Common use of EU Risk Retention Clause in Contracts

EU Risk Retention. Santander Consumer hereby covenants and agrees, in connection with the EU Retention Rules, on an ongoing basis, so long as any Notes remain Outstanding: (a) Santander Consumer, as “originator” for the purposes of the EU Retention Rules, will retain upon issuance of the Notes and on an ongoing basis a material net economic interest (the “Retained Interest”) of not less than 5% in the securitization transaction described in the Prospectus, in the form of retention of a first loss tranche, in accordance with the text of option (d) of each of Article 405(1) of the EU CRR, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Regulation, by holding all the membership interest in the Seller (or one or more other wholly-owned special purpose subsidiaries of Santander Consumer), which in turn will retain a portion of the aggregate Percentage Interests of the Certificates, such portion representing at least 5% of the aggregate nominal value of the Receivables;

EU Risk Retention. Santander Consumer hereby covenants and agrees, in connection with the EU Retention Rules, in each case as in effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain Outstanding: (a) Santander Consumer, as “originator” (as such term is defined for the purposes of the EU Retention RulesSecuritization Regulation), will retain upon issuance of the Notes and on an ongoing basis a material net economic interest (the “Retained Interest”) of not less than 5% in the securitization transaction described in the Prospectus, in the form of retention of a first loss tranche, in accordance with the text of option (d) of each of Article 405(16(3) of the EU CRR, Article 51(1) of the AIFM Regulation and Article 254(2) of the Solvency II Securitization Regulation, by holding all the membership interest in the Seller (or one or more other wholly-owned special purpose subsidiaries of Santander Consumer), which in turn will retain a portion of the aggregate Percentage Interests of the Certificates, such portion representing at least 5% of the aggregate nominal value of the Receivables;