Common use of Banco Santander, S Clause in Contracts

Banco Santander, S. A. has a short-term unsecured debt rating of at least “Prime-1” from Moody’s, at least “A-2” from Standard & Poor’s and at least “F1” from Fitch and (iv) Santander Consumer is a direct or indirect subsidiary of Banco Santander, S.A. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.

Banco Santander, S. A. has a short-term unsecured debt rating of at least “Prime-1” from Moody’s, at least “A-2” from Standard & Poor’s and ’s, at least “F1” from Fitch and at least investment grade from DBRS and (iv) Santander Consumer is a direct or indirect subsidiary of Banco Santander, S.A. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.

Banco Santander, S. A. has a short-term unsecured debt rating of at least “Prime-1” from Moody’sXxxxx’x, at least “A-2” from Standard & Poor’s and ’s, at least “F1” from Fitch and at least investment grade from DBRS and (iv) Santander Consumer is a direct or indirect subsidiary of Banco Santander, S.A. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.