Common use of Characteristics of Contracts Clause in Contracts

Characteristics of Contracts. (i) Each Contract has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, has been validly assigned by such Dealer to the Originator, and validly assigned to the Seller by Santander Consumer pursuant to the Contribution Agreement in accordance with its terms; (ii) each Contract creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by Santander Consumer to the Seller and assigned by the Seller to the Issuer; (iii) each Contract contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security; (iv) each Contract provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the APR over an original term of no less than 24 months and no greater than 72 months; provided, however, that no more than 2% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 24 and 35 months; (v) each Contract provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance; (vi) each Contract is a Simple Interest Contract; and (vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.

Characteristics of Contracts. (i) Each Contract has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, has been validly assigned by such Dealer to the Originator, and validly assigned to the Seller by Santander Drive Consumer pursuant to the Contribution Agreement in accordance with its terms; (ii) each Contract creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by Santander Drive Consumer to the Seller and assigned by the Seller to the Issuer; (iii) each Contract contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security; (iv) each Contract provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the APR over an original term of no less than 24 [ ] months and no greater than 72 months; provided, however, that no more than 2% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 24 and 35 [ ] months; (v) each Contract provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance; (vi) each Contract is a Simple Interest Contract; and (vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.

Characteristics of Contracts. (i) Each Contract has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, has been validly assigned by such Dealer to the Originator, and validly assigned to the Seller by Santander Consumer pursuant to the Contribution Agreement in accordance with its terms; (ii) each Contract creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by Santander Consumer to the Seller and assigned by the Seller to the Issuer; (iii) each Contract contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security; (iv) each Contract provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the APR over an original term of no less than 24 months and no greater than 72 months; provided, however, that no more than 22.00% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 24 and 35 months; (v) each Contract provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance; (vi) each Contract is a Simple Interest Contract; and; (vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract; and (viii) none of the Contracts was originated or entered into in the State of New York.

Characteristics of Contracts. (i) Each Contract has been originated in the United States by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed by the parties thereto, has been validly assigned by such Dealer to the Originator, and validly assigned to the Seller by Santander Consumer pursuant to the Contribution Agreement in accordance with its terms; (ii) each Contract creates a valid, subsisting, and enforceable first priority security interest for the benefit of the Originator in the Financed Vehicle, which security interest has been, in turn, assigned by Santander Consumer to the Seller and assigned by the Seller to the Issuer; (iii) each Contract contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security; (iv) each Contract provides for level monthly payments (provided that the payment in the first or last month in the life of the Contract may be minimally different from the level payment) that fully amortize the Amount Financed by maturity and yield interest at the APR over an original term of no less than 24 [ ] months and no greater than 72 months; provided, however, that no more than 2% of the Contracts (based upon the Principal Balance of the Contracts) shall have an original term to maturity between 24 and 35 [ ] months; (v) each Contract provides for, in the event that such Contract is prepaid in full, a prepayment that fully pays the Principal Balance; (vi) each Contract is a Simple Interest Contract; and (vii) no Obligor has defaulted and no Obligor will default, in each case, on any portion of the first Contract Scheduled Payment due on the related Contract.