Document:

exv10w3

Exhibit
10.3

 

ADMINISTRATION AGREEMENT

between

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

as Issuer,

SANTANDER CONSUMER USA INC.,

as Administrator

and

[                      ],

as Indenture Trustee

Dated as of [                    ], 20[ ]

 

20[    ]-[ ] Administration Agreement

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1.	 	Duties of the Administrator
	 	 	1	 
	2.	 	Records
	 	 	3	 
	3.	 	Compensation; Payment of Fees and Expenses
	 	 	3	 
	4.	 	Independence of the Administrator
	 	 	3	 
	5.	 	No Joint Venture
	 	 	3	 
	6.	 	Other Activities of the Administrator
	 	 	3	 
	7.	 	Representations and Warranties of the Administrator
	 	 	3	 
	8.	 	Administrator Termination Events; Termination of the Administrator
	 	 	4	 
	9.	 	Action upon Termination or Removal
	 	 	6	 
	10.	 	Liens
	 	 	6	 
	11.	 	Notices
	 	 	6	 
	12.	 	Amendments
	 	 	6	 
	13.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	 	 	8	 
	14.	 	Headings
	 	 	8	 
	15.	 	Counterparts
	 	 	9	 
	16.	 	Severability of Provisions
	 	 	9	 
	17.	 	Not Applicable to Santander Consumer in Other Capacities; Merger of Administrator
	 	 	9	 
	18.	 	Benefits of the Administration Agreement
	 	 	9	 
	19.	 	Assignment
	 	 	9	 
	20.	 	Nonpetition Covenant
	 	 	9	 
	21.	 	Limitation of Liability
	 	 	10	 
	22.	 	Limitation of Rights
	 	 	10	 

20[    ]-[ ] Administration Agreement

-i-

 

     THIS ADMINISTRATION AGREEMENT (as amended, supplemented or otherwise modified and in effect
from time to time, this “Agreement”) dated as of [                    ], 20[ ], is between
SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[    ]-[ ], a Delaware statutory trust (the
“Issuer”), SANTANDER CONSUMER USA INC., an Illinois corporation, as administrator
(“Santander Consumer” or the “Administrator”), and [            ], a [   ], as
indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned such terms in Appendix A to the
Sale and Servicing Agreement dated as of [                    ], 20[    ] (the “Sale and Servicing
Agreement”) by and between Santander Drive Auto Receivables LLC, as seller, the Issuer, the
Administrator, as servicer, and the Indenture Trustee.

W I T N E S S E T H :

     WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and has entered into
certain agreements in connection therewith, including, (i) the Sale and Servicing Agreement, (ii)
the Indenture, (iii) the Note Depository Agreement[, (iv) the Interest Rate Swap Agreement] and (v)
the Trust Agreement (each of the agreements referred to in clauses (i) through (v)
are referred to herein collectively as the “Issuer Documents”);

     WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the
Indenture Trustee pursuant to the Indenture;

     WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required to
perform certain duties;

     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of
the duties of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust
Agreement), and to provide such additional services consistent with this Agreement and the Issuer
Documents as the Issuer may from time to time request;

     WHEREAS, the Administrator has the capacity to provide the services required hereby and is
willing to perform such services for the Issuer and the Owner Trustee on the terms set forth
herein;

     NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:

     1. Duties of the Administrator.

     (a) Duties with Respect to the Issuer Documents. The Administrator shall
perform all of its duties specifically enumerated herein as Administrator under this
Agreement and the Issuer Documents and the duties and obligations of the Issuer and the
Owner Trustee (in its capacity as owner trustee under the Trust Agreement) under the Issuer
Documents and no additional duties shall be read to be included herein; provided, however,
except as otherwise provided in the Issuer Documents, that the Administrator shall have no
obligation to make any payment required to be made by the Issuer under any Issuer Document;
provided, further, however, that the Administrator shall have no

20[    ]-[ ] Administration Agreement

 

 

obligation, and the Owner Trustee shall be required to fully perform its duties, with
respect to the obligations of the Owner Trustee under Sections 11.9, 11.14,
11.15 and 11.16 of the Trust Agreement and to otherwise comply with the
requirements of the Owner Trustee pursuant to or related to Regulation AB. In addition, the
Administrator shall consult with the Issuer and the Owner Trustee regarding its duties and
obligations under the Issuer Documents. The Administrator shall monitor the performance of
the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee when
action is necessary to comply with the Issuer’s and the Owner Trustee’s duties and
obligations under the Issuer Documents. The Administrator shall perform such calculations,
and shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer and the Owner Trustee (in its capacity as
owner trustee) to prepare, file or deliver pursuant to the Issuer Documents. In furtherance
of the foregoing, the Administrator shall take all appropriate action that is the duty of
the Issuer and the Owner Trustee (in its capacity as owner trustee) to take pursuant to the
Issuer Documents, and shall prepare and execute on behalf of the Issuer all such documents,
reports, filings, instruments, certificates and opinions as it shall be the duty of the
Issuer to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law.

     (b) Notices to Rating Agencies. The Administrator shall give notice to each
Rating Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section
10.4 of the Trust Agreement; (ii) any merger or consolidation of the Indenture Trustee
pursuant to Section 6.9 of the Indenture; (iii) any resignation or removal of the Indenture
Trustee pursuant to Section 6.8 of the Indenture; (iv) any Default or Event of Default of
which it has been provided notice pursuant to Section 6.5 of the Indenture; (v) the
termination of, and/or appointment of a successor to, the Servicer pursuant to Sections 7.1
or 7.2 of the Sale and Servicing Agreement; in the case of each of (i) through (v) promptly
upon the Administrator being notified thereof by the Owner Trustee or the Indenture Trustee,
as applicable.

     (c) No Action by Administrator. Notwithstanding anything to the contrary in
this Agreement, the Administrator shall not be obligated to, and shall not, take any action
that the Issuer directs the Administrator not to take nor which would result in a violation
or breach of the Issuer’s covenants, agreements or obligations under any of the Issuer
Documents.

     (d) Non-Ministerial Matters; Exceptions to Administrator Duties.

     (i) Notwithstanding anything to the contrary in this Agreement, with respect to
matters that in the reasonable judgment of the Administrator are non-ministerial,
the Administrator shall not take any action unless, within a reasonable time before
the taking of such action, the Administrator shall have notified the Issuer of the
proposed action and the Issuer shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence, “non-ministerial
matters” shall include, without limitation:

20[    ]-[ ] Administration Agreement

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     (A) the initiation of any claim or lawsuit by the Issuer and the compromise of
any action, claim or lawsuit brought by or against the Issuer;

     (B) the appointment of successor Note Registrars, successor Paying Agents,
successor Indenture Trustees, successor Administrators or successor Servicers, or
the consent to the assignment by the Note Registrar, Paying Agent or Indenture
Trustee of its obligations under the Indenture; and

     (C) the removal of the Indenture Trustee.

     (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments to the
Noteholders under the Transaction Documents, (y) except as provided in the
Transaction Documents, sell the Trust Estate or (z) take any other action that the
Issuer directs the Administrator not to take on its behalf.

     2. Records. The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible
for inspection by the Issuer, the Seller and the Indenture Trustee at any time during normal
business hours.

     3. Compensation; Payment of Fees and Expenses. As compensation for the performance of
the Administrator’s obligations under this Agreement and as reimbursement for its expenses related
thereto, the Administrator shall be entitled to receive $5,000 annually, which shall be solely an
obligation of the Servicer. The Administrator shall pay all expenses incurred by it in connection
with its activities hereunder.

     4. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the
Issuer with respect to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to
act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not
otherwise be deemed an agent of the Issuer.

     5. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the
Administrator and the Issuer as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to impose any liability
as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the others.

     6. Other Activities of the Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from
acting in a similar capacity as an Administrator for any other Person even though such Person may
engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.

     7. Representations and Warranties of the Administrator. The Administrator represents
and warrants to the Issuer and the Indenture Trustee as follows:

20[    ]-[ ] Administration Agreement

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     (a) Existence and Power. The Administrator is a corporation validly existing
and in good standing under the laws of its state of organization and has, in all material
respects, full power and authority to own its assets and operate its business as presently
owned or operated, and to execute, deliver and to perform its obligations under the
Transaction Documents to which it is a party. The Administrator has obtained all necessary
licenses and approvals in each jurisdiction where the failure to do so would materially and
adversely affect the ability of the Administrator to perform its obligations under the
Transaction Documents or affect the enforceability or collectibility of the Receivables or
any other part of the Collateral.

     (b) Authorization and No Contravention. The execution, delivery and
performance by the Administrator of the Transaction Documents to which it is a party have
been duly authorized by all necessary action on the part of the Administrator and do not
contravene or constitute a default under (i) any applicable law, rule or regulation, (ii)
its organizational documents or (iii) any material agreement or instrument to which the
Administrator is a party by which its properties are bound (other than violations of such
laws, rules, regulations or agreements which do not affect the legality, validity or
enforceability of any of such agreements and which, individually or in the aggregate, would
not materially and adversely affect the transactions contemplated by, or the Administrator’s
ability to perform its obligations under, the Transaction Documents).

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

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

     8. Administrator Termination Events; Termination of the Administrator.

     (a) Subject to clauses (d) and (e) below and Section 3.15 of the
Indenture, the Administrator may resign its duties hereunder by providing the Issuer with at
least sixty (60) days’ prior written notice.

20[    ]-[ ] Administration Agreement

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     (b) Subject to clauses (c) and (d) below, the Issuer may remove the
Administrator without cause by providing the Administrator with at least sixty (60) days’
prior written notice.

     (c) The occurrence of any one of the following events (each, an “Administrator
Termination Event”) shall also entitle the Issuer, subject to Section 19 hereof,
to terminate and replace the Administrator:

     (i) any failure by the Administrator to deliver or cause to be delivered any
required payment to the Indenture Trustee for distribution to the Noteholders, which
failure continues unremedied for ten Business Days after discovery thereof by a
Responsible Officer of the Administrator or receipt by the Administrator of written
notice thereof from the Indenture Trustee or Noteholders evidencing at least a 25%
of Note Balance, voting together as a single class;

     (ii) any failure by the Administrator to duly observe or perform in any
material respect any other of its covenants or agreements in this Agreement, which
failure materially and adversely affects the rights of the Issuer or the
Noteholders, and which continues unremedied for 90 days after discovery thereof by
a Responsible Officer of the Administrator or receipt by the Administrator of
written notice thereof from the Indenture Trustee or Noteholders evidencing a
majority of the aggregate principal amount of the Outstanding Notes, voting together
as a single class; or

     (iii) the Administrator suffers a Bankruptcy Event;

     provided, however, that a delay or failure of performance referred to under clauses
(i) or (ii) above for a period of 120 days will not constitute an Administrator
Termination Event if such delay or failure was caused by force majeure or other similar
occurrence. The existence or occurrence of any “material instance of noncompliance” (within
the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event
in clauses (i), (ii) or (iii) above has occurred.

     (d) If an Administrator Termination Event shall have occurred, the Issuer may, subject
to Section 19 hereof, by notice given to the Administrator and the Owner Trustee,
terminate all or a portion of the rights and powers of the Administrator under this
Agreement, including the rights of the Administrator to receive the annual fee for services
hereunder for all periods following such termination; provided, however that
such termination shall not become effective until such time as the Issuer, subject to
Section 19 hereof, shall have appointed a successor Administrator in the manner set
forth below. Upon any such termination, all rights, powers, duties and responsibilities of
the Administrator under this Agreement shall vest in and be assumed by any successor
Administrator appointed by the Issuer, subject to Section 19 hereof, pursuant to a
management agreement between the Issuer and such successor Administrator, containing
substantially the same provisions as this Agreement (including with respect to the
compensation of such successor Administrator), and the successor Administrator is hereby
irrevocably authorized and empowered to execute and deliver, on behalf of the

20[    ]-[ ] Administration Agreement

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Administrator, as attorney-in-fact or otherwise, all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect such
vesting and assumption. Further, in such event, the Administrator shall use its
commercially reasonable efforts to effect the orderly and efficient transfer of the
administration of the Issuer to the new Administrator.

     (e) The Issuer, subject to Section 19 hereof, may waive in writing any
Administrator Termination Event by the Administrator in the performance of its obligations
hereunder and its consequences. Upon any such waiver of a past Administrator Termination
Event, such Administrator Termination Event shall cease to exist, and any Administrator
Termination Event arising therefrom shall be deemed to have been remedied for every purpose
of this Agreement. No such waiver shall extend to any subsequent or other Administrator
Termination Event or impair any right consequent thereon.

     9. Action upon Termination or Removal. Promptly upon the effective date of
termination of this Agreement pursuant to Section 8, or the removal of the Administrator
pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all
fees and reimbursable expenses accruing to it to the date of such termination or removal.

     10. Liens. The Administrator will not directly or indirectly create, allow or suffer
to exist any Lien on the Collateral other than Permitted Liens.

     11. 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, and addressed in each case as
specified on Schedule II 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.

     12. Amendments.

     (a) Any term or provision of this Agreement may be amended by the Administrator without
the consent of the Indenture Trustee, any Noteholder, the Issuer, [the Swap Counterparty,]
the Owner Trustee or any other Person subject to the satisfaction of one of the following
conditions:

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

     (ii) the Administrator delivers an Officer’s Certificate of the Administrator
to the Indenture Trustee to the effect that such amendment will not materially or
adversely affect the interests of the Noteholders; or

20[    ]-[ ] Administration Agreement

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     (iii) the Administrator notifies the Indenture Trustee in writing that the
Rating Agency Condition is satisfied with respect to such amendment;

provided, that no amendment 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[; provided, further, that such amendment shall not materially and adversely affect the
rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement
unless the Swap Counterparty shall have consented in writing to such amendment (which consent shall
not be unreasonably withheld or delayed)].

     (b) Any term or provision of this Agreement may be amended by the Administrator but
without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee
or any other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply
with or obtain more favorable treatment under any law or regulation or any accounting rule
or principle (whether now or in the future), it being a condition to any such amendment that
the Rating Agency Condition shall have been satisfied.

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

     (d) Prior to the execution of any such amendment, the Administrator shall provide
written notification of the substance of such amendment to each Rating Agency and the Owner
Trustee; and promptly after the execution of any such amendment, the Administrator shall
furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture
Trustee.

     (e) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent to the execution and delivery of such
amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall
not be obligated to, enter into any such amendment

20[    ]-[ ] Administration Agreement

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which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable,
own rights, duties or immunities under this Agreement.

     13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

     (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL,
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO
CONFLICTS OF LAWS, 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 Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to
the nonexclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York and
appellate courts from any thereof;

     (ii) consents that any such action or proceeding may be brought 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 of this Agreement;

     (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 Agreement, any other
Transaction Document, or any matter arising hereunder or thereunder.

     14. Headings. The section headings hereof have been inserted for convenience of
reference only and shall not be construed to affect the meaning, construction or effect of this
Agreement.

20[    ]-[ ] Administration Agreement

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     15. Counterparts. This Agreement may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, but all of such counterparts shall together
constitute but one and the same instrument.

     16. Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.

     17. Not Applicable to Santander Consumer in Other Capacities; Merger of Administrator.

     (a) Nothing in this Agreement shall affect any obligation Santander Consumer may have
in any other capacity.

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

     18. Benefits of the Administration Agreement. Nothing in this Agreement, expressed or
implied, shall give to any Person other than the parties hereto and their successors hereunder, the
Owner Trustee, any separate trustee or co-trustee appointed under Section 6.10 of the
Indenture[, the Swap Counterparty] and the Noteholders, any benefit or any legal or equitable
right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee is a
third party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and
may enforce the provisions hereof as if it were a party hereto.

     19. Assignment. Each party hereto hereby acknowledges and consents to the mortgage,
pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant
to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this
Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as any
Notes are outstanding, the Indenture Trustee will have the right to exercise all waivers and
consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement.

     20. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is
one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in
respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize

20[    ]-[ ] Administration Agreement

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any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or
other proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote
Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of,
its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) none of the parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation
or insolvency law or statute now or hereafter in effect in any jurisdiction.

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

     22. [Limitation of Rights. All of the rights of the Swap Counterparty in, to and
under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap
Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the
Swap Counterparty under such Interest Rate Swap Agreement.]

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written.

	 	 	 	 	 
	 	SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[   ]-[ ]

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

20[    ]-[ ] Administration Agreement

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	SANTANDER CONSUMER USA INC.,

 as Administrator

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

20[    ]-[ ] Administration Agreement

S-2

 

	 	 	 	 	 

	 	 	 	 	 
	 	[                   ], as Indenture Trustee

 	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

20[    ]-[ ] Administration Agreement

S-3

 

	 	 	 	 	 

Joinder of Servicer:

SANTANDER CONSUMER USA INC., as Servicer, joins in this Agreement solely for purposes of
Section 3.

	 	 	 	 	 
	 	SANTANDER CONSUMER USA INC., 

as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

20[    ]-[ ] Administration Agreement

S-4exv10w4

Exhibit 10.4

 

SANTANDER
DRIVE AUTO RECEIVABLES TRUST 20[       ]-[ ]

AMENDED AND RESTATED

TRUST AGREEMENT

between

SANTANDER DRIVE AUTO RECEIVABLES LLC,

as the Depositor

and

[                                                            ],

as the Owner Trustee

Dated
as of [                    ], 20 [       ]

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I            DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1. Capitalized Terms
	 	 	1	 
	SECTION 1.2. Other Interpretive Provisions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II            ORGANIZATION
	 	 	2	 
	 
	 	 	 	 
	SECTION 2.1. Name
	 	 	2	 
	SECTION 2.2. Office
	 	 	2	 
	SECTION 2.3. Purposes and Powers
	 	 	2	 
	SECTION 2.4. Appointment of the Owner Trustee
	 	 	3	 
	SECTION 2.5. Initial Capital Contribution of Trust Estate
	 	 	3	 
	SECTION 2.6. Declaration of Trust
	 	 	3	 
	SECTION 2.7. Organizational Expenses; Liabilities of the Holders
	 	 	3	 
	SECTION 2.8. Title to the Trust Estate
	 	 	4	 
	SECTION 2.9. Representations and Warranties of the Seller
	 	 	4	 
	SECTION 2.10. Situs of Issuer
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III            RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES
	 	 	5	 
	 
	 	 	 	 
	SECTION 3.1. Initial Ownership
	 	 	5	 
	SECTION 3.2. Authorization of the Certificates
	 	 	5	 
	SECTION 3.3. Form of the Certificate
	 	 	5	 
	SECTION 3.4. Registration of the Certificates
	 	 	5	 
	SECTION 3.5. Transfer of the Certificate
	 	 	5	 
	SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV            ACTIONS BY OWNER TRUSTEE
	 	 	7	 
	 
	 	 	 	 
	SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters
	 	 	7	 
	SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters
	 	 	8	 
	SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy
	 	 	8	 
	SECTION 4.4. Restrictions on Residual Interestholder’s Power
	 	 	8	 
	SECTION 4.5. Majority Control
	 	 	8	 
	 
	 	 	 	 
	ARTICLE V            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	8	 
	 
	 	 	 	 
	SECTION 5.1. Application of Trust Funds
	 	 	8	 
	SECTION 5.2. Method of Payment
	 	 	9	 
	SECTION 5.3. Signature on Returns
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI            AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	9	 
	 
	 	 	 	 
	SECTION 6.1. General Authority
	 	 	9	 
	SECTION 6.2. General Duties
	 	 	9	 
	SECTION 6.3. Action upon Instruction
	 	 	10	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.4.  No Duties Except as Specified in this Agreement or in Instructions
	 	 	10	 
	SECTION 6.5.  No Action Except under Specified Documents or Instructions
	 	 	11	 
	SECTION 6.6.  Restrictions
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VII  CONCERNING OWNER TRUSTEE
	 	 	11	 
	 
	 	 	 	 
	SECTION 7.1.  Acceptance of Trusts and Duties
	 	 	11	 
	SECTION 7.2.  Furnishing of Documents
	 	 	13	 
	SECTION 7.3.  Representations and Warranties
	 	 	13	 
	SECTION 7.4.  Reliance; Advice of Counsel
	 	 	14	 
	SECTION 7.5.  Not Acting in Individual Capacity
	 	 	14	 
	SECTION 7.6.  The Owner Trustee May Own Notes
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VIII  COMPENSATION OF OWNER TRUSTEE
	 	 	15	 
	 
	 	 	 	 
	SECTION 8.1.  The Owner Trustee’s Compensation
	 	 	15	 
	SECTION 8.2.  Indemnification
	 	 	15	 
	SECTION 8.3.  Payments to the Owner Trustee
	 	 	15	 
	 
	 	 	 	 
	ARTICLE IX  TERMINATION OF TRUST AGREEMENT
	 	 	16	 
	 
	 	 	 	 
	SECTION 9.1.  Termination of Trust Agreement
	 	 	16	 
	SECTION 9.2.  Dissolution of the Issuer
	 	 	16	 
	SECTION 9.3.  Limitations on Termination
	 	 	16	 
	 
	 	 	 	 
	ARTICLE X  SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	16	 
	 
	 	 	 	 
	SECTION 10.1.  Eligibility Requirements for the Owner Trustee
	 	 	16	 
	SECTION 10.2.  Resignation or Removal of the Owner Trustee
	 	 	17	 
	SECTION 10.3.  Successor Owner Trustee
	 	 	17	 
	SECTION 10.4.  Merger or Consolidation of the Owner Trustee
	 	 	18	 
	SECTION 10.5.  Appointment of Co-Trustee or Separate Trustee
	 	 	18	 
	 
	 	 	 	 
	ARTICLE XI  MISCELLANEOUS
	 	 	19	 
	 
	 	 	 	 
	SECTION 11.1.  Amendments
	 	 	19	 
	SECTION 11.2.  No Legal Title to Trust Estate in Residual Interestholder
	 	 	21	 
	SECTION 11.3.  Limitations on Rights of Others
	 	 	21	 
	SECTION 11.4.  Notices
	 	 	21	 
	SECTION 11.5.  Severability
	 	 	21	 
	SECTION 11.6.  Separate Counterparts
	 	 	21	 
	SECTION 11.7.  Successors and Assigns
	 	 	22	 
	SECTION 11.8.  No Petition
	 	 	22	 
	SECTION 11.9.  Information Request
	 	 	23	 
	SECTION 11.10.  Headings
	 	 	23	 
	SECTION 11.11.  GOVERNING LAW
	 	 	23	 
	SECTION 11.12.  [Limitation of Rights of Swap Counterparty
	 	 	23	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.13. Waiver of Jury Trial
	 	 	23	 
	SECTION 11.14. Form 10-D and Form 10-K Filings
	 	 	23	 
	SECTION 11.15. Form 8-K Filings
	 	 	24	 
	SECTION 11.16. Indemnification
	 	 	24	 

-iii-

 

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of [                    ], 20[ ] (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”)
between SANTANDER DRIVE AUTO RECEIVABLES LLC, a Delaware limited liability company, as the
depositor (the “Seller”), and [                                                            ], a [     
       ], as the owner
trustee (the “Owner Trustee”).

RECITALS

     WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as
of [                                                            ], 20[ ] (the “Original Trust Agreement”), pursuant to which the
Issuer (as defined below) was created; and

     WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and
restate the Original Trust Agreement;

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

ARTICLE I

DEFINITIONS

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

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

 

 

ARTICLE II

ORGANIZATION

     SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as
“Santander Drive Auto Receivables Trust 20[       ]-[ ]” (the “Issuer”), in which name the Owner
Trustee may conduct the business of such trust, make and execute contracts and other instruments on
behalf of such trust and sue and be sued.

     SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address as the Owner Trustee may designate by written
notice to the Residual Interestholder, the Seller and the Administrator.

     SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the
power and authority, to engage in the following activities:

     (a) to issue the Notes pursuant to the Indenture and, if so requested by the Residual
Interestholder, to issue the Certificates, pursuant to this Agreement, and to sell, transfer
and exchange the Notes and the Certificates and to pay interest on and principal of the
Notes and distributions to the Residual Interestholder;

     (b) [to enter into and perform its obligations under any interest rate protection
agreement or agreements relating to the Notes between the Issuer and one or more
counterparties, including any confirmations, evidencing the transactions thereunder, each of
which is an interest rate swap, an interest rate cap, an obligation to enter into any of the
foregoing or any combination of any of the foregoing;]

     (c) to acquire the property and assets set forth in the Sale and Servicing Agreement
from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the
Collection Account and the Reserve Account and to pay the organizational, start-up and
transactional expenses of the Issuer;

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

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

     (f) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith; and

     (g) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with conservation of the Trust Estate and the
making of distributions to the Residual Interestholder and the Noteholders.

2

 

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

     SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner Trustee
as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties
set forth herein.

     SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original
Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee
the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such
date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be
deposited in the Collection Account.

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

     SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

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

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

3

 

     SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested
at all times in the Issuer as a separate legal entity.

     SECTION 2.9. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Owner Trustee that:

     (a) Existence and Power. The Seller is a Delaware limited liability company validly
existing and in good standing under the laws of the State of Delaware and has, in all
material respects, full power and authority required to own its assets and operate its
business as presently owned or operated, and to execute, deliver and to perform its
obligations under the Transaction Documents to which it is a party. The Seller has obtained
all necessary licenses and approvals in each jurisdiction where the failure to do so would
materially and adversely affect the ability of the Seller to perform its obligations under
the Transaction Documents and the Underwriting Agreement.

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

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

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

4

 

     (e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to
the knowledge of the Seller, threatened against the Seller before or by any Governmental
Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the
other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other
Transaction Documents or (iii) seek any determination or ruling that would materially and
adversely affect the performance by the Seller of its obligations under this Agreement or
any of the other Transaction Documents.

     SECTION 2.10. Situs of Issuer. The Issuer shall be located and administered in the State of
Delaware (it being understood that the Issuer may have bank accounts located and maintained outside
of Delaware).

ARTICLE III

RESIDUAL INTEREST AND TRANSFER OF CERTIFICATES

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

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

     SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the
form of a typewritten Certificate representing a definitive Certificate, substantially in the form
of Exhibit A hereto and shall be registered in the name of “Santander Drive Auto
Receivables LLC” or its nominee as the initial registered owner thereof.

     SECTION 3.4. Registration of the Certificates. The Owner Trustee shall maintain at its office
referred to in Section 2.2, or at the office of any agent appointed by it and approved in
writing by the Residual Interestholder at the time of such appointment, a register for the
registration and transfer of any Certificate.

     SECTION 3.5. Transfer of the Certificate. (a) The Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the Certificate;
provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the
Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such transfer
will not cause the Issuer to be treated as a publicly traded partnership for federal income tax
purposes, (iii) the Certificate may not be acquired by or for the account of or with the assets of
a Benefit Plan or

5

 

any governmental, non-U.S., church or other plan or retirement arrangement that is subject to
a law that is substantially similar to the fiduciary provisions of ERISA or Section 4975 of the
Code (“Similar Law”). By accepting and holding a Certificate (or any interest therein), the holder
thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the
Certificate (or any interest therein) on behalf of, a Benefit Plan or any governmental, non-U.S.,
church or other plan or retirement arrangement that is subject to Similar Law. The Owner Trustee
shall have no duty to independently determine that the requirement in (iii) above is met
and shall incur no liability to any person in the event the holder of the Certificate does not
comply with such restrictions. Subject to the transfer restrictions contained herein and in the
Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in
the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by
the documents required by this Section. Such transfer may be made by the registered
Certificateholder in person or by his attorney duly authorized in writing upon surrender of the
Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such
signature guarantees and evidence of authority of the Persons signing the instrument of transfer as
the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt
by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of
such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in
the Certificate register and issue, execute and deliver to such Certificateholder a Certificate
evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a
portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to
such transferor a new Certificate evidencing such transferor’s new percentage of beneficial
interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or
Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in
connection with such transfer. The Owner Trustee may treat the Person in whose name any
Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by
such Certificate.

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

     (c) The Owner Trustee shall not be obligated to register any transfer of a
Certificate unless each of the transferor and the transferee have certified to the
Owner Trustee that such transfer does not violate any of the transfer restrictions
stated herein including, but not limited to clauses (d) and (e) of this
Section 3.5. The Owner Trustee shall not be liable to any Person for
registering any transfer based on such certifications.

     (d) No transfer (or purported transfer) of all or any part of a
Certificateholder’s interest (or any economic interest therein), whether to another
Certificateholder or to a person who is not a Certificateholder, shall be effective,
and any such transfer (or purported transfer) shall be void ab initio,
and no person shall otherwise become a Certificateholder if, after such transfer (or
purported transfer), the Issuer would have more than 95 direct or indirect holders of
an interest in the Certificates. For purposes of determining whether the Issuer will
have more than 95

6

 

holders of an interest in the Certificates, each Person indirectly owning an
interest through a partnership (including any entity treated as a partnership for
federal income tax purposes), a grantor trust or an S corporation (each such entity, a
“flow-through entity”) shall be treated as a Certificateholder unless the
Depositor determines in its sole and absolute discretion, after consulting with
qualified tax counsel, that less than substantially all of the value of the beneficial
owner’s interest in the flow-through entity is attributable to the flow-through
entity’s interest (direct or indirect) in the Issuer.

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

     SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated
Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its
satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership
satisfactory to the Owner Trustee together with such security or indemnity as may be requested by
the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new
Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so
mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such
notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate
under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable
fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate
Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible
evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action unless at least 10 days
before the taking of such action (or if 10 days’ advance notice is impracticable, as much advance
notice as is practicable), the Owner Trustee shall have notified the Residual Interestholder in
writing of the proposed action and the Residual Interestholder shall not have notified the Owner
Trustee in writing that the Residual Interestholder has withheld consent or provided alternative
direction:

     (a) the amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is required;

7

 

     (b) the amendment of the Indenture by a supplemental indenture in circumstances where
the consent of any Noteholder is not required and such amendment materially adversely
affects the interests of the Residual Interestholder;

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

     (d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the
consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations
under the Indenture or this Agreement, as applicable.

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

     SECTION 4.3. Action by Residual Interestholder with Respect to Bankruptcy. The Owner Trustee
shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer
until one year and one day after the Outstanding Amount of all the Notes has been reduced to zero,
and [all amounts owed to the Swap Counterparty under the Transaction documents have been paid]
without the prior written approval of the Residual Interestholder and the delivery to the Owner
Trustee by the Residual Interestholder of a certificate certifying that the Residual Interestholder
reasonably believes that the Issuer is insolvent.

     SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual Interestholder
shall not direct the Owner Trustee to take or refrain from taking any action if such action or
inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this
Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor
shall the Owner Trustee be obligated to follow any such direction, if given.

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

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made
in accordance with the provisions of the Indenture and the Sale and Servicing

8

 

Agreement. Subject to the Lien of the Indenture, the Owner Trustee shall promptly distribute
to the Residual Interestholder all other amounts (if any) received by the Issuer or the Owner
Trustee in respect of the Trust Estate. After the termination of the Indenture in accordance with
its terms, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the
Owner Trustee in respect of the Trust Estate at the direction of the Residual Interestholder.

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

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

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and
deliver (i) the Transaction Documents to which the Issuer is named as a party and (ii) each
certificate or other document attached as an exhibit to or contemplated by the Transaction
Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto,
in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner
Trustee’s execution thereof, and at the written direction of the Seller, to direct the Indenture
Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$[                    ], Class A-2 Notes in the aggregate principal amount of $[                    ], Class A-3 Notes in the
aggregate principal amount of $[                    ], Class A-4 Notes in the aggregate principal amount of
$[                    ], Class B Notes in the aggregate principal amount of $[                    ] and Class C Notes in the
aggregate principal amount of $[                    ]. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the
Transaction Documents. The Owner Trustee is further authorized from time to time to take such
action as the Seller, the Administrator or the Residual Interestholder recommends or directs in
writing with respect to the Transaction Documents, except to the extent that this Agreement
expressly requires the consent of the Residual Interestholder for such action.

     SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause
to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other
Transaction Documents and to administer the Issuer in the interest of the Residual Interestholder,
subject to Transaction Documents, and in accordance with the provisions of this Agreement.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Transaction Documents to the

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extent the Administrator has agreed in the Administration Agreement to perform any act or to
discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document,
and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry
out its obligations under the Administration Agreement and shall have no duty to monitor the
performance of the Administrator or any other Person under the Administration Agreement or any
other document. The Owner Trustee shall have no obligation to administer, service or collect the
Receivables or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Receivables.

     SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance
with the Transaction Documents, the Residual Interestholder may, by written instruction, direct the
Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by
written instruction of the Residual Interestholder pursuant to Article IV.

     (b) Subject to Section 7.1, the Owner Trustee shall not be required to take any
action hereunder or under any Transaction Document if the Owner Trustee shall have
reasonably determined or been advised by counsel that such action is likely to result in
liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Transaction Document or is otherwise contrary to law.

     (c) Whenever the Owner Trustee is unable to decide between alternative courses of
action permitted or required by the terms of this Agreement or any Transaction Document or
is unsure as to the application of any provision of this Agreement or any Transaction
Document or any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to the course of
action that the Owner Trustee is required to take with respect to a particular set of facts,
the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Residual Interestholder requesting instruction as to the course of
action to be adopted or application of such provision, and to the extent the Owner Trustee
acts or refrains from acting in good faith in accordance with any written instruction of the
Residual Interestholder received, the Owner Trustee shall not be liable on account of such
action or inaction to any Person. If the Owner Trustee shall not have received appropriate
instruction within ten days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it
may, but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the
best interests of the Residual Interestholder, and shall have no liability to any Person for
such action or inaction.

     SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner
Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take
or refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or

10

 

any Transaction Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it
hereunder or to prepare or file any Commission filing (including any filings required under the
Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document.
[                                                            ] nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any Liens on any part of the Trust Estate that
result from actions by, or claims against, [                                                            ] that are not related to the
ownership or the administration of the Trust Estate.

     SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee
shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust
Estate except (i) in accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 6.3.

     SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the
actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of
the Notes as indebtedness for federal income, state and local income, franchise and value added tax
purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state
income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as
an association or publicly traded partnership taxable as a corporation for federal income, state
and local income or franchise tax purposes. The Residual Interestholder shall not direct the Owner
Trustee to take action that would violate the provisions of this Section.

ARTICLE VII

CONCERNING OWNER TRUSTEE

     SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by
it constituting part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any
Transaction Document under any circumstances notwithstanding anything herein or in the Transaction
Documents to the contrary, except (i) for its own willful misconduct, bad faith or gross
negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by [                                                            ] in its individual capacity, (iii)
for liabilities arising from the failure of [                                                            ] to perform obligations
expressly undertaken by it in the last sentence of Section 6.4 or (iv) for taxes, fees or
other charges on, based on or measured by, any fees, commissions or compensation received by the
Owner Trustee. In particular, but not by way of limitation (and subject to the exemptions set
forth in the preceding sentence):

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     (a) The Owner Trustee shall not be liable for any error of judgment made in good faith
by any officer of the Owner Trustee.

     (b) Under no circumstances shall the Owner Trustee be personally liable hereunder for
any indebtedness of the Issuer.

     (c) The Owner Trustee shall not be personally liable for the payment of any tax imposed
on the Issuer or amounts that are includable in the federal gross income of the Residual
Interestholder.

     (d) No provision of this Agreement shall require the Owner Trustee to expend or risk
funds or otherwise incur any financial liability in the performance of any of the Owner
Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its
legal counsel that repayment of such funds or adequate indemnity against such risk or
liability is not assured or provided to its reasonable satisfaction.

     (e) Under no circumstance shall the Owner Trustee be liable for any representation,
warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the
Transaction Documents or any other agreement, document or certificate contemplated by the
foregoing.

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

     (g) The Owner Trustee shall not be responsible for or in respect of the recitals
herein, the validity or sufficiency of this Agreement, or for the due execution hereof by
the Seller or for the form, character, genuineness, sufficiency, value or validity of any of
the Trust Estate or for or in respect of the validity or sufficiency of the Transaction
Documents or any other document contemplated thereby to which the Owner Trustee is not a
party.

     (h) Notwithstanding anything contained herein or in any of the Transaction Documents to
the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction
other than in the State of Delaware if the taking of such action will (i) require the
consent or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other governmental
authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any
fee, tax or other governmental charge under the laws of any jurisdiction or any political
subdivisions thereof in existence on the date hereof other than the State of Delaware
becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes of action

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arising from acts unrelated to the consummation of the transactions by the Owner
Trustee contemplated hereby.

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

     (j) The Owner Trustee shall be under no duty to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the
request, order or written direction of the Residual Interestholder, unless such Residual
Interestholder has offered to provide to the Owner Trustee, to the extent requested by the
Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any
Transaction Document shall not be answerable for other than its gross negligence, bad faith
or willful misconduct in the performance of any such act.

     (k) All funds deposited with the Owner Trustee hereunder may be held in a non-interest
bearing account and the Owner Trustee shall not be liable for any interest thereon or for
any loss as a result of the investment thereof at the direction of the Residual
Interestholder.

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

     SECTION 7.3. Representations and Warranties. [                                                          
  ] hereby represents
and warrants to the Seller for the benefit of the Residual Interestholder, that:

     (a) It is a [                 ] duly incorporated and validly existing in good standing under
the laws of Delaware and having an office within the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations
under this Agreement.

     (b) It has taken all corporate action necessary to authorize the execution and delivery
by it of this Agreement, and this Agreement will be executed and delivered by one of its
officers who is duly authorized to execute and deliver this Agreement on its behalf.

     (c) This Agreement constitutes a legal, valid and binding obligation of the Owner
Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, liquidation and other similar laws affecting enforcement of the rights of
creditors of banks generally and to equitable limitations on the availability of specific
remedies.

13

 

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

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

     (b) In the exercise or administration of the trusts hereunder and in the performance of
its duties and obligations under this Agreement or the Transaction Documents, the Owner
Trustee (i) may act directly or through its agents or attorneys pursuant to agreements
entered into with any of them, but the Owner Trustee shall not be personally liable for the
conduct or misconduct of such agents, custodians, nominees (including persons acting under a
power of attorney) or attorneys selected with reasonable care and (ii) may consult with
counsel, accountants and other skilled persons knowledgeable in the relevant area to be
selected with reasonable care and employed by it at the expense of the Issuer. The Owner
Trustee shall not be personally liable for anything done, suffered or omitted in good faith
by it in accordance with the written opinion or advice of any such counsel, accountants or
other such persons.

     SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, [                                                            ] acts solely as the
Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against
the Owner Trustee by reason of the transactions contemplated by this Agreement or any Transaction
Document shall look only to the Trust Estate for payment or satisfaction thereof.

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

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ARTICLE VIII

COMPENSATION OF OWNER TRUSTEE

     SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay
(and the Issuer shall pay if the Servicer does not) to [                                                            ] pursuant to
Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all
services rendered by [                                                            ] under this Agreement pursuant to a fee letter
between the Servicer and the Owner Trustee (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust). The Servicer,
pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the
Servicer and the Owner Trustee, shall reimburse (and the Issuer shall reimburse if the Servicer
does not) [                                                            ] upon its request for all reasonable expenses, disbursements
and advances incurred or made by [                                                            ] in accordance with any provision of
this Agreement (including the reasonable compensation, expenses and disbursements of such agents,
experts and counsel as [                                                            ] may employ in connection with the exercise and
performance of its rights and its duties hereunder), except any such expense may be attributable to
its willful misconduct, gross negligence (other than an error in judgment) or bad faith. To the
extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with
Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture,
as applicable.

     SECTION 8.2. Indemnification. The Seller shall cause the Servicer to indemnify (and the
Issuer shall indemnify if the Servicer does not) [                                                            ] in its individual
capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the
“Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty
or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may
at any time be imposed on, incurred by, or asserted against [                                                            ] in its
individual capacity and as trustee or any Indemnified Party in any way relating to or arising out
of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust
Estate or the action or inaction of [                                                            ] hereunder; provided,
however, that neither the Seller nor the Servicer shall be liable for or required to
indemnify [                                                            ] from and against any of the foregoing expenses or indemnities
arising or resulting from (i) its own willful misconduct, bad faith or gross negligence, (ii) the
inaccuracy of any representation or warranty contained in Section 7.3 expressly made by
[                                                            ] in its individual capacity, (iii) liabilities arising from the failure
of [                                                            ] to perform obligations expressly undertaken by it in the last
sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by,
any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the
Servicer, such indemnification shall be paid in accordance with Section 4.4 of the Sale and
Servicing Agreement or Section 5.4(b) of the Indenture, as applicable.

     SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to
this Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of
the Trust Estate immediately after such payment.

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ARTICLE IX

TERMINATION OF TRUST AGREEMENT

     SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this
Agreement (other than Article VIII) shall terminate, upon the later of (a) the final
distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate
in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article
V and (b) the discharge of the Indenture in accordance with Article IV of the
Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual
Interestholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the
Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Issuer or
Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

     SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee
shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory
Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from
the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture
Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the
Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer
and at the written direction of the Residual Interestholder, shall be deemed to have made
reasonable provision to pay all claims and obligations (including conditional, contingent or
unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and shall cause
the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware
Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at
which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no
further force or effect.

     SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither
the Seller nor the Residual Interestholder shall be entitled to revoke or terminate the Issuer.

ARTICLE X

SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

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

16

 

Trustee shall cease to be eligible in accordance with the provisions of this Section, the
Owner Trustee shall resign immediately in the manner and with the effect specified in Section
10.2.

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

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

     Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees
and expenses owed to the outgoing Owner Trustee. The Seller shall provide (or shall cause to be
provided) notice of such resignation or removal of the Owner Trustee to each of the Rating
Agencies.

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

17

 

Agreement; and the Seller and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

     No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall be eligible pursuant to
Section 10.1.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Seller shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to
the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies.
If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause
such notice to be mailed at the expense of the Seller. Any successor Owner Trustee appointed
pursuant to this Section 10.3 shall promptly file an amendment to the Certificate of Trust
with the Secretary of State identifying the name and principal place of business of such successor
Owner Trustee in the State of Delaware.

     SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any Person into which the Owner
Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, without the execution or filing of any instrument or any further act on the
part of any of the parties hereto, anything herein to the contrary notwithstanding, be the
successor of the Owner Trustee hereunder; provided that such corporation shall be eligible
pursuant to Section 10.1; and provided further that the Owner Trustee shall
file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and
mail notice of such merger or consolidation to the Seller and the Administrator.

     SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust Estate may at the time be located, the Seller and the
Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller
shall not have joined in such appointment within 15 days after the receipt by it of a request so to
do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 10.1 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

18

 

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

     (ii) no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement; and

     (iii) the Seller and the Owner Trustee acting jointly may at any time accept
the resignation of or remove any separate trustee or co-trustee.

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

     Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee
shall have no obligation to determine whether a co-trustee or separate trustee is legally required
in any jurisdiction in which any part of the Trust Estate may be located.

ARTICLE XI

MISCELLANEOUS

     SECTION 11.1. Amendments.

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

19

 

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

     (ii) the Seller delivers an Officer’s Certificate of the Seller to the
Indenture Trustee to the effect that such amendment will not materially and
adversely affect the interests of the Noteholders; or

     (iii) the Seller notifies the Indenture Trustee in writing that the Rating
Agency Condition is satisfied with respect to such amendment;

provided, that no amendment 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[, provided, further, that such amendment shall not materially and adversely
affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate
Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment
(which consent shall not be unreasonably withheld or delayed)].

     (b) Any term or provision of this Agreement may be amended by the Seller and the Owner
Trustee, without the consent of the Indenture Trustee, any Noteholder, the Issuer or any
other Person to add, modify or eliminate any provisions as may be necessary or advisable in
order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain
more favorable treatment under any law or regulation or any accounting rule or principle
(whether now or in the future), it being a condition to any such amendment that the Rating
Agency Condition shall have been satisfied.

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

     (d) Prior to the execution of any such amendment, the Seller shall provide written
notification of the substance of such amendment to each Rating Agency and the Owner Trustee;
and promptly after the execution of any such amendment or consent, the Seller shall furnish
a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the
Indenture Trustee.

     (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall
be entitled to receive and conclusively rely upon an Opinion of Counsel

20

 

stating that the execution of such amendment is authorized or permitted by this
Agreement and that all conditions precedent to the execution and delivery of such amendment
have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any
such amendment which affects the Owner Trustee’s own rights, duties or immunities under this
Agreement.

     SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual
Interestholder shall not have legal title to any part of the Trust Estate. The Residual
Interestholder shall be entitled to receive distributions with respect to its undivided beneficial
interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title or interest of the Residual Interestholder to
and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Estate.

     SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Owner Trustee, the Seller, the Administrator, the Residual Interestholder
and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of
this Agreement or any covenants, conditions or provisions contained herein.

     SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given by telecopy with receipt
acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested or via Electronic Transmission, if to
the Owner Trustee, addressed as specified on Schedule II to the Sale and Servicing
Agreement; or, as to each party, at such other address as shall be designated by such party in a
written notice to each other party.

     (b) Any notice required or permitted to be given to a Residual Interestholder shall be
given by first-class mail, postage prepaid, at the address of such Residual Interestholder
as shall be designated by such party in a written notice to each other party. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively presumed to have
been duly given, whether or not the Residual Interestholder receives such notice.

     SECTION 11.5. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all
such counterparts shall together constitute but one and the same instrument.

21

 

     SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be
binding upon, and inure to the benefit of, the Seller, the Owner Trustee and its successors and the
Residual Interestholder and its successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by the Residual
Interestholder shall bind the successors and assigns of the Residual Interestholder.

     SECTION 11.8. No Petition.

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

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

22

 

documents relating to the securitization or conveyance of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally perfected or
otherwise entitled to a priority of distributions or application under applicable law,
including insolvency laws, and whether or not asserted against the Seller), including the
payment of post-petition interest on such other obligations and liabilities. This
subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by entering into or accepting this agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder
or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section and the terms of
this Section may be enforced by an action for specific performance. The provisions of this
Section will be for the third party benefit of those entitled to rely thereon and will
survive the termination of this Agreement.

     SECTION 11.9. Information Request. Owner Trustee shall provide any information reasonably
requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply
with or obtain more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

     SECTION 11.10. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     SECTION 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12. [Limitation of Rights of Swap Counterparty. All of the rights of the Swap
Counterparty in, to and under this Agreement, if any, shall terminate upon the termination of the
Interest Rate Swap Agreement in accordance with the terms hereof and the payment in full of all
amounts owing to the Swap Counterparty.]

     SECTION 11.13. Waiver of Jury Trial. To the extent permitted by applicable law, each party
hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim
based on, or arising out of, under or in connection with this Agreement, any other Transaction
Document, or any matter arising hereunder or thereunder.

     SECTION 11.14. Form 10-D and Form 10-K Filings. So long as the Seller is filing Exchange Act
Reports with respect to the Issuer (i) no later than each Payment Date, the Owner Trustee shall
notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with
a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to
the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 20[ ], the
Owner Trustee shall notify the Seller in writing of any

23

 

affiliations or relationships between the Owner Trustee and any Item 1119 Party;
provided, that no such notification need by made if the affiliations or relationships are
unchanged from those provided in the notification in the prior calendar year.

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

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

     (i) (A) any untrue statement of a material fact contained in any information
provided in writing by [                      ] to the Seller or its affiliates under
Sections 11.14 or 11.15 (such information, the “Provided
Information”), or (B) the omission to state in the Provided Information a
material fact required to be stated in the Provided Information, or necessary in
order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, by way of clarification, that
clause (B) of this paragraph shall be construed solely by reference to the
related information and not to any other information communicated in connection with
a sale or purchase of securities, without regard to whether the Provided Information
or any portion thereof is presented together with or separately from such other
information; or

     (ii) any failure by [                      ] to deliver any information, report, or
other material when and as required under Sections 11.14 or 11.15.

          (b) In the case of any failure of performance described in clause (a)(ii) of this
Section, [                      ] shall promptly reimburse the Seller for all costs reasonably incurred in order
to obtain the information, report or other material not delivered as required by [                     
].

          (c) Notwithstanding anything to the contrary contained herein, in no event shall [                    
] be liable under this Section 11.16 for special, indirect or consequential damages of any
kind whatsoever, including but not limited to lost profits, even if [                      ] has been advised
of the likelihood of such loss or damage and regardless of the form of action.

[Remainder of Page Intentionally Left Blank]

24

 

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

	 	 	 	 	 
	 	[                                                            ], AS OWNER TRUSTEE

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	SANTANDER DRIVE AUTO RECEIVABLES LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

S-2

 

	 	 	 	 	 

EXHIBIT A

FORM OF CERTIFICATE

	 	 	 

	NUMBER

	 	100% BENEFICIAL INTEREST
	R-___
	 	 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ]

CERTIFICATE

     Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below),
which consist primarily of motor vehicle receivables, including motor vehicle retail installment
sales contracts and/or installment loans that are secured by new and used automobiles, light-duty
trucks and motorcycles.

     (This Certificate does not represent an interest in or obligation of Santander Drive Auto
Receivables LLC, Santander Consumer USA Inc. or any of their respective Affiliates, except to the
extent described below.)

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE
SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.

     NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL
ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN EMPLOYEE
BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”)) WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, (C) ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE
ENTITY OR (D) ANY GOVERNMENTAL, NON-U.S., OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR
RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”).

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

A-1

 

     The Issuer was created pursuant to a Trust Agreement dated as of [                                        ], 20[ ]
(as amended and restated as of [                    ], 20[ ], the “Trust Agreement”), between the
Seller and [                                                            ], as owner trustee (the “Owner Trustee”), a summary
of certain of the pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to them in the Sale
and Servicing Agreement, dated as of [                    ], 20[ ], between the Seller, the Issuer, [                    
], as Indenture Trustee, and Santander Consumer USA Inc., as Servicer, as the same may be
amended or supplemented from time to time.

     This Certificate is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the
acceptance hereof assents and by which such holder is bound. The provisions and conditions of the
Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein.

     The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as
applicable.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to
the date which is one year and one day after payment in full of all obligations of each Bankruptcy
Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person
shall not authorize such 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
any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall
not commence or join with any other Person in commencing any proceeding against such Bankruptcy
Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction.

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

A-2

 

     It is the intention of the parties to the Trust Agreement that, solely for income, franchise
and value added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will
be disregarded as an entity separate from such Certificateholder, and if there is more than one
Certificateholder, the Issuer will be treated as a partnership; and (ii) the Notes will be
characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no
action inconsistent with the foregoing intended tax treatment.

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

A-3

 

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

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	SANTANDER DRIVE AUTO RECEIVABLES 

TRUST 20[ ]-[ ]	 
	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By: [                                                            ], not in its

individual capacity, but solely as Owner Trustee	 
	 
	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	By:	 	 	 
	 

	 	 
	 	 	 	 	 	 	 

A-4

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 

	 	 	[                                                            ], not in its 

individual capacity but solely as Owner Trustee	 
	 
	 	 	 	 	 
	 

	 	By:	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Authenticating Agent	 
	 
	 	 	 	 	 
	 

	 	By:	 	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 

A-5

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