, inventions, conceptions, compositions, materials, methods, processes, data,
information, records, results, studies and analyses, discovered or acquired by, or on behalf of Licensee and its Affiliates 

 which relate directly to actual or potential Licensed Products. TRDF shall be entitled to freely use and to grant
others the right to use all such materials, documents and know-how delivered pursuant to this 12.3.3, subject, however, to any conditions preventing or governing such transfer and assignment set out in
the applicable laws and regulations governing grants received by the Licensee and used in generation of the documents or intellectual property referred to above (“Grant Transfer Conditions”), in which case the Licensee will not be
required to transfer and assign such documents or intellectual property as contemplated above unless and until TRDF, either (i) agrees in writing to assume all obligations required by the Grant Transfer Conditions, or (ii) reach
another arrangement with the grantors of the grants which absolves the Licensee of any liability to such grantors with respect to the transfer or assignment of such documents or intellectual property. The Licensee shall fully cooperate with TRDF, if
applicable, to effect such transfer and assignment and shall execute any document and perform any acts required to do so. In the event that TRDF commercializes any of the intellectual property referred to in
sub-section (c) above, assigned and transferred in accordance with this Section 12.3.3, through a license or otherwise, TRDF shall pay the Licensee a royalty equal to 15% of Net Licensor Receipts as
defined below. Such royalty shall be paid by TRDF on a quarterly basis, within thirty (30) days of the end of the calendar quarter in which the Net Licensor Receipts were received. The Licensee shall have the rights granted to TRDF pursuant to
Section 7, mutatis mutandis, in respect of the Net Licensor Receipts. 
 For purposes hereof, the following terms shall have the
following meanings: 
 “Net Licensor Receipts” shall mean Licensor Receipts less Licensor Expenses; 

“Licensor Receipts” shall mean all amounts in cash and other consideration actual received by TRDF from the grant of a
license under the assigned intellectual property referred to in sub-section (c) above; and 

“Licensor Expenses” shall mean (a) payments actually incurred by TRDF in accordance with detailed budgets and research
work plans included in sponsored research or research and license agreements relating to the assigned intellectual property referred to in sub-section (c) above; and (b) any out-of-pocket expenses paid by TRDF in connection with enabling the receipt of such Licensor Receipts. 

12.4 Survival. The parties’ respective rights, obligations and duties under Sections 3.1, 3.2, 3.3, 6.4, 7.1 (with respect
to the Calendar Quarter in which termination took place), 7.2 through 7.6, 8.3.2, 10.4, 11, 12.3, 12.4, 13, 14.1 and 14.4, as well as any rights, obligations and duties which by their nature extend beyond the expiration or termination of this
Agreement, shall survive any expiration or termination of this Agreement. 
 13. Confidential Information. 

13.1 Licensee agrees that, without the prior written consent of TRDF for a period of seven (7) years from date of disclosure, it
will keep confidential, and not disclose or use Confidential Information (as defined below) other than for the purposes of this Agreement. 

 
Licensee shall treat such Confidential Information with the same degree of confidentiality as it keeps its own confidential information, but in all events no less than a reasonable degree of
confidentiality. Licensee may disclose Confidential Information only to employees, consultants and contractors of Licensee or of its Affiliates or Sublicensees who have a “need to know” such information in order to enable Licensee to
exercise its rights or fulfill its obligations under this Agreement and are legally bound by agreements which impose confidentiality and non-use obligations comparable to those set forth in this Agreement. For
purposes of this Agreement, “Confidential Information” means the Development Milestones, the Development Plan, invention disclosures provided by Licensee in accordance with Section 3.3, Sublicense Agreements delivered in accordance
with Section 4.1.3.4, diligence reports provided pursuant to Section 5.3, Plans and Explanations provided pursuant to Section 5.4, notification of the attainment of milestones pursuant to Section 6.1 and reports provided pursuant
to Section 7.1, except to the extent such information: (i) is at the time of disclosure or later becomes publicly known under circumstances involving no breach of this Agreement; (iii) is lawfully and in good faith made available to
Licensee by a third party who is not subject to obligations of confidentiality to TRDF or the Technion with respect to such information; or (iv) is independently developed by Licensee without the use of or reference to Confidential Information,
as demonstrated by documentary evidence. 
 13.2 TRDF agrees that, without the prior written consent of Licensee for a period of
seven (7) years from date of disclosure, it will keep confidential, and not disclose or use Licensee Confidential Information (as defined below) other than for the purposes of this Agreement. TRDF shall treat such Licensee Confidential
Information with the same degree of confidentiality as it keeps its own confidential information, but in all events no less than a reasonable degree of confidentiality. TRDF may disclose Licensee Confidential Information only to employees,
consultants and contractors of TRDF or of its Affiliates who have a “need to know” such information in order to enable TRDF or the TRDF Team to exercise their rights or fulfill their obligations under this Agreement, and are legally bound
by agreements which impose confidentiality and non-use obligations comparable to those set forth in this Agreement. For purposes of this Agreement, “Licensee Confidential Information” means any
unpublished Licensee Patent Rights or any information relating to the Licensee’s technology, business, products and product plans, designated as confidential or which otherwise should reasonably be construed under the circumstances as being
confidential disclosed to TRDF, in each case except to the extent such information: (i) is at the time of disclosure or later becomes publicly known under circumstances involving no breach of this Agreement; (iii) is lawfully and in good
faith made available to TRDF by a third party who is not subject to obligations of confidentiality to Licensee with respect to such information; or (iv) is independently developed by TRDF without the use of or reference to Licensee Confidential
Information, as demonstrated by documentary evidence. 
 For the avoidance of doubt, the provisions of this Section 13 shall in no
event prevent the Licensee, its Affiliates and Sublicensees from disclosing any information to regulatory authorities or other governmental agencies in support of any application for regulatory approvals or any amendments thereof for Licensed
Products and whenever required under any applicable law, nor will they prevent the Licensee from disclosing the terms hereof in the course of due diligence 

 
inquiries by potential investors, subject to execution of standard confidentiality undertakings. A disclosure by the receiving party of confidential information in response to a valid order by a
court or other governmental body, or as otherwise required by law, and to such extent necessary, shall not be considered to be a breach of this Agreement, provided, however, that the receiving party shall provide the disclosing party with prompt
prior written notice thereof. 
 14. Miscellaneous. 

14.1 Use of Name. Licensee shall not, and shall ensure that its Affiliates and Sublicensees shall not, use the name or insignia
of the Technion or TRDF or the name of any of the Technion’s or TRDF’s officers, faculty, employees, other researchers or students, or any adaptation of such names, in any advertising, promotional or sales literature, including without
limitation any press release or any document employed to obtain funds, without the prior written approval of TRDF, which shall not be unreasonably withheld, and except that the mere statement of the fact that the Licensee’s technology has been
obtained from the Technion shall not require such approval. 
 14.2 Entire Agreement. This Agreement is the sole
agreement with respect to the subject matter hereof and except as expressly set forth herein, supersedes all other agreements and understandings between the parties with respect to the same. 

14.3 Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing
and may be delivered personally, or may be sent by facsimile, overnight delivery or certified mail, return receipt requested, to the following addresses, unless the parties are subsequently notified of any change of address in accordance with this
Section 14.3: 
  

							
				
		 		 	If to Licensee:	  	
				
		 		 		  	 Eloxx Pharma Ltd.

14 Shenkar St. Herzelia, Israel

c/o Pontifax

				
		 		 	If to TRDF:	  	 Technion Research and Development Foundation Ltd.

Technology Transfer Office

Technion City

Haifa 32000, Israel
  

Attn: General Manager

 Any notice shall be deemed to have been received as follows: (a) by personal delivery, upon receipt;
(b) by facsimile or overnight delivery, one business day after transmission or dispatch; (c) by certified mail, as evidenced by the return receipt. If notice is sent by facsimile, a confirming copy of the same shall be sent by mail to the
same address. 
 14.4 Governing Law and Jurisdiction. This Agreement will be governed by, and construed in accordance with,
the laws Israel, without giving effect to any choice or conflict of law provision, except that questions affecting the construction and effect of any patent shall be 

 
determined by the law of the country in which the patent shall have been granted. The parties hereby agree that the competent court in Tel Aviv Israel shall have sole jurisdiction over any and
all matters arising from this Agreement, except that TRDF may bring suit against Licensee in any other jurisdiction outside Israel to the extent required in order to enforce its rights hereunder with respect to TRDF Patent Rights and/or to obtain
injunctive or similar relief in such territory. 
 14.5 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective legal representatives, successors and permitted assigns. 
 14.6 Headings. Section
and subsection headings are inserted for convenience of reference only and do not form a part of this Agreement. 
 14.7
Counterparts. The parties may execute this Agreement in two or more counterparts, each of which shall be deemed an original. 

14.8 Amendment; Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived,
only by a written instrument executed by each party or, in the case of waiver, by the party waiving compliance. The delay or failure of either party at any time or times to require performance of any provisions hereof shall in no manner affect the
rights at a later time to enforce the same. No waiver by either party of any condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, shall be deemed to be, or
considered as, a further or continuing waiver of any such condition or of the breach of such term or any other term of this Agreement. 

14.9 No Agency or Partnership. Nothing contained in this Agreement shall give either party the right to bind the other, or be
deemed to constitute either party as agent for or partner of the other or any third party. 
 14.10 Assignment and Successors.
This Agreement may not be assigned by either party without the consent of the other, which consent shall not be unreasonably withheld, except that each party may, without such consent, assign this Agreement and the rights, obligations and
interests of such party to any purchaser of all or substantially all of its assets or research to which the subject matter of this Agreement relates, or to any successor corporation resulting from any merger or consolidation of such party with or
into such corporation; provided, in each case, that the assignee agrees in writing to be bound by the terms of this Agreement. Any assignment purported or attempted to be made in violation of the terms of this Section 14.10 shall be null and
void and of no legal effect. 
 14.11 Force Majeure. Neither party will be responsible for delays resulting from causes beyond
the reasonable control of such party, including, without limitation, fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and
continues performance under this Agreement with reasonable dispatch whenever such causes are removed. 

 14.12 Interpretation. Each party hereto acknowledges and agrees that: (a) it
and/or its counsel reviewed and negotiated the terms and provisions of this Agreement and has contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be
employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement shall be construed fairly as to both parties hereto and not in favor of or against either party, regardless of which party was generally
responsible for the preparation of this Agreement. 
 14.3 Severability. If any provision of this Agreement is or becomes
invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the parties that the remainder of this Agreement shall not be affected. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

  

									
	Technion Research and Development Foundation Ltd.	  		 	 Eloxx Pharma Ltd.

		  		 	

									
					
	 By:
	 	 /s/ Oded Shmueli
	  		 	By:	 	 /s/ Silvia Noimain

									
					
	 Name:
	 	 Oded Shmueli
	  		 	Name:	 	 Silvia Noimain

									
					
	 Title:
	 	 Authorized Signatories
	  		 	Title:	 	  

 I, the undersigned, hereby confirm that I have read the Agreement, that its contents are acceptable to me and that I agree to
be bound by the terms of Sections 2 and 3. 
  

	
	
	/s/ Timor Baasov
	Professor Timor Baasov

 Exhibit A 

																			
	IntelliVIEW Designer
	 Patent Num
	 	 Patent Name
	 	Patent Status
Desc	 	Application
Data	 	Application Num	 	Country
Desc	 	Patent
Date	 	Patent
No	 	Publication
Date	 	Publication
Num
	1302	 	REPAIRING FAULTY GENES BY AMINOGLYCOSIDES: IDENTIFICATION OF NEW PHARMACOPHORE WITH ENHANCED SUPPRESSION OF DI	 	NP from PCT	 		 		 	N/A	 		 		 		 	
	1302-00	 	REPAIRING FAULTY GENES BY AMINOGLYCOSIDES: IDENTIFICATION OF NEW PHARMACOPHORE WITH ENHANCED SUPPRESSION OF DI	 	Expired	 	18/11/2010	 	61/414,956	 	United States	 		 		 		 	
	1302-01	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Expired	 	17/11/2011	 	PCT/IL2011/000889	 	PCT	 		 		 	24/05/2012	 	WO2012/066546
	1302-02	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	16/05/2013	 	13/885,715	 	United States	 		 		 		 	
	1302-03	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	17/11/2011	 	11799501,9	 	Europe	 		 		 		 	
	1302-04	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	20/05/2013	 		 	Japan	 		 		 		 	
	1302-05	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	02/05/2013	 	2,816,789	 	Canada	 		 		 		 	
	1302-06	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	07/05/2013	 	876/MUMNP/2013	 	India	 		 		 		 	
	1302-07	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	16/05/2013	 	226390	 	Israel	 		 		 		 	

  
 Page 1 of 1 

																			
	IntelliVIEW Designer
	Patent Num	 	 Patent Name
	 	Patent Status
Desc	 	Application
Data	 	Application Num	 	Country
Desc	 	Patent
Date	 	Patent
No	 	Publication
Date	 	Publication
Num
	1302	 	REPAIRING FAULTY GENES BY AMINOGLYCOSIDES: IDENTIFICATION OF NEW PHARMACOPHORE WITH ENHANCED SUPPRESSION OF DI	 	NP from PCT	 		 		 	N/A	 		 		 		 	
	1302-00	 	REPAIRING FAULTY GENES BY AMINOGLYCOSIDES: IDENTIFICATION OF NEW PHARMACOPHORE WITH ENHANCED SUPPRESSION OF DI	 	Expired	 	18/11/2010	 	61/414,956	 	United States	 		 		 		 	
	1302-01	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Expired	 	17/11/2011	 	PCT/IL2011/000889	 	PCT	 		 		 	24/05/2012	 	WO2012/066546
	1302-02	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	16/05/2013	 	13/885,715	 	United States	 		 		 		 	
	1302-03	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	17/11/2011	 	11799501,9	 	Europe	 		 		 		 	
	1302-04	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	20/05/2013	 		 	Japan	 		 		 		 	
	1302-05	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	02/05/2013	 	2,816,789	 	Canada	 		 		 		 	
	1302-06	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	07/05/2013	 	876/MUMNP/2013	 	India	 		 		 		 	
	1302-07	 	AMINOGLYCOSIDES AND USES THEREOF IN TREATING GENETIC DISORDERS	 	Filed	 	16/05/2013	 	226390	 	Israel	 		 		 		 	

  
 Page 1 of 1 

 Exhibit B 

Development Milestones 
  

	 	1.	An additional amount of [...***...] raised by the Licensee within 6 months of the execution of the Agreement, confirmed by a certificate executed by the Licensee’s CEO. 

 

	 	2.	The filing of an Investigational New Drug application with respect to a Licensed Product (as defined in the Agreement) prior to the fourth anniversary of the Agreement. 

 

	 	3.	First commercial sale of a Licensed Product in the U.S prior to the [...***...] anniversary of the Agreement. 

  
 ***Confidential
Treatment Requested 

 Exhibit C 

 Detailed plan tilll IND 
  

																																									
	 Task
	  	Y1Q1	 	  	Y1Q2	 	  	Y1Q3	 	  	Y1Q4	 	  	Y2Q1	 	  	Y2Q2	 	  	Y2Q3	 	  	Y2Q4	 	  	Y3Q1	 	  	Y3Q2	 
	 Tech transfer and lab set up initial compound characterization
	  				  				  				  				  				  				  				  				  				  			
	 Lead optimization—In silco and synthetis of new leads
	  				  				  				  				  				  				  				  				  				  			
	 Compound characterization (to determine dev. status) 2 compounds
	  				  				  				  				  				  				  				  				  				  			
	 Characterization of optimized compounds + in-
vivo
	  				  				  				  				  				  				  				  				  				  			
	 EDC (if compounds need optimization)
	  				  				  				  				  				  				  				  				  				  			
	 Preclinical development (CMC and IND enabling studies)
	  				  				  				  				  				  				  				  				  				  			
	 IND submission
	  				  				  				  				  				  				  				  				  				  			

  

																									
	Long term timeline	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]
	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]
	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]
	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]
	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]
	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]

  
 ***Confidential
Treatment Requested 

 Exhibit D 

 Confidential 

KNOW-HOW Generated by Prof. Baasov 

Written by T. Baasov 26.08.2013 

A) Proof of Principle: Decreased selectivity toward mitochondrial versus cytoplasmic ribosome confers decreased toxicity of compounds
disclosed in the licensed patent. 
 One Sentence Summary: Here we provide answer on the question whether the ability of
aminoglycoside to block mitochondrial or cytoplasmic protein synthesis in mammalian cells is a major cause in AG toxicity and provide proof of principle that by using mechanism-based drug-redesign we can mitigate aminoglycoside- induced toxic side
effects. 
 Compelling evidence is now available that aminoglycoside (AG) antibiotics can induce the mammalian ribosome to suppress
disease-causing nonsense mutation and partially restore the expression of functional proteins. However, prolonged AG treatment can cause detrimental side effects in patients, including cytotoxicity, nephrotoxicity and ototoxicity. Recent mechanistic
postulates consider the contributions of mitochondrial and/or cytoplasmic protein synthesis inhibition to AG-induced ototoxicity. Yet, which of these mechanisms is imperative remain unclear. We showed that AGs
that inhibit mitochondrial protein synthesis in mammalian cells perturb cell respiration, leading to time- and dose-dependent increase in superoxide overproduction and accumulation of free ferrous iron in mitochondria due to oxidative damage of
mitochondrial aconitase, ultimately leading to cell apoptosis via the Fenton reaction. We demonstrated that these deleterious effects increase with the increased inhibition potency of AG on the mitochondrial rather than cytoplasmic protein
synthesis, which in turn correlates with the measured cytotoxicity/ototoxicity potential of the tested compounds both in the cochlear explants and in vivo guinea pig model of ototoxicity. The deleterious effects of AGs were alleviated in cell
culture and in guinea pig by the administration of synthetic AGs specially designed for the treatment of genetic diseases caused by nonsense mutations. This work highlights the benefit of mechanism-based drug-redesign strategy to mitigate
drug-induced side effects, with the goal to maximize the translational value of “read-through therapy” approach to the point where it can actually help patients suffering from genetic diseases caused by nonsense mutations. 

 

	 	B)	Potential Treatment of Leishmaniasis by designer AGs: compounds disclosed in the licensed patent that Exhibit Significantly Improved Activity than Paromomycin against Leishmaniasis. 

 Leishmaniasis, a parasitic disease caused by protozoa of the genus Leishmania, affects millions of people
worldwide. The current state-of-art in treating leishmaniasis is based on chemotherapy using a limited array of drugs such as antimony containing agents, amphotericin B,
and recently Miltefosine. However, due to the emergence of pronounced parasite drug resistance in some regions, relatively high costs, and/or the severe toxic effects; there has been an extensive search over the last few years for new therapeutic
agents. Paromomycin, a clinically approved AG for the treatment of various bacterial and parasitic infections, is the major component of a topical ointment (Leishcutan) used to treat cutaneous leishmaniasis caused by several species of parasites,
and attempts have been made to further improve existing formulations. Paromomycin is also effective against visceral leishmaniasis, the fatal form of this disease, and it is registered in India and Nepal. Clinical trials using Paromomycin in
combination with other anti-leishmanial drugs are underway in order to prevent development of parasite resistance. Recently, by solving three dimensional X-Ray structures of AGs in the Leishmania
ribosomal A-site, we identified molecular attributes for AGs activity against leishmaniasis (Baasov et al., PNAS 2013). Based on these finding we proposed that some of our compounds of NB-series especially developed to act on the eukaryotic ribose would also act against leishmaniasis. To test this hypothesis, we tested our designer structures for inhibition of growth using two species, L. major
and L. donovani, which induce cutaneous and visceral leishmaniasis in humans, respectively. We found that some of them are more potent than paromomycin against both strains while in parallel they exhibit significantly reduced toxicity
than paromomycin. The combined structural and physiological data sets the ground for the use of these designer structures as potential therapeutic agents against leishmaniasis. 

 

	 	C)	Potential Treatment of Cancer by Designer AGs: compound disclosed in the licensed patent that Exhibit Significantly Improved Efficiency to treat rescue functional P53. 

Many cancers are linked to a premature termination codon (PTC) in a tumor suppressor (TS) gene, resulting in the loss of protein expression or
the synthesis of a truncated protein unable to either inhibit cell proliferation or promote apoptosis. Cancers are particularly suitable for treatment with readthrough- inducing drugs. Indeed, TS genes are especially good candidates for PTC
suppression because they have a higher frequency of nonsense mutation than oncogenes, most of which are inactivated by missense mutations. We demonstrated that designer AGs of NB-series efficiently suppress
PTC mutations and induce the expression of full-length functional P53 protein in a series of cancel cell lines from patients with mutant P53 protein. We also demonstrated that treatment with designer AGs decreased the viability of cancer cells
specifically in the presence of nonsense-mutated P53 gene. 

 Exhibit E 

Description of Technology Transfer Material 

A) Proof of Principle: Decreased selectivity toward mitochondrial versus cytoplasmic ribosome confers decreased toxicity of compounds
disclosed and/or claimed in the TRDF Patent Rights (“Disclosed Compounds”). 
 One Sentence Summary: Here we provide answer on the
question whether the ability of Disclosed Compounds to block mitochondrial or cytoplasmic protein synthesis in mammalian cells is a major cause in AG toxicity and provide proof of principle that by using such covered compounds made throught
mechanism-based drug-redesign we can mitigate aminoglycoside-induced toxic side effects. 
 Compelling evidence is now available that aminoglycoside (AG)
antibiotics can induce the mammalian ribosome to suppress disease-causing nonsense mutation and partially restore the expression of functional proteins. However, prolonged AG treatment can cause detrimental side effects in patients, including
cytotoxicity, nephrotoxicity and ototoxicity. Recent mechanistic postulates consider the contributions of mitochondrial and/or cytoplasmic protein synthesis inhibition to AG-induced ototoxicity. Yet, which of
these mechanisms is imperative remain unclear. We showed that Disclosed Compounds that inhibit mitochondrial protein synthesis in mammalian cells perturb cell respiration, leading to time- and dose-dependent increase in superoxide overproduction and
accumulation of free ferrous iron in mitochondria due to oxidative damage of mitochondrial aconitase, ultimately leading to cell apoptosis via the Fenton reaction. We demonstrated that these deleterious effects increase with the increased inhibition
potency of AG on the mitochondrial rather than cytoplasmic protein synthesis, which in turn correlates with the measured cytotoxicity/ototoxicity potential of the tested compounds both in the cochlear explants and in vivo guinea pig model of
ototoxicity. The deleterious effects of AGs were alleviated in cell culture and in guinea pig by the administration of Disclosed Compounds specially designed for the treatment of genetic diseases caused by nonsense mutations. This work highlights
the benefit of Disclosed Compounds to mitigate drug-induced side effects, with the goal to maximize the translational value of “read-through therapy” approach to the point where it can actually help patients suffering from genetic diseases
caused by nonsense mutations. 
  

	 	B)	Potential Treatment of Leishmaniasis by Disclosed Compounds: Disclosed Compounds that Exhibit Significantly Improved Activity than Paromomycin against Leishmaniasis. 

Leishmaniasis, a parasitic disease caused by protozoa of the genus Leishmania, affects millions of people worldwide. The current state-of-art in treating leishmaniasis is based on chemotherapy using a limited array of drugs such as antimony containing agents, amphotericin B, and recently Miltefosine.
However, due to the emergence of pronounced parasite drug resistance in some regions, relatively high costs, and/or the severe toxic effects; there has been an extensive search over the last few years for new therapeutic agents. Paromomycin, a
clinically approved AG for the treatment of various bacterial and parasitic infections, is the major component of a topical ointment (Leishcutan) used to treat cutaneous 

 
leishmaniasis caused by several species of parasites, and attempts have been made to further improve existing formulations. Paromomycin is also effective against visceral leishmaniasis, the fatal
form of this disease, and it is registered in India and Nepal. Clinical trials using Paromomycin in combination with other anti-leishmanial drugs are underway in order to prevent development of parasite resistance. Recently, by solving three
dimensional X-Ray structures of AGs in the Leishmania ribosomal A-site, we identified molecular attributes for Disclosed Compounds activity against leishmaniasis
(Baasov et al., PNAS 2013). Based on these finding we proposed that some of our Disclosed Compounds of NB-series especially developed to act on the eukaryotic ribose would also act against leishmaniasis. To
test this hypothesis, we tested our designer structures for inhibition of growth using two species, L. major and L. donovani, which induce cutaneous and visceral leishmaniasis in humans, respectively. We found that some of them are
more potent than paromomycin against both strains while in parallel they exhibit significantly reduced toxicity than paromomycin. The combined structural and physiological data sets the ground for the use of these designer structures as potential
therapeutic agents against leishmaniasis. 
  

	 	C)	Potential Treatment of Cancer by Disclosed Compounds: Disclosed Compounds that Exhibit Significantly Improved Efficiency to treat rescue functional P53. 

Many cancers are linked to a premature termination codon (PTC) in a tumor suppressor (TS) gene, resulting in the loss of protein expression or
the synthesis of a truncated protein unable to either inhibit cell proliferation or promote apoptosis. Cancers are particularly suitable for treatment with readthrough-inducing drugs. Indeed, TS genes are especially good candidates for PTC
suppression because they have a higher frequency of nonsense mutation than oncogenes, most of which are inactivated by missense mutations. We demonstrated that Disclosed Compounds of NB-series efficiently
suppress PTC mutations and induce the expression of full-length functional P53 protein in a series of cancel cell lines from patients with mutant P53 protein. We also demonstrated that treatment with Disclosed Compounds decreased the viability of
cancer cells specifically in the presence of nonsense-mutated P53 gene.EX-4.1

 Exhibit 4.1 
  

 
  

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2 

Class A-1 2.35000% Auto Loan Asset Backed Notes 

Class A-2-A 2.58% Auto Loan Asset Backed Notes 

Class A-2-B LIBOR + 0.25% Auto Loan Asset Backed Notes 

Class A-3 2.75% Auto Loan Asset Backed Notes 

Class B 3.03% Auto Loan Asset Backed Notes 

Class C 3.35% Auto Loan Asset Backed Notes 

Class D 3.88% Auto Loan Asset Backed Notes 

Class E 5.02% Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of April 18, 2018 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, as the Indenture Trustee 
  
  

 

 CROSS REFERENCE TABLE1 

 

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

  

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

	2 	N.A. means Not Applicable. 

  

					
		  		  	Indenture (SDART 2018-2)

 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 all Classes of the Notes	  	 	11	 
	 SECTION 2.16
	 	Certain Transfer Restrictions on the 144A Notes	  	 	12	 
	 SECTION 2.17
	 	Certain Transfer Restrictions on the Restricted Notes	  	 	17	 
	 SECTION 2.18
	 	Transfer Restrictions on Certain Notes Upon a Sale of a Certificate	  	 	19	 
		
	 ARTICLE III     COVENANTS
	  	 	19	 
			
	 SECTION 3.1
	 	Payment of Principal and Interest	  	 	19	 
	 SECTION 3.2
	 	Maintenance of Office or Agency	  	 	19	 
	 SECTION 3.3
	 	Money for Payments To Be Held in Trust	  	 	20	 
	 SECTION 3.4
	 	Existence	  	 	21	 
	 SECTION 3.5
	 	Protection of Collateral	  	 	21	 
	 SECTION 3.6
	 	Opinions as to Collateral	  	 	22	 
	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	23	 
	 SECTION 3.8
	 	Negative Covenants	  	 	23	 
	 SECTION 3.9
	 	Annual Compliance Statement	  	 	24	 
	 SECTION 3.10
	 	Restrictions on Certain Other Activities	  	 	25	 
	 SECTION 3.11
	 	Restricted Payments	  	 	25	 
	 SECTION 3.12
	 	Notice of Events of Default; Servicer Replacement Events	  	 	26	 
	 SECTION 3.13
	 	Further Instruments and Acts	  	 	26	 
	 SECTION 3.14
	 	Compliance with Laws	  	 	26	 
	 SECTION 3.15
	 	Removal of Administrator	  	 	26	 
	 SECTION 3.16
	 	Perfection Representations, Warranties and Covenants	  	 	26	 
	 SECTION 3.17
	 	Investment Company Act	  	 	26	 
	 SECTION 3.18
	 	Tax Information	  	 	26	 

  

					
		  	i	  	Indenture (SDART 2018-2)

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 3.19
	 	Debt Instruments	  	 	26	 
		
	 ARTICLE IV     SATISFACTION AND DISCHARGE
	  	 	26	 
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	26	 
	 SECTION 4.2
	 	Application of Trust Money	  	 	27	 
	 SECTION 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	27	 
		
	 ARTICLE V     EVENTS OF DEFAULT; REMEDIES
	  	 	28	 
			
	 SECTION 5.1
	 	Events of Default	  	 	28	 
	 SECTION 5.2
	 	Acceleration of Maturity	  	 	29	 
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	30	 
	 SECTION 5.4
	 	Remedies; Priorities	  	 	32	 
	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	 	35	 
	 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	  	 	37	 
	 SECTION 5.11
	 	Control by Noteholders	  	 	37	 
	 SECTION 5.12
	 	Waiver of Past Defaults	  	 	37	 
	 SECTION 5.13
	 	Undertaking for Costs	  	 	38	 
	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	 	38	 
	 SECTION 5.15
	 	Action on Notes	  	 	38	 
	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	39	 
	 SECTION 5.17
	 	Sale of Collateral	  	 	39	 
		
	 ARTICLE VI     THE INDENTURE TRUSTEE
	  	 	40	 
			
	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	 	40	 
	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	 	41	 
	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	 	43	 
	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	 	43	 
	 SECTION 6.5
	 	Notice of Defaults	  	 	44	 
	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	 	44	 
	 SECTION 6.7
	 	Compensation and Indemnity	  	 	44	 
	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	 	45	 
	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	 	46	 
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	46	 
	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	48	 
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	48	 
	 SECTION 6.13
	 	Representations and Warranties	  	 	48	 

  

					
		  	ii	  	Indenture (SDART 2018-2)

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII     NOTEHOLDERS’ LISTS AND REPORTS
	  	 	48	 
			
	 SECTION 7.1
	 	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	48	 
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	49	 
	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	 	49	 
	 SECTION 7.4
	 	Rule 144A Information	  	 	49	 
	 SECTION 7.5
	 	Noteholder Demand for Repurchase, Dispute Resolution	  	 	50	 
	 SECTION 7.6
	 	Asset Review Voting	  	 	51	 
		
	 ARTICLE VIII     ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	52	 
			
	 SECTION 8.1
	 	Collection of Money	  	 	52	 
	 SECTION 8.2
	 	Trust Accounts	  	 	52	 
	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	 	53	 
	 SECTION 8.4
	 	Release of Collateral	  	 	54	 
	 SECTION 8.5
	 	Opinion of Counsel	  	 	54	 
		
	 ARTICLE IX     SUPPLEMENTAL INDENTURES
	  	 	55	 
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	55	 
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	56	 
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	57	 
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	58	 
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	 	58	 
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	58	 
		
	 ARTICLE X     REDEMPTION OF NOTES
	  	 	58	 
			
	 SECTION 10.1
	 	Redemption	  	 	58	 
	 SECTION 10.2
	 	Form of Redemption Notice	  	 	59	 
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	59	 
		
	 ARTICLE XI     MISCELLANEOUS
	  	 	60	 
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	60	 
	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	 	61	 
	 SECTION 11.3
	 	Acts of Noteholders	  	 	62	 
	 SECTION 11.4
	 	Notices	  	 	62	 
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	63	 
	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	 	63	 
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	63	 
	 SECTION 11.8
	 	Information Requests	  	 	63	 
	 SECTION 11.9
	 	Effect of Headings and Table of Contents	  	 	64	 
	 SECTION 11.10
	 	Successors and Assigns	  	 	64	 
	 SECTION 11.11
	 	Separability	  	 	64	 
	 SECTION 11.12
	 	Benefits of Indenture	  	 	64	 
	 SECTION 11.13
	 	Legal Holidays	  	 	64	 

  

					
		  	iii	  	Indenture (SDART 2018-2)

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.14
	 	GOVERNING LAW; Submission to Jurisdiction; Waiver of Jury Trial	  	 	64	 
	 SECTION 11.15
	 	Counterparts	  	 	65	 
	 SECTION 11.16
	 	Recording of Indenture	  	 	65	 
	 SECTION 11.17
	 	Trust Obligation	  	 	65	 
	 SECTION 11.18
	 	No Petition	  	 	65	 
	 SECTION 11.19
	 	Intent	  	 	66	 
	 SECTION 11.20
	 	Subordination of Claims	  	 	66	 
	 SECTION 11.21
	 	Limitation of Liability of Owner Trustee	  	 	67	 
	 SECTION 11.22
	 	U.S.A. Patriot Act	  	 	67	 

  

	Schedule I	Perfection Representations, Warranties and Covenants 

  

	Exhibit A-1	Form of Notes (other than 144A Notes) 

	Exhibit A-2	Form of 144A Notes 

  

					
		  	iv	  	Indenture (SDART 2018-2)

 This INDENTURE, dated as of April 18, 2018 (as amended, supplemented or otherwise
modified and in effect from time to time, this “Indenture”), is between SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2, a Delaware statutory trust (the “Issuer”), and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 2.35000% Auto Loan Asset Backed Notes (the “Class A-1 Notes”),
Class A-2-A 2.58% Auto Loan Asset Backed Notes (the “Class A-2-A
Notes”), Class A-2-B LIBOR + 0.25% 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 2.75% Auto Loan Asset Backed Notes (the “Class A-3 Notes” and,
together with the Class A-1 Notes and the Class A-2 Notes, the “Class A Notes”), then for the equal and ratable benefit of the Holders of the
Issuer’s Class B 3.03% Auto Loan Asset Backed Notes (the “Class B Notes”), then for the equal and ratable benefit of the Holders of the Issuer’s Class C 3.35% 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 3.88% 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 5.02% Auto Loan Asset Backed Notes (the “Class E Notes” and, collectively with the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). 

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

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

  

					
		  		  	Indenture (SDART 2018-2)

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

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale and Servicing Agreement dated as of April 18, 2018 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Santander Drive Auto
Receivables LLC, as seller, the Issuer, Santander Consumer USA Inc., as servicer, and the Indenture Trustee. 
 SECTION 1.2
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

					
		  	2	  	Indenture (SDART 2018-2)

 
“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-1 and Exhibit A-2 hereto, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the
Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of
this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by
any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of $210,000,000, Class A-2-A Notes for
original issue in an aggregate principal amount of $175,000,000, Class A-2-B Notes for original issue in an aggregate principal amount of $75,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $126,630,000, Class B Notes for original issue in an aggregate principal amount of $166,600,000, Class C Notes for original issue
in an aggregate principal amount of $151,730,000, Class D Notes for original issue in an aggregate principal amount of $106,500,000 and Class E Notes for original issue in an aggregate principal amount of $83,300,000. The Note Balance of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and
Class E Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

  

					
		  	3	  	Indenture (SDART 2018-2)

 Each Note shall be dated the date of its authentication. The Class A Notes, Class B
Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a
denomination other than an integral multiple of $1,000). The Class E Notes shall be issuable as registered Notes in the minimum denomination of $2,100,000 and in integral multiples of $1,000 in excess thereof (except for two Notes which may be
issued in a lesser denomination and/or in integral multiples in excess thereof of other than $1,000). 
 No Note shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one
of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

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

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

SECTION 2.4 Registration of Transfer and Exchange. 

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

  

					
		  	4	  	Indenture (SDART 2018-2)

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

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

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

  

					
		  	5	  	Indenture (SDART 2018-2)

 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 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. 

  

					
		  	6	  	Indenture (SDART 2018-2)

 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	  	Indenture (SDART 2018-2)

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

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

  

					
		  	8	  	Indenture (SDART 2018-2)

 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Depository Agreement, unless
and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and
interest on the Notes to such Clearing Agency Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Noteholders evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the
Indenture Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is
required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be
given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive
Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture
Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an
Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the
continuation of a book entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, Note Registrar or the Indenture Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders. 
 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	  	Indenture (SDART 2018-2)

 SECTION 2.13 Authenticating Agents. 

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

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

(a) The parties hereto acknowledge and agree that it is their mutual intent that the Notes constitute and be treated as indebtedness for U.S.
federal and all applicable state and local income and franchise tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered to be the same Person as the Issuer for U.S. federal
income tax purposes). Further, each party hereto, and each Noteholder by accepting and holding a Note (other than a Noteholder that is the Issuer or a Person that is considered to be the same Person as the Issuer for U.S. federal income tax
purposes), hereby covenants to every other party hereto and to every other Noteholder to treat the Notes as indebtedness for U.S. federal and all applicable state and local income and franchise tax purposes in all tax filings, reports and returns
and otherwise, and further covenants that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with such tax treatment and tax reporting of the Notes, unless required
by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 
 (b) The parties hereto
agree that it is their mutual intent that, for all applicable purposes the Certificates will not constitute indebtedness. 

  

					
		  	10	  	Indenture (SDART 2018-2)

 (c) Prior to the first Payment Date, at any time required by law and/or promptly upon request,
each Noteholder shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information. Each Noteholder is deemed to understand that by acceptance of a Note, such
Noteholder agrees to supply the foregoing information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold as required on amounts payable with respect to the Note (without
any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. If the Issuer has actual knowledge that FATCA Withholding applies with
respect to one or more payments on a Note, the Issuer will notify the Indenture Trustee thereof. 
 SECTION 2.15 Certain Transfer
Restrictions on all Classes of the Notes. 
 (a) By acquiring a Note (or any interest therein), each purchaser and transferee (and, if
the purchaser or transferee is a Plan, its fiduciary) (i) shall be deemed to represent and warrant that either (a) it is not acquiring such Note (or any interest therein) on behalf of, or with any assets of, a Benefit Plan or any
governmental plan, non-U.S. plan or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (b) the acquisition, holding and disposition of such Note (or any
interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law and (ii) acknowledges and
agrees if it is a Benefit Plan or a Plan that is subject to Similar Law, it shall not acquire such Note (or any interest therein) at any time that the ratings on such Note are below investment grade or if such Note has been characterized as other
than indebtedness for applicable local law purposes. In addition, by acquiring a Note, each purchaser and transferee of a Note that is a Benefit Plan, including any fiduciary purchasing a Note on behalf of a Benefit Plan (“Benefit Plan
Fiduciary”) is also deemed to represent and warrant that (i) the Transaction Parties have not provided and will not provide advice with respect to the acquisition of the Note by the Benefit Plan other than to a Benefit Plan Fiduciary
which is independent of the Transaction Parties, and the Benefit Plan Fiduciary either (a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar institution that is
regulated and supervised and subject to periodic examination by a State or Federal agency; (b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of
assets of a Benefit Plan; (c) is an investment adviser registered under the Advisers Act, or, if not registered an as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is
registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business; (d) is a broker-dealer registered under the Securities Exchange Act of 1934, as amended; or (e) holds, or has
under its management or control, total assets of at least U.S. $50 million (provided that this clause (e) shall not be satisfied if the Benefit Plan Fiduciary is either (i) the owner or a relative of the owner of an investing
individual retirement account, or (ii) a participant or beneficiary or a relative of such participant or beneficiary of the benefit plan investing in the offered notes in such capacity); (ii) the Benefit Plan Fiduciary is capable of evaluating
investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan of the Note; (iii) the Benefit Plan Fiduciary is a “fiduciary” with
respect to the Benefit Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Benefit Plan’s

  

					
		  	11	  	Indenture (SDART 2018-2)

 
acquisition of the Note; (iv) none of the Transaction Parties has exercised any authority to cause the Benefit Plan to invest in the Note or to negotiate the terms of the Benefit Plan’s
investment in the Note; and (v) the Benefit Plan Fiduciary has been informed by the Transaction Parties (a) that none of the Transaction Parties are undertaking to provide impartial investment advice or to give advice in a fiduciary
capacity, and that no such entity has given investment advice or otherwise made a recommendation, in connection with the Benefit Plan’s acquisition of the Note; and (b) of the existence and nature of the Transaction Parties financial
interests in the Benefit Plan’s acquisition of the Note as disclosed in the Prospectus. “Transaction Parties” means the Issuer, the Servicer, the Administrator, the Asset Representations Reviewer, the Underwriters, any initial
purchaser of the 144A Notes and any of their respective affiliates, agents or employees and the Indenture Trustee. 
 (b) If for tax or other
reasons it may be necessary to track any Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Depositor or the Administrator as a
condition to such transfer. 
 (c) Any purported transfer of a Note not in accordance with this Section 2.15 or not
in accordance with Sections 2.16, 2.17 or 2.18 shall be null and void ab initio and shall not be given effect for any purpose hereunder. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any
Notes acquired in violation of the foregoing at the cost and risk of the purported transferee. If the transferee fails to transfer such Note or such beneficial interests in such Note within thirty (30) days after notice of the voided transfer,
then the Issuer shall cause such Noteholder’s interest or Note Owner’s interest in such Note to be transferred in a commercially reasonable sale arranged by the Issuer (conducted by the Issuer or an agent of the Issuer in accordance with Section 9-610(b) of the UCC as applied to securities that are sold on a recognized market or that may decline speedily in value). 

(d) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture (including, without limitation, under this Section 2.15 or under Sections 2.16, 2.17 or 2.18) or under applicable law with respect to any transfer of any interest in any
Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 SECTION 2.16 Certain Transfer Restrictions on the 144A Notes.

 (a) None of the Issuer, the Indenture Trustee nor any other Person may register the 144A Notes under the Securities Act or any state
securities laws. No 144A Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A (except for
transfers of 144A Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the 144A Notes by the Depositor or any of its Affiliates pursuant to a note
purchase agreement or any similar agreement). 

  

					
		  	12	  	Indenture (SDART 2018-2)

 (b) Prior to any sale or transfer of any 144A Note (or any interest therein) each prospective
transferee of such 144A Note (or any interest therein) (except for transfers of Notes to the Depositor or any of its U.S. corporate Affiliates (or disregarded entities thereof)) shall be deemed to make the following representations to the Indenture
Trustee, the Note Registrar and the Depositor: 
 (i) The transferee (A) is a Qualified Institutional Buyer, (B) is
aware that the sale of the 144A Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the 144A Notes for its own account or for one or more accounts, each of which is a Qualified
Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such 144A Note for the purchaser and for each such account. 

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

(iv) The transferee understands that an investment in the 144A Notes involves certain risks, including the risk of loss of all
or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the 144A Notes as it deemed necessary or appropriate in order to make an informed
investment decision with respect to its purchase of the 144A Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the Issuer. The transferee has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investment in the 144A Notes, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of its
investment. 
 (v) In connection with the transfer of the 144A Notes (a) none of the Issuer, the Servicer, the
Depositor, any initial purchaser of the 144A Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for purposes of making any investment decision or
otherwise) upon any advice, counsel or representations (whether written or oral) of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other than in the most current offering memorandum for
such 144A Notes and any representations expressly set forth in a written agreement with such party, 

  

					
		  	13	  	Indenture (SDART 2018-2)

 
(c) none of any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee has given to the transferee (directly or indirectly through any other
person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or
otherwise) of its purchase or the documentation for the 144A Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed necessary, and it has
made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view
expressed by any initial purchaser of the 144A Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale of the 144A
Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the 144A Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of
assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with transactions similar to its investment in the 144A Notes. 

(vi) The transferee understands that the 144A Notes will bear the legend(s) substantially similar to those set forth in
Section 2.16(c) unless the Issuer determines otherwise in compliance with applicable law. 
 (vii)
The transferee will not, at any time, offer to buy or offer to sell the 144A Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising. 

(viii) The transferee is not acquiring the 144A Notes with a view to the resale, distribution or other disposition thereof in
violation of the Securities Act. 
 (ix) The transferee will provide notice to each Person to whom it proposes to transfer
any interest in the 144A Notes of the transfer restrictions and representations set forth in this Indenture. 
 (x) The
transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

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

“THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS 

  

					
		  	14	  	Indenture (SDART 2018-2)

 
NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [FOR CLASS A, CLASS B, CLASS C AND CLASS D NOTES: $1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE
ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)] [FOR CLASS E NOTES: $2,100,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN A LESSER DENOMINATION
AND/OR IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)] FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO
THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, OR (2) TO THE DEPOSITOR OR ANY OF ITS U.S. CORPORATE AFFILIATES (OR DISREGARDED ENTITIES THEREOF) AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE
VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE INDENTURE TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED
THAT THE HOLDER OF SUCH NOTE OR BENEFICIAL INTEREST IN SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE ISSUER AND THE INDENTURE TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS NOTE OR SUCH
INTEREST IN SUCH NOTE VOID AND REQUIRE THAT THIS NOTE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 
 BY YOUR
ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU (AND, IF YOU ARE A PLAN (AS DEFINED BELOW), YOUR FIDUCIARY) (A) SHALL BE DEEMED TO REPRESENT, COVENANT AND AGREE, FOR THE BENEFIT OF THE ISSUER, THE SERVICER, ANY INITIAL PURCHASER OF THIS
NOTE AND THE INDENTURE TRUSTEE, 

  

					
		  	15	  	Indenture (SDART 2018-2)

 
THAT EITHER (I) YOU ARE NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) ON BEHALF OF, OR WITH THE ASSETS OF, ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “BENEFIT PLAN”) OR ANY PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND THAT CERTAIN OTHER REQUIREMENTS ARE SATISFIED, AS SET FORTH IN THE INDENTURE AND (B) ACKNOWLEDGE AND AGREE IF YOU ARE A BENEFIT
PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW THAT YOU SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR
APPLICABLE LOCAL LAW PURPOSES. IN ADDITION, BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, IF YOU ARE A BENEFIT PLAN, YOU AND YOUR FIDUCIARY WILL BE DEEMED TO REPRESENT, COVENANT AND AGREE THAT, (A) YOU ARE REPRESENTED BY AN
INDEPENDENT FIDUCIARY THAT IS (1) A “FIDUCIARY” WITH RESPECT TO THE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(21) OF ERISA, SECTION 4975 OF THE CODE, OR BOTH, AND IS RESPONSIBLE FOR EXERCISING INDEPENDENT JUDGMENT IN EVALUATING THE
BENEFIT PLAN’S ACQUISITION OF THE NOTES AND (2) IS A PERSON DESCRIBED IN DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-21(c)(1)(i), (B) SUCH INDEPENDENT FIDUCIARY HAS EXERCISED INDEPENDENT JUDGMENT
IN EVALUATING WHETHER TO PURCHASE THIS NOTE, AND (C) THE INDEPENDENT FIDUCIARY IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH RESPECT TO THIS NOTE. YOU ACKNOWLEDGE THAT (A) NEITHER THE ISSUER, THE
INDENTURE TRUSTEE, NOR ANY UNDERWRITER OR INITIAL PURCHASER IS UNDERTAKING TO PROVIDE IMPARTIAL INVESTMENT ADVICE OR TO GIVE ADVICE IN ANY FIDUCIARY CAPACITY, IN CONNECTION WITH YOUR INVESTMENT IN THIS NOTE AND (B) THE OFFERING DOCUMENTS AND
THE INDENTURE FAIRLY INFORM SUCH FIDUCIARY OF THE EXISTENCE AND NATURE OF THE FINANCIAL INTERESTS OF THE ISSUER, THE UNDERWRITER OR THE INITIAL PURCHASER AND OTHER PARTIES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

  

					
		  	16	  	Indenture (SDART 2018-2)

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

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

(i) The transferee will provide notice to each Person to whom it proposes to transfer any interest in the Restricted Notes of
the transfer restrictions and representations set forth in this Indenture. 

  

					
		  	17	  	Indenture (SDART 2018-2)

 (ii) The transferee’s beneficial interest in a Restricted Note is not and
will not be in an amount that is less than the minimum denomination for such Note set forth in this Indenture, and the transferee does not and will not hold any interest on behalf of any person whose beneficial interest in such a Note is in an
amount that is less than the minimum denomination for such Note set forth in this Indenture. 
 (iii) A transferee that is a
partnership, a corporation taxed under Subchapter S of the Code or grantor trust for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the foregoing) is not and will not be used with a principal purpose of
the arrangement involving such entity’s beneficial interest in any Restricted Notes or Certificates to permit any partnership to satisfy the 100 partner limitation of Treasury Regulation
Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code. 

(iv) No Noteholder of a Restricted Note shall acquire or transfer any Restricted Note (or any interest therein) or cause any
Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

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

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

  

					
		  	18	  	Indenture (SDART 2018-2)

 (vii) The transferee acknowledges that any transfer in violation of the foregoing
will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 
 SECTION
2.18 Transfer Restrictions on Certain Notes Upon a Sale of a Certificate. The restrictions on transfer of Notes retained by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax
purposes provided in Section 2.17(a) shall not continue to apply in the event the Indenture Trustee and the Depositor have received the Initial Certificate Transfer Opinion. 

ARTICLE III 
 COVENANTS

 SECTION 3.1 Payment of Principal and Interest. 

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

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

  

					
		  	19	  	Indenture (SDART 2018-2)

 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 Available Funds with respect to the related Collection Period, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 
 The
Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent,
it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent will: 
 (i)
hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to
such Persons as provided in the Transaction Documents; 
 (ii) give the Indenture Trustee written notice of any default by
the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

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

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

  

					
		  	20	  	Indenture (SDART 2018-2)

 Notwithstanding the foregoing, for so long as Wells Fargo Bank, National Association 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 necessary to
protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

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

  

					
		  	21	  	Indenture (SDART 2018-2)

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

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

(d) enforce any of the Collateral; or 

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

SECTION 3.6 Opinions as to Collateral. 

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

  

					
		  	22	  	Indenture (SDART 2018-2)

 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

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

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

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

  

					
		  	23	  	Indenture (SDART 2018-2)

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

SECTION 3.9 Annual Compliance Statement. 

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

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

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

  

					
		  	24	  	Indenture (SDART 2018-2)

 (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 or actual notice of any information contained therein or determinable from
information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

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

  

					
		  	25	  	Indenture (SDART 2018-2)

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

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

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

SECTION 3.19 Debt Instruments. The Issuer represents that the Notes are of the type of debt instruments where payments under
such debt instruments may be accelerated by reason of prepayments of other obligations securing such debt instruments. 
 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:

  

					
		  	26	  	Indenture (SDART 2018-2)

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

SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and
applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

  

					
		  	27	  	Indenture (SDART 2018-2)

 ARTICLE V 

EVENTS OF DEFAULT; REMEDIES 

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

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

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

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

  

					
		  	28	  	Indenture (SDART 2018-2)

 
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. 

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

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

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

  

					
		  	29	  	Indenture (SDART 2018-2)

 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. 
 (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: 

  

					
		  	30	  	Indenture (SDART 2018-2)

 (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, indemnities and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the
Indenture Trustee under Section 6.7. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture
Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of
the Noteholders, to the extent set forth in Section 5.4(b). 

  

					
		  	31	  	Indenture (SDART 2018-2)

 (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 or (C) the Event of Default either (x) relates to a default described in Sections 5.1(a) or (b) (a “Payment Default”) and the Indenture
Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been
declared due and payable or (y) relates to a Bankruptcy Event and, in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the holders of at least 66-2/3%
of the Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to clauses (B) and (C)(x) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if
the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or
the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes. 

  

					
		  	32	  	Indenture (SDART 2018-2)

 (b) Notwithstanding the provisions of Section 8.2 hereof or
Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay out such money or property (and
other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 

(i) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, reasonable expenses and
indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior periods), and to the Asset Representations Reviewer, any accrued and unpaid fees (including unpaid fees with respect to prior periods),
reasonable expenses and indemnification amounts to the extent not previously paid by Santander Consumer; 
 (ii)
second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior periods; 
 (iii)
third, to the Holders of the Class A Notes, the Accrued Class A Note Interest; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available
shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

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

(1) to the Holders of the Class A-1 Notes in respect of principal thereof, until
the Class A-1 Notes have been paid in full; 
 (2) to the Holders of the Class A-2-A Notes, Class A-2-B Notes and
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; 

  

					
		  	33	  	Indenture (SDART 2018-2)

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

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

  

					
		  	34	  	Indenture (SDART 2018-2)

 (10) to the Holders of the Class E Notes in respect of principal thereof
until the Class E Notes have been paid in full; and 
 (v) fifth, any remaining funds shall be distributed to the
Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, or to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to or at the direction of the
Certificateholders. 
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

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

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

(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has previously given
written notice to 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; 

  

					
		  	35	  	Indenture (SDART 2018-2)

 (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). 
 SECTION 5.7
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after
the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without
the consent of such Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in
every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, 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. 

  

					
		  	36	  	Indenture (SDART 2018-2)

 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) and Section 5.17; 

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

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

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

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In
the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereto. 

  

					
		  	37	  	Indenture (SDART 2018-2)

 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 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. 

  

					
		  	38	  	Indenture (SDART 2018-2)

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

  

					
		  	39	  	Indenture (SDART 2018-2)

 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; 

(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. 

  

					
		  	40	  	Indenture (SDART 2018-2)

 (g) No provision of this Indenture or any other Transaction Document shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (h) Every
provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1
and to the provisions of the TIA. 
 (i) The Indenture Trustee shall take all actions required to be taken by the Indenture Trustee under the
Sale and Servicing Agreement. 
 SECTION 6.2 Rights of the Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it (i) to be genuine and (ii) to have been signed or
presented by the proper person. The Indenture Trustee shall not be responsible for the accuracy of any document provided to the Indenture Trustee, and need not investigate, recalculate, certify or verify any fact, numerical information or matter
stated in the document. 
 (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 such agent, attorney, custodian or nominee appointed
with due care by it hereunder, or any co-trustee or separate trustee appointed in accordance with the provisions of Section 6.10. 

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

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

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any 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

  

					
		  	41	  	Indenture (SDART 2018-2)

 
Asset Review as described in Section 7.6 hereof or to the Noteholders’ or Note Owners’ rights to communicate with each other as described in Section 3.13
of the Sale and Servicing Agreement) unless such Noteholders shall have offered to the Indenture Trustee 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. 

(h) The Indenture Trustee shall not be imputed with any knowledge of, or information possessed or obtained by any other Person, or any
affiliate, line of business, or other division of Wells Fargo Bank, National Association (and vice versa) unless such person is a Responsible Officer of the Indenture Trustee or the Indenture Trustee also has such actual knowledge or information.
Information contained in any reports delivered to the Indenture Trustee and any other publicly available information shall not constitute actual or constructive knowledge; provided, however, that, notwithstanding any
provision in the Transaction Documents to the contrary, any document delivered to the Indenture Trustee the information contained in which the Indenture Trustee is required to take notice of to fulfill its obligations under the Transaction Documents
or under applicable law shall constitute actual notice to the Indenture Trustee of such information. 
 (i) Notwithstanding anything to the
contrary herein or otherwise, under no circumstance will the Indenture Trustee be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever. 

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

  

					
		  	42	  	Indenture (SDART 2018-2)

 (n) The Indenture Trustee shall not be liable solely for any action or inaction of the Issuer,
the Noteholders, the Servicer, or any other party (or agent thereof) to this Indenture or any other Transaction Document and may assume compliance by such parties with their obligations under this Indenture or any other Transaction Documents, unless
a Responsible Officer of the Indenture Trustee has actual knowledge or received written notice to the contrary. 
 (o) Notwithstanding
anything to the contrary in this Indenture, the Indenture Trustee shall not be required to take any action that is not in accordance with applicable law. 

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

(q) The Indenture Trustee shall not be liable with respect to any action it takes or omits to take in accordance with a direction received by
it from the Issuer or the required Noteholders, as the case may be, in accordance with the Transaction Documents. 
 (r) The Indenture
Trustee shall be deemed not to have knowledge of any event or information (including, but not limited to, an Event of Default) or be required to act upon any event or information (including the sending of any notice), unless a Responsible Officer of
the Indenture Trustee has actual knowledge or shall have received written notice thereof. 
 SECTION 6.3 Individual Rights of the
Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and
their respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking
relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent,
co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

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

  

					
		  	43	  	Indenture (SDART 2018-2)

 SECTION 6.5 Notice of Defaults. If a Default or an Event of Default occurs and is
continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the Issuer, the Owner Trustee and the
Administrator notice of the Default or Event of Default within 90 days after such knowledge or notice occurs. Except in the case of a Default or an Event of Default in payment of principal of or interest on any Note (including payments pursuant to
the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of the Issuer, shall deliver
to each Noteholder, not later than the latest date permitted by law, such information as may be required by the Code to enable such Holder to prepare its federal and state income tax returns. 

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

  

					
		  	44	  	Indenture (SDART 2018-2)

 The compensation and indemnity obligations to the Indenture Trustee pursuant to this
Section 6.7 shall survive the termination, assignment, and/or discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event
of Default set forth in Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency
or similar law. 
 Any amounts payable to the Indenture Trustee pursuant to this Section 6.7 shall be paid
pursuant to Section 4.4(a) of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable (to the extent of Available Funds available therefor) or, to the extent not paid
thereunder, shall be paid by the Servicer pursuant to Section 3.11 of the Sale and Servicing Agreement. 
 SECTION
6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuer, the Administrator and the Servicer. The Holders of a majority of the Note Balance of the
Controlling Class may remove the Indenture Trustee without cause by giving 30 days’ prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall
remove the Indenture Trustee if: 
 (a) the Indenture Trustee fails to comply with Section 6.11; 

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

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

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

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

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

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

If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

  

					
		  	45	  	Indenture (SDART 2018-2)

 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture
Trustee pursuant to any of the provisions of this Section 6.8 shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment
of all fees, indemnities and expenses owed to the outgoing Indenture Trustee. 
 Notwithstanding the resignation or removal of the Indenture
Trustee pursuant to this Section 6.8, the Issuer’s and Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 

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

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

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 

  

					
		  	46	  	Indenture (SDART 2018-2)

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

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

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any
separate trustee or co-trustee; 
 (iv) no separate trustee or co-trustee hereunder shall be deemed an agent of the Indenture Trustee; and 
 (v) the
Indenture Trustee shall have no responsibility or liability relating to the appointment of any co-trustee or separate trustee or relating to the action or inaction of any
co-trustee or separate trustee. 
 (c) Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall
be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent
or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in
its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or
co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

  

					
		  	47	  	Indenture (SDART 2018-2)

 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; 
 (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. 

  

					
		  	48	  	Indenture (SDART 2018-2)

 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). 

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

  

					
		  	49	  	Indenture (SDART 2018-2)

 SECTION 7.5 Noteholder Demand for Repurchase, Dispute Resolution. 

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
becomes aware of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase Agreement that would require Santander Consumer to repurchase a Receivable pursuant to
Section 3.4 of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may, by written notice to the Indenture Trustee, direct the Indenture Trustee to notify Santander Consumer of
such breach and request that Santander Consumer repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable and shall reference this Indenture, as well as the related breach of representation or
warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies with the
requirements of this Section 7.5, the Indenture Trustee shall forward such written notice to Santander Consumer and request that Santander Consumer repurchase the related Receivable pursuant to
Section 3.4 of the Purchase Agreement. For avoidance of doubt, following delivery of such notice and request to Santander Consumer, the Indenture Trustee shall have no responsibility or liability for the decision by
Santander Consumer to repurchase or not to repurchase the related Receivable. 
 (b) If a Requesting Investor directs the Indenture Trustee
to request the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of
notice of the request by Santander Consumer, the Indenture Trustee shall, at the direction of such Requesting Investor, refer the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing
Agreement; provided, however, if the Indenture Trustee declines to refer the matter to mediation or arbitration due to the failure of such Requesting Investor to offer the Indenture Trustee 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 pursue dispute
resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained in the vote to cause an Asset Review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to
Section 9.24 of the Sale and Servicing Agreement. A Requesting Investor may refer to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement a dispute related
to any Receivables, including any Receivables that the Asset Representations Reviewer did not review in connection with an Asset Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset
Review and any Receivables that the Asset Representations Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Review. 

  

					
		  	50	  	Indenture (SDART 2018-2)

 SECTION 7.6 Asset Review Voting.  

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by
Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset
Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing
that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from
pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such
Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall
submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer will include or cause to be included in the related Form
10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance
with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage
exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to
Section 9.24 of the Sale and Servicing Agreement. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of
directing an Asset Review of the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether
or not a Noteholder Direction has occurred. 
 (b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a
written notice (a “Review Notice”) to Santander Consumer, the Depositor, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review
Satisfaction Date and directing the Asset Representations Reviewer to conduct an Asset Review of the Subject Receivables. 
 (c)
Notwithstanding clauses (a) and (b) of this Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not
direct an Asset Review be performed prior to (i)(x) directing the Indenture Trustee to notify Santander Consumer of a breach of Santander Consumer’s representations and warranties in Section 3.3 of the Purchase
Agreement that would require Santander Consumer to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that Santander Consumer repurchase the related Receivable pursuant to
Section 7.5 hereof or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 

  

					
		  	51	  	Indenture (SDART 2018-2)

 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 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 based on the Outstanding Note Balance of the Class A-2-A Notes and the Class A-2-B Notes, until the
Class A-2 Notes are paid in full and to the Class A-3 Noteholders until the Class A-3 Notes are paid in full; 

(ii) second, to the Class B Noteholders until the Class B Notes are paid in full; 

(iii) third, to the Class C Noteholders until the Class C Notes are paid in full; 

(iv) fourth, to the Class D Noteholders until the Class D Notes are paid in full; and 

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

  

					
		  	52	  	Indenture (SDART 2018-2)

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

 (c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with
Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the
Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.2 or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with
Section 4.4 of the Sale and Servicing Agreement as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or
more Eligible Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have been given to the Indenture Trustee, the funds
shall remain uninvested. 

  

					
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 (d) Pursuant to Section 4.1(b) of the Sale and Servicing Agreement, the
Servicer acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s
confirmation. The Servicer agrees that such notifications shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect
such investment activity. 
 SECTION 8.4 Release of Collateral. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may if permitted
by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control
over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4 only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate and an Opinion of Counsel. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on
any Receivable to be sold to (i) the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (ii) Santander Consumer in accordance with Section 3.4 of the Purchase
Agreement. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ prior notice (or
such lesser time as is acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also
require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

  

					
		  	54	  	Indenture (SDART 2018-2)

 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 144A Notes or the Certificates. 
 (c) Prior to the execution of any such supplemental indenture, the
Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such
supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

(d) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.1, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  

					
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 (e) Notwithstanding subsection (a) of this Section 9.1,
this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates, such
Person (or Persons) consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and
adversely affect the interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of clause (i), any party shall be
entitled to rely on an Officer’s Certificate or similar certification of Santander Consumer or any Affiliate thereof to such effect. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any
proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 
 SECTION 9.2
Supplemental Indentures with Consent of Noteholders. 
 (a) With the consent of Noteholders holding not less than a majority of
the Note Balance of the Outstanding Notes, voting together as a single Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), may enter into one
or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture;
provided that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby and prior notice by the Issuer to the Rating Agencies: 

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal
amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 
 (ii) reduce the
percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture; 
 (iii) modify or alter the provisions of the
proviso to the definition of the term “Outstanding”; 
 (iv) reduce the percentage of the Note Balance
required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but
unpaid interest on the Notes; 
 (v) modify any provision of this Section 9.2 in any respect
materially adverse to the interests of the Noteholders; 

  

					
		  	56	  	Indenture (SDART 2018-2)

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

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

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

  

					
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 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 Business Day prior to the Redemption Date. 

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

  

					
		  	58	  	Indenture (SDART 2018-2)

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

(ii) the Redemption Price; 

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

 (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. 

  

					
		  	59	  	Indenture (SDART 2018-2)

 ARTICLE XI 

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

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

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

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

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

  

					
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 (iii) Other than as contemplated by Section 11.1(b)(v), whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions
hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and
of all other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and
this clause (iv), equals 10% or more of the aggregate Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the then aggregate Note Balance. 
 (v) Notwithstanding
Section 2.9 or any other provision of this Section 11.1, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the
Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

  

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

  

					
		  	62	  	Indenture (SDART 2018-2)

 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. 
 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. 

  

					
		  	63	  	Indenture (SDART 2018-2)

 SECTION 11.9 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.10
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind
its successors. 
 SECTION 11.11 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

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

  

					
		  	64	  	Indenture (SDART 2018-2)

 (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 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 

  

					
		  	65	  	Indenture (SDART 2018-2)

 
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, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the
extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and any Certificateholder either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and will be expressly subordinated to the indefeasible payment in full, 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 

  

					
		  	66	  	Indenture (SDART 2018-2)

 
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 document is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the
Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made
and intended not as personal representations, warranties, covenants undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
 SECTION 11.22
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee, like all financial institutions and in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. The parties to this Indenture agree
that they will provide the Indenture Trustee with such information about the Issuer as it may request in order for the Indenture Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	67	  	Indenture (SDART 2018-2)

 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 2018-2
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jeanne M. Oller

	Name: Jeanne M. Oller
	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Indenture Trustee
		
	By:	 	 /s/ Chad Schafer

	Name: Chad Schafer
	Title: Vice President

  

					
		  	S-1	  	Indenture (SDART 2018-2)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

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

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

  

					
		  	I-1	  	Indenture (SDART 2018-2)

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

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

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

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

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

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

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

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

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

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

  

					
		  	I-2	  	Indenture (SDART 2018-2)

 12. Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic
chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other
than the Servicer. 
 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	  	Indenture (SDART 2018-2)

 Exhibit A-1 

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

			
	REGISTERED	  	$                                 2
	No. R-                 	  	CUSIP NO.                 
		  	ISIN.                            

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

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

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

  

					
		  	A-1-1	  	Indenture (SDART 2018-2)

 
INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. IN ADDITION, BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, IF YOU
ARE A BENEFIT PLAN, YOU AND YOUR FIDUCIARY WILL BE DEEMED TO REPRESENT, COVENANT AND AGREE THAT, (A) YOU ARE REPRESENTED BY AN INDEPENDENT FIDUCIARY THAT IS (1) A “FIDUCIARY” WITH RESPECT TO THE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(21) OF ERISA, SECTION 4975 OF THE CODE, OR BOTH, AND IS RESPONSIBLE FOR EXERCISING INDEPENDENT JUDGMENT IN EVALUATING THE BENEFIT PLAN’S ACQUISITION OF THE NOTES AND (2) IS A PERSON DESCRIBED IN DEPARTMENT OF LABOR REGULATION 29
C.F.R. 2510.3-21(c)(1)(i), (B) SUCH INDEPENDENT FIDUCIARY HAS EXERCISED INDEPENDENT JUDGMENT IN EVALUATING WHETHER TO PURCHASE THIS NOTE, AND (C) THE INDEPENDENT FIDUCIARY IS CAPABLE OF EVALUATING
INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH RESPECT TO THIS NOTE. YOU ACKNOWLEDGE THAT (A) NEITHER THE ISSUER, THE INDENTURE TRUSTEE NOR ANY UNDERWRITER IS UNDERTAKING TO PROVIDE IMPARTIAL INVESTMENT ADVICE OR TO GIVE ADVICE IN ANY
FIDUCIARY CAPACITY, IN CONNECTION WITH YOUR INVESTMENT IN THIS NOTE AND (B) THE PROSPECTUS AND THE INDENTURE FAIRLY INFORM SUCH FIDUCIARY OF THE EXISTENCE AND NATURE OF THE FINANCIAL INTERESTS OF THE ISSUER, THE UNDERWRITER AND OTHER PARTIES.
FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR
ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 
 TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX
TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE. 

  

					
		  	A-1-2	  	Indenture (SDART 2018-2)

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2 

[CLASS A-1 2.35000%] [CLASS
A-2-A 2.58%] [CLASS A-2-B LIBOR + 0.25%] 

[CLASS A-3 2.75%] [CLASS B 3.03%] [CLASS C 3.35%] [CLASS D 3.88%] 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2018-2, 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 May 15, 2018 (each, a “Payment Date”)
until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1]
[A-2-A] [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] 3 [15th day of the prior calendar month (or, in the case of
the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date
occurs]4. Interest will be computed on the basis of [Class A-1, 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. 

 

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

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

  

					
		  	A-1-3	  	Indenture (SDART 2018-2)

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

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

  

					
		  	A-1-4	  	Indenture (SDART 2018-2)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [     ] 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	a national banking association, not in its
	individual capacity but solely as Indenture Trustee
		
	By:	 	
                 

		 	Authorized Signatory

  

					
		  	A-1-5	  	Indenture (SDART 2018-2)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.35000%] [Class A-2-A 2.58%] [Class A-2-B LIBOR + 0.25%] [Class A-3 2.75%] [Class B 3.03%] [Class C 3.35%] [Class D 3.88%] Auto Loan Asset-Backed Notes (herein called the “Class [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 April 18, 2018 (such Indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all
terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or
pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The
Class A-1 Notes, the Class A-2-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-1-6	  	Indenture (SDART 2018-2)

 
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 commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		  	A-1-7	  	Indenture (SDART 2018-2)

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

  

					
		  	A-1-8	  	Indenture (SDART 2018-2)

 ASSIGNMENT 

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

                          
                                         
                                         
                                         
                                         
                         
 FOR
VALUE RECEIVED, the undersigned hereby sells, 
 assigns and transfers unto
                                        
                                         
                                         
                                         
          
 (name and address of assignee) 

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

	
	 Signature Guaranteed:
  

	  

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

  

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

  

					
		  	A-1-9	  	Indenture (SDART 2018-2)

 EXHIBIT A-2 

FORM OF 144A 

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

 REGISTERED 
 No.
R-       

$                       
                             1 

CUSIP NO. [                ] 

ISIN.
[                        ] 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
“INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN [$1,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN INTEGRAL MULTIPLES IN EXCESS THEREOF OF OTHER THAN $1,000)]2 [$2,100,000 AND IN GREATER WHOLE NUMBER DENOMINATIONS OF $1,000 IN
EXCESS THEREOF (EXCEPT FOR TWO SUCH NOTES WHICH MAY BE ISSUED IN A LESSER 
  

	1 	In the case of Class A, Class B, Class C or Class D Notes, denominations of $1,000 and integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a
denomination other than an integral multiple of $1,000); in the case of Class E Notes, denominations of $2,100,000 and integral multiples of $1,000 in excess thereof (except for two Notes which may be issued in a lesser denomination and/or in
integral multiples in excess thereof of other than $1,000). 

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

  

					
		  	A-2-1	  	Indenture (SDART 2018-2)

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

 

	3 	 Class E Notes. 

  

					
		  	A-2-2	  	Indenture (SDART 2018-2)

 
YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, IF YOU ARE A BENEFIT PLAN, YOU AND YOUR FIDUCIARY WILL BE DEEMED TO REPRESENT, COVENANT AND AGREE THAT, (A) YOU ARE REPRESENTED BY AN
INDEPENDENT FIDUCIARY THAT IS (1) A “FIDUCIARY” WITH RESPECT TO THE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(21) OF ERISA, SECTION 4975 OF THE CODE, OR BOTH, AND IS RESPONSIBLE FOR EXERCISING INDEPENDENT JUDGMENT IN EVALUATING THE
BENEFIT PLAN’S ACQUISITION OF THE NOTES AND (2) IS A PERSON DESCRIBED IN DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-21(c)(1)(i), (B) SUCH INDEPENDENT FIDUCIARY HAS EXERCISED INDEPENDENT JUDGMENT
IN EVALUATING WHETHER TO PURCHASE THIS NOTE, AND (C) THE INDEPENDENT FIDUCIARY IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH RESPECT TO THIS NOTE. YOU ACKNOWLEDGE THAT (A) NEITHER THE ISSUER, THE
INDENTURE TRUSTEE NOR ANY UNDERWRITER OR INITIAL PURCHASER IS UNDERTAKING TO PROVIDE IMPARTIAL INVESTMENT ADVICE OR TO GIVE ADVICE IN ANY FIDUCIARY CAPACITY, IN CONNECTION WITH YOUR INVESTMENT IN THIS NOTE AND (B) THE OFFERING DOCUMENTS AND THE
INDENTURE FAIRLY INFORM SUCH FIDUCIARY OF THE EXISTENCE AND NATURE OF THE FINANCIAL INTERESTS OF THE ISSUER, THE UNDERWRITER OR THE INITIAL PURCHASER AND OTHER PARTIES. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 

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

  

					
		  	A-2-3	  	Indenture (SDART 2018-2)

 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2018-2 

[CLASS A-1 2.35000%] [CLASS
A-2-A 2.58%] [CLASS A-2-B LIBOR + 0.25%] 

[CLASS A-3 2.75%] [CLASS B 3.03%] [CLASS C 3.35%] [CLASS D 3.88%] [CLASS E 5.02%] 

AUTO LOAN ASSET BACKED NOTES 

Santander Drive Auto Receivables Trust 2018-2, 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 May 15, 2018 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] [E] Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest
Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided,
however, that the entire unpaid Class [A-1] [A-2-A]
[A-2-B] [A-3] [B] [C] [D] [E] Note Balance shall be due and payable on the earliest of (i)
[        ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an
Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [preceding Payment Date (or, in the case of the initial Payment Date, from and
including the Closing Date) to but excluding such Payment Date] 4 [15th day of the prior
calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs]5. Interest will be computed on the basis of [Class A-1, A-2-B: actual days
elapsed and a 360-day year][Class A-2-A, A-3, B, C, D, E: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

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

 

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

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

  

					
		  	A-2-4	  	Indenture (SDART 2018-2)

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

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

  

					
		  	A-2-5	  	Indenture (SDART 2018-2)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:                     , 2018 

 

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Indenture Trustee
	
	By:                                     
                                         
                  
	Authorized Signatory

  

					
		  	A-2-6	  	Indenture (SDART 2018-2)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
2.35000%] [Class A-2-A 2.58%] [Class A-2-B LIBOR + 0.25%] [Class A-3 2.75%] [Class B 3.03%] [Class C 3.35%] [Class D 3.88%] [Class E 5.02%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3] [B] [C] [D] [E] Notes” or the “Notes”), all issued
under an Indenture, dated as of April 18, 2018 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, a national banking association, not in its
individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are
not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in Appendix A of the Sale and Servicing Agreement. 

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

  

					
		  	A-2-7	  	Indenture (SDART 2018-2)

 
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 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] [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 

  

					
		  	A-2-8	  	Indenture (SDART 2018-2)

 
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. 

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

  

					
		  	A-2-9	  	Indenture (SDART 2018-2)

 ASSIGNMENT 

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

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

 

	
	 

 (name and address of assignee) 

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

Dated:                         
                                         
                                         
                                       
                   */ 

Signature Guaranteed: 
  

                       
                                  

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

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

  

					
		  	A-2-10	  	Indenture (SDART 2018-2)

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