SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ] SANTANDER DRIVE AUTO RECEIVABLES LLC (SELLER) $[ ] [ ]% Auto Loan Asset Backed Class A-1 Notes $[ ] [ ]% Auto Loan Asset Backed Class A-2 Notes $[ ] [ ]% Auto Loan Asset Backed Class A-3 Notes $[ ] [ ]%...
Exhibit 1.1
SANTANDER DRIVE AUTO RECEIVABLES TRUST 20[ ]-[ ]
SANTANDER DRIVE AUTO RECEIVABLES LLC
(SELLER)
(SELLER)
$[ ] [ ]% Auto Loan Asset Backed Class A-1 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-2 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-3 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-4 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-2 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-3 Notes
$[ ] [ ]% Auto Loan Asset Backed Class A-4 Notes
[ ], [ ]
[ ],
as Representative of the Several Underwriters
named on Schedule I hereto
[ ]
[ ]
as Representative of the Several Underwriters
named on Schedule I hereto
[ ]
[ ]
Ladies and Gentlemen:
SECTION 1. Introductory. Santander Drive Auto Receivables LLC (the “Depositor” or the
“Seller”) proposes to sell $[ ] aggregate principal amount of [ ]% Auto Loan
Asset Backed Class A-1 Notes (the “Class A-1 Notes”), $[ ] aggregate principal
amount of [ ]% Auto Loan Asset Backed Class A-2 Notes (the “Class A-2 Notes”), $[ ]
aggregate principal amount of [ ]% Auto Loan Asset Backed Class A-3 Notes (the “Class
A-3 Notes”) and $[ ] aggregate principal amount of [ ]% Auto Loan Asset Backed
Class A-4 Notes (the “Class A-4 Notes”) (collectively, the “Notes”) to the several
underwriters set forth on Schedule I (each, an “Underwriter” and collectively, the
“Underwriters”), for whom you are acting as representative (the “Representative”).
The Notes will be issued pursuant to an Indenture, dated as of [ ], [ ] (as amended,
supplemented or modified from time to time, the “Indenture”), between Santander Drive Auto
Receivables Trust 20[ ]-[ ] (the “Issuer”) and [ ], as indenture trustee (in
such capacity, the “Indenture Trustee”). The assets of the Issuer include, among other
things, motor vehicle retail installment sale contracts or installment loans secured by a
combination of new or used automobiles or light utility trucks (the “Receivables”) and
certain related rights. The Receivables will be sold to the Issuer by the Seller and will be
serviced for the Issuer by Santander Consumer USA Inc. (“SC USA”), as servicer (in such
capacity, the “Servicer”).
Capitalized terms used but not otherwise defined herein shall have the meanings set forth in
Appendix A to the Sale and Servicing Agreement, dated as of [ ] (as amended,
supplemented or modified from time to time, the “Sale and Servicing Agreement”), among the
Servicer, the Issuer, the Seller and the Indenture Trustee. Pursuant to Rule 15c6-1(d) under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Underwriters, the
Seller and SC USA hereby agree that the “Closing Date” shall be [ ], [ ], [10:00
a.m.], New York
City time (or at such other place and time on the same or other date as shall be agreed to in
writing by the Representative and the Seller).
The Seller has prepared and filed with the Securities and Exchange Commission (the
“Commission”) in accordance with the provisions of the Securities Act of 1933, as amended,
and the rules and regulations of the Commission thereunder (collectively, the “Securities
Act”), a shelf registration statement on Form S-3 (having the registration number [ ]), including a form of prospectus, relating to the Notes. The registration statement as amended
has been declared effective by the Commission not more than three years prior to the Closing Date
or, the Seller has prepared and filed (before the expiration of such three year period) with the
Commission in accordance with the provisions of the Securities Act, a new shelf registration
statement on Form S-3 and such new registration statement includes unsold securities covered by the
earlier registration statement, which such unsold securities may continue to be offered and sold
until the earlier of the effective date of the new registration statement or 180 days after the
third anniversary of the initial effective date of the prior registration statement, as permitted
pursuant to paragraph (a)(5) of Rule 415 of the Securities Act. If any post-effective amendment
has been filed with respect thereto, prior to the execution and delivery of this Underwriting
Agreement (this “Agreement”), the most recent such amendment is effective upon filing with
the Commission pursuant to Rule 462 of the Securities Act or has been declared effective by the
Commission. Such registration statement, as amended at the time of effectiveness, including all
material incorporated by reference therein and including all information (if any) deemed to be part
of the registration statement at the time of effectiveness pursuant to Rule 430B under the
Securities Act, is referred to in this Agreement as the “Registration Statement.” The
Seller proposes to file with the Commission pursuant to Rule 424(b) under the Securities Act
(“Rule 424(b)”) a prospectus supplement dated [ ], [ ] (the “Prospectus
Supplement”) to the prospectus dated [ ], [ ] (the “Basic Prospectus”)
relating to the Notes and the method of distribution thereof. The Basic Prospectus and the
Prospectus Supplement, together with any amendment thereof or supplement thereto filed with the
Commission pursuant to Rule 424(b) prior to the Closing Date and the information included under the
caption “Appendix A – Static Pool Information Regarding Certain Previous Securitizations” therein
regardless of whether it is deemed part of the Registration Statement or the Prospectus Supplement,
is hereinafter referred to as the “Prospectus.”
Prior to [12:00 p.m.] (Eastern Time) (U.S.) on [ ], [ ] (i.e., the date and time the
first Contract of Sale (as defined below) for the Notes (the “Time of Sale”) was entered
into as designated by the Representative), the Seller had prepared (i) a preliminary prospectus,
dated [ ], [ ] (the “Preliminary Base Prospectus”) and a supplement to that preliminary
prospectus, dated [ ], [ ] (the “Preliminary Prospectus Supplement”) and (ii) a
free writing prospectus dated [ ], 20[ ] (the “Issuer Free Writing
Prospectus”). As used herein, (x) “Preliminary Prospectus” means the Preliminary Base
Prospectus and the Preliminary Prospectus Supplement, together with any amendment thereof or
supplement thereto filed with the Commission pursuant to Rule 424(b) prior to the Time of Sale and
the information included under the caption “Appendix A – Static Pool Information Regarding Certain
Previous Securitizations” therein regardless of whether it is deemed part of the Registration
Statement or the Preliminary Prospectus Supplement and (y) “Disclosure Package” means the
Preliminary Prospectus and the Issuer Free Writing Prospectus.
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Pursuant to this Agreement, and subject to the terms hereof, the Seller agrees to sell to the
Underwriters, for whom you are acting as representative (the “Representative”), the
respective principal amount of each class of Notes set forth opposite the name of such Underwriter
on Schedule I.
SECTION 2. Representations and Warranties. The Seller represents and warrants to and
agrees with the several Underwriters that:
(a) (i) The Seller has prepared and filed the Registration Statement with the Commission in
accordance with the provisions of the Securities Act, including a form of prospectus, relating to
the Notes. The Registration Statement as amended has been declared effective by the Commission and
remains effective as of the date hereof. The conditions to the use of a registration statement on
Form S-3 under the Securities Act, as set forth in the General Instructions to Form S-3, and the
conditions of Rule 415 under the Securities Act, have been satisfied with respect to the
Registration Statement. No stop order suspending the effectiveness of the Registration Statement
has been issued, and no proceeding for that purpose has been instituted or threatened by the
Commission.
(ii) The Registration Statement, at the time it became effective, any post-effective
amendment thereto, at the time it became effective, the Preliminary Prospectus, as of its
date, and the Prospectus, as of the date of the Prospectus Supplement, complied and on the
Closing Date will comply in all material respects with the applicable requirements of the
Securities Act and the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”),
and the rules and regulations of the Commission thereunder.
The Registration Statement, as of the most recent effective date as to each part of
the Registration Statement and any amendment thereto pursuant to Rule 430B(f)(2)
under the Act, did not include any untrue statement of a material fact and did not
omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading.
The Disclosure Package, as of the Time of Sale and as of the Closing Date, did not
contain an untrue statement of a material fact and did not omit to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (it being understood that
no representation or warranty is made with respect to the omission of pricing and
price-dependent information, which information shall of necessity appear only in the
final Prospectus).
The Prospectus, as of the date of the Prospectus Supplement and as of the Closing
Date, does not and will not contain any untrue statement of a material fact and did
not and will not omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made,
not misleading.
The representations and warranties in the three preceding paragraphs do not apply to
that part of the Registration Statement which constitutes the Statements of
Eligibility of Qualification (Form T-1) of the Indenture Trustee or other indenture
trustees under the Trust Indenture Act or (II) Underwriter Information (as defined
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in Section 9(b) hereof). As used herein the term “Designated Static Pool
Information” shall mean the static pool information referred to in the
Preliminary Prospectus and set forth in Appendix A – “Static Pool Information
Regarding Certain Previous Securitizations” but deemed to be excluded from the
Registration and Prospectus pursuant to Item 1105(d) of Regulation AB.
(iii) Other than the Preliminary Prospectus, the Prospectus and the Issuer Free Writing
Prospectus, the Issuer (including its agents and representatives other than the Underwriters
in their capacity as such) has not made, used, prepared, authorized, approved or referred to
and will not prepare, make, use, authorize, approve or refer to any “written communication”,
including any other “free writing prospectus” (both as defined in Rule 405 under the
Securities Act), that constitutes an offer to sell or solicitation of any offer to buy the
Notes.
(b) The documents incorporated by reference in the Registration Statement, the Preliminary
Prospectus, the Prospectus or any amendment or supplement thereto (other than documents filed by
Persons other than the Seller), when they became or become effective under the Securities Act or
were or are filed with the Commission under the Exchange Act, as the case may be, conformed or will
conform in all material respects with the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations of the Commission thereunder.
(c) As of the Closing Date and as of the date hereof, the Seller’s representations and
warranties in the Transaction Documents will be true and correct.
(d) This Agreement has been duly authorized, executed and delivered by the Seller and SC USA.
(e) Neither the Seller nor SC USA nor anyone acting on their behalf has taken any action that
would require registration of the Seller or the Issuer under the Investment Company Act of 1940, as
amended (the “Investment Company Act”); nor will the Seller or SC USA act, nor has either
of them authorized nor will either of them authorize any person to act, in such manner.
(f) The Indenture has been duly qualified under the Trust Indenture Act of 1939 (the
“Trust Indenture Act”), as amended.
(g) Since December 31, [ ], there has not occurred any material adverse change, or any
development involving a prospective material adverse change, in or affecting the condition,
financial or otherwise, earnings, business or operations of the Seller and SC USA and their
respective subsidiaries, taken as a whole, except as disclosed to you in writing prior to the date
hereof.
(h) The Seller acknowledges that in connection with the offering of the Notes: (1) the
Underwriters have acted at arms’ length, are not agents of, and owe no fiduciary duties to, the
Seller or any other Person, (2) the Underwriters owe the Seller only those duties and obligations
set forth in this Agreement and (3) the Underwriters may have interests that differ from those of
the Seller. The Seller waives to the fullest extent permitted by applicable law any claims it may
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have against the Underwriters arising from an alleged breach of fiduciary duty in connection
with the offer of the Notes.
(i) The Seller was not, on the date on which the first bona fide offer of the Notes sold
pursuant to this Agreement was made, an “ineligible issuer” as defined in Rule 405 under the
Securities Act.
(j) The Seller and SC USA jointly and severally represent and warrant as of the date hereof
and as of the Closing Date that the Prospectus, as of its date and the Closing Date, when taken as
a whole together with all information provided by the Seller and SC USA or on behalf of the Seller
and SC USA to any national recognized statistical rating organization in connection with the
offering of the Notes, does not contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.
SECTION 3. Purchase, Sale and Delivery of Notes. On the basis of the representations,
warranties and agreements herein contained, but subject to the terms and conditions herein set
forth, the Seller agrees to sell to each Underwriter, and each Underwriter agrees, severally and
not jointly, to purchase from the Seller the respective principal amount of each class of Notes set
forth opposite the name of such Underwriter on Schedule I at a purchase price equal to the
following percentages of the aggregate principal amounts thereof: (i) in the case of the Class A-1
Notes, [ ]%, (ii) in the case of the Class A-2 Notes, [ ]%, (iii) in the case of the Class
A-3 Notes, [ ]% and (iv) in the case of the Class A-4 Notes [ ]%. Delivery of and payment
for the Notes shall be made at the offices of Xxxxx Xxxxx LLP, at [10:00 a.m.] (New York City time)
on the Closing Date. Delivery of one or more global notes representing Notes shall be made against
payment of the aggregate purchase price in immediately available funds drawn to the order of the
Seller. The global notes to be so delivered shall be registered in the name of Cede & Co., as
nominee of The Depository Trust Company (“DTC”). The interests of beneficial owners of the
Notes will be represented by book entries on the records of DTC and participating members thereof.
Definitive Notes representing the Notes will be available only under limited circumstances.
SECTION 4. Offering by Underwriters.
(a) Subject
to the satisfaction of the conditions in Section 7 and subject to
Section 8, each Underwriter, severally and not jointly, agrees to purchase the Notes for
resale upon the terms and conditions set forth in the Prospectus. If the Prospectus specifies an
initial public offering price or a method by which the price at which such Notes are to be sold,
then after the Notes are released for sale to the public, the Underwriters may vary from time to
time the public offering price, selling concessions and reallowances to dealers that are members of
the Financial Industry Regulatory Authority (“FINRA”) and other terms of sale hereunder and
under such selling arrangements.
(b) Notwithstanding the foregoing, each Underwriter, severally and not jointly, agrees that it
has not and will not offer or sell any Notes within the United States, its territories or
possessions or to persons who are citizens thereof or residents therein, except in transactions
that are not prohibited by any applicable securities, bank regulatory or other applicable law.
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(c) Notwithstanding the foregoing, each Underwriter, severally and not jointly, agrees that it
has not and will not violate any applicable securities laws in its offer or sale of any Notes
within any other country, its territories or possessions or to persons who are citizens thereof or
residents therein.
(d) Each Underwriter, severally and not jointly, agrees that:
(i) it has only communicated or caused to be communicated and will only communicate or
cause to be communicated any invitation or inducement to engage in investment activity
(within the meaning of Section 21 of the Financial Services and Markets Xxx 0000, as amended
(the “FSMA”) received by it in connection with the issue or sale of any Notes in
circumstances in which Section 21(1) of the FSMA does not apply to the Issuer;
(ii) it has complied and will comply with all applicable provisions of the Public
Offers of Securities Regulations 1995, as amended (the “Regulations”) and the FSMA
with respect to anything done by it in relation to the Notes in, from or otherwise involving
the United Kingdom; and
(iii) after the Closing Date, it will provide the Seller with a list of all foreign
jurisdictions related to any written confirmations of sale of Notes it has sent.
(e) Each Underwriter, severally and not jointly, agrees that (i) if the Prospectus is not
delivered with the confirmation in reliance on Rule 172 under the Securities Act, it will include
in every confirmation sent out by such Underwriter the notice required by Rule 173 under the
Securities Act informing the investor that the sale was made pursuant to the Registration Statement
and that the investor may request a copy of the Prospectus from such Underwriter; (ii) if a paper
copy of the Prospectus is requested by a person who receives a confirmation, such Underwriter shall
deliver a printed or paper copy of such Prospectus; and (iii) if an electronic copy of the
Prospectus is delivered by an Underwriter for any purpose, such copy shall be the same electronic
file containing the Prospectus in the identical form transmitted electronically to such Underwriter
by or on behalf of the Seller specifically for use by such Underwriter pursuant to this
Section 4(e); for example, if the Prospectus is delivered to an Underwriter by or on behalf
of the Seller in a single electronic file in .pdf format, then such Underwriter will deliver the
electronic copy of the Prospectus in the same single electronic file in .pdf format. Each
Underwriter further agrees that if it delivers to an investor the Prospectus in .pdf format, upon
such Underwriter’s receipt of a request from the investor within the period for which delivery of
the Prospectus is required, such Underwriter will promptly deliver or cause to be delivered to the
investor, without charge, a paper copy of the Prospectus.
(f) [Reserved].
(g) Each Underwriter, severally and not jointly, represents and agrees (i) that it did not
enter into any Contract of Sale for any Notes prior to the Time of Sale and (ii) that it will, at
any time that such Underwriter is acting as an “underwriter” (as defined in Section 2(a)(11) of the
Securities Act) with respect to the Notes, deliver to each investor to whom Notes are sold by it
during the period prior to the filing of the final Prospectus (as notified to the Underwriters by
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the Seller), prior to the applicable time of any such Contract of Sale with respect to such
investor, the Preliminary Prospectus.
(h) In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a “Relevant Member State”), each Underwriter represents and
agrees with the Seller that with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”)
it has not made and will not make an offer of Notes to the public in that Relevant Member State
prior to the publication of a prospectus in relation to the Notes which has been approved by the
competent authority in that Relevant Member State or, where appropriate, approved in another
Relevant Member State and notified to the competent authority in that Relevant Member State, all in
accordance with the Prospectus Directive, except that it may, with effect from and including the
Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State at
any time:
(i) to legal entities that are authorised or regulated to operate in the financial
markets or, if not so authorised or regulated, whose corporate purpose is solely to invest
in securities; or
(ii) to any legal entity that has two or more of (1) an average of at least 250
employees during the last financial year; (2) a total balance sheet of more than €43,000,000
and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or
consolidated accounts.
For the purposes of this Section 4(h), (A) the expression an “offer of Notes to
the public” in relation to any Notes in any Relevant Member State means the communication in
any form and by any means of sufficient information on the terms of the offer and the Notes to be
offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may
be varied in that Member State by any measure implementing the Prospectus Directive in that Member
State, (B) the expression “Prospectus Directive” means Directive 2003/71/EC and includes
any relevant implementing measure in each Relevant Member State and (C) the countries comprising
the “European Economic Area” are Austria, Belgium, Bulgaria, Cyprus, Czech Republic,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia,
Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
(i) If the Seller, SC USA or an Underwriter determines or becomes aware that any “written
communication” (as defined in Rule 405 under the Securities Act) (including without limitation the
Preliminary Prospectus) or oral statement (when considered in conjunction with all information
conveyed at the time of the “contract of sale” within the meaning of Rule 159 under the Securities
Act and all Commission guidance relating to such rule (the “Contract of Sale”)) made or
prepared by the Seller or such Underwriter contains an untrue statement of material fact or omits
to state a material fact necessary to make the statements, in light of the circumstances under
which they were made, not misleading at the time that a Contract of Sale was entered into, either
the Seller or such Underwriter may prepare corrective information, with notice to the other party
and such Underwriter shall deliver such information in a manner reasonably acceptable to both
parties, to any person with whom a Contract of Sale was entered into based on such written
7
communication or oral statement, and such information shall provide any such person with the
following:
(i) adequate disclosure of the contractual arrangement;
(ii) adequate disclosure of the person’s rights under the existing Contract of Sale at
the time termination is sought;
(iii) adequate disclosure of the new information that is necessary to correct the
misstatements or omissions in the information given at the time of the original Contract of
Sale; and
(iv) a meaningful ability to elect to terminate or not terminate the prior Contract of
Sale and to elect to enter into or not enter into a new Contract of Sale.
If new Contracts of Sale are entered into in accordance with this Section 4(i), then
notwithstanding the definition of Time of Sale set forth in Section 1, “Time of Sale” shall refer
to the first time and date on which such new Contracts of Sale were entered into. Any costs or
losses incurred in connection with any such termination or reformation shall be subject to
Section 9.
SECTION 5. Covenants of the Seller. The Seller (and, with respect to clauses
(i), (j), (k) and (l), SC USA) covenants and agrees with the
Underwriters that:
(a) If not already effective, the Seller will use its best efforts to cause the Registration
Statement, and any amendment thereto, to become effective. If the Registration Statement has
become or becomes effective pursuant to Rule 430A, or filing of the Prospectus is otherwise
required under Rule 424(b), the Seller will file the Prospectus, properly completed, and any
supplement thereto, with the Commission pursuant to and in accordance with the applicable Rules and
Regulations within the time period prescribed. The Seller will advise you promptly of any such
filing pursuant to Rule 424(b), or deemed effectiveness pursuant to Rule 462.
(b) The Seller will advise you promptly of: (i) any proposal to amend or supplement the
Registration Statement as filed, or the Preliminary Prospectus or the Prospectus, and will not
effect such amendment or supplement without first furnishing to you a copy of each such proposed
amendment or supplement and obtaining your consent, which consent will not unreasonably be
withheld, (ii) any request by the Commission for any amendment of or supplement to the Registration
Statement, the Preliminary Prospectus or the Prospectus or for any additional information, (iii)
the effectiveness of the Registration Statement, or of any amendment or supplement thereto or to
the Preliminary Prospectus or the Prospectus, (iv) the issuance by the Commission or, if the Seller
has knowledge thereof, by any authority administering any state securities or blue sky laws of any
stop order suspending the effectiveness of the Registration Statement or the institution or threat
of any proceeding for that purpose, and the Seller will use its best efforts to prevent the
issuance of any such stop order and to obtain as soon as possible the lifting of any issued stop
order and (v) the receipt of any comments or any other written notice from the Commission with
respect to the Registration Statement, the Preliminary Prospectus, the Prospectus or any
information incorporated by reference therein.
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(c) If, during the period in which the Prospectus is required by federal securities law or
regulation (in the opinion of counsel for the Representative) to be delivered in connection with
sales by any Underwriter or dealer, any event occurs as a result of which the Prospectus, as then
amended or supplemented, would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or if it is necessary at any time to amend or
supplement the Prospectus to comply with the Securities Act, the Seller (in compliance with
subsection (b)) promptly will prepare and file, or cause to be prepared and filed, with the
Commission an amendment or supplement that will correct such statement or omission or effect such
compliance. Any such filing shall not operate as a waiver or limitation of any rights of the
Underwriters hereunder.
(d) The Seller will make (or will cause the Issuer to make) generally available to the
Noteholders (the sole Noteholders being the applicable clearing agency in the case of Book-Entry
Notes (as defined in Appendix A to the Sale and Servicing Agreement)), in each case as soon as
practicable, a statement which will satisfy the provisions of Section 11 (a) of the Securities Act
(including Rule 158 under the Securities Act) with respect to the Notes; provided that this
covenant may be satisfied by posting the monthly investor reports for the Issuer on a publicly
available website or filing such monthly investor reports with the Commission on a Form 10-D.
(e) The Seller will deliver to the Underwriters, without charge, copies of the Preliminary
Prospectus (and each other preliminary prospectus, if more than one has been prepared by the
Seller), the Prospectus and all amendments and supplements to such documents, in each case as soon
as available and in such quantities and to such recipients as any Underwriter shall reasonably
request.
(f) The Seller will arrange to qualify the Notes for offer and sale under the securities or
blue sky laws of such jurisdictions as you reasonably shall request, and will maintain all such
qualifications for so long as required for the distribution of the Notes and, thereafter, to the
extent required by such jurisdictions. SC USA will promptly advise the Underwriters of the receipt
by SC USA of any notification with respect to the suspension of the qualification of the Notes for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.
(g) From the date hereof until the retirement of the Notes, or until none of the Underwriters
maintains a secondary market in the Notes, whichever occurs first, the Seller will deliver to each
of the Underwriters, through the Representative, the annual statement of compliance and any annual
independent certified public accountants’ report furnished to the Indenture Trustee pursuant to the
Sale and Servicing Agreement, as soon as such statements and reports are furnished to the Indenture
Trustee.
(h) So long as any of the Notes are outstanding, the Seller will deliver to each of the
Underwriters, through the Representative: (i) as soon as available, all documents required to be
filed with the Commission pursuant to the Exchange Act, or any order of the Commission thereunder,
(ii) all documents distributed to Noteholders and (iii) from time to time, any
9
information concerning the Seller or the Issuer filed with any governmental or regulatory
authority that is publicly available, as the Underwriters reasonably may request.
(i) On or before the Closing Date, SC USA shall cause its computer records relating to the
Receivables to be marked to show the Issuer’s ownership of the Receivables, and from and after the
Closing Date neither the Seller nor SC USA shall take any action inconsistent with the Issuer’s
ownership of the Receivables other than as permitted by the Transaction Documents.
(j) To the extent, if any, that any of the ratings assigned to the Notes by any of the rating
agencies that initially rate the Notes are conditional upon the furnishing of documents or the
taking of any other actions by the Seller or SC USA, as the case may be, the relevant party shall
furnish, or cause to be furnished, such documents and take any such other actions as promptly as
possible.
(k) From the date hereof until seven days after the Closing Date, none of the Seller, SC USA
or any trust, including the Issuer, originated, directly or indirectly, by the Seller or SC USA
will offer to sell or sell anywhere any securities similar to the Notes that are collateralized by
(directly or indirectly), or evidence an ownership interest in, automobile loans and the related
security without the prior written consent of each of the Underwriters.
(l) The Seller will comply with the Securities Act, the Exchange Act and the rules and
regulations thereunder and the Trust Indenture Act and the rules and regulations thereunder so as
to permit the completion of the distribution of the Offered Securities as contemplated in this
Agreement, the Registration Statement and the Prospectus.
SECTION 6. Payment of Expenses. Except as otherwise agreed in writing by the Seller
and the Representative, the Seller will pay all expenses (including legal fees and disbursements)
incident to the transactions contemplated by this Agreement, including: (a) the printing and filing
of the Registration Statement, the Preliminary Prospectus, each other preliminary prospectus or
“written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer
to sell or a solicitation of an offer to buy the Notes, and the Prospectus, and each amendment or
supplement thereto, and delivery of copies thereof to the Underwriters, (b) the preparation of this
Agreement, (c) the preparation, issuance and delivery of the Notes to the Underwriters (or any
appointed clearing organizations), (d) the fees and disbursements of SC USA’s and the Seller’s
counsel and accountants, (e) the qualification of the Notes under state securities laws in
accordance with Section 5(f), including filing fees and the fees and disbursements of
counsel in connection therewith and in connection with the preparation of any blue sky survey
(including the printing and delivery thereof to the Underwriters), (f) any fees charged by rating
agencies for the rating (or consideration of the rating) of the Notes, (g) the fees and expenses
incurred with respect to any filing with, and review by, the FINRA, DTC or any similar
organizations, (h) the fees and disbursements of the Indenture Trustee and its counsel, if any, (i)
the fees and disbursements of [ ], acting in its capacity as owner trustee (in such
capacity, the “Owner Trustee”) under the Amended and Restated Trust Agreement, dated as of
[ ], [ ] (the “Trust Agreement”), between the Seller and the Owner Trustee, and
its counsel; and (j) the costs and expenses (including any damages or other amounts payable in
connection with legal and contractual liability) associated with reforming any Contracts for Sale
of the Notes made by the Underwriters caused by a breach of any representation in Section 2.
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SECTION 7. Conditions of the Obligations of the Underwriters. The obligations of the
Underwriters to purchase and pay for the Notes will be subject to the accuracy of the
representations and warranties made herein as of the date of this Agreement and the Closing Date,
to the accuracy of the statements of officers made pursuant hereto, to the performance by the
Seller and SC USA of their obligations hereunder, and to the following additional conditions
precedent:
(a) The Prospectus and any supplements thereto shall have been filed (if required) with the
Commission in accordance with the Securities Act; and, before the Closing Date, no stop order
suspending the effectiveness of the Registration Statement shall have been issued and no
proceedings for that purpose shall have been instituted or, to the knowledge of the Seller or the
Underwriters, shall be contemplated by the Commission or by any authority administering any state
securities or blue sky law.
(b) On or before the Closing Date, you shall have received letters, dated as of the date
hereof and as of the Closing Date, respectively, of [ ], independent certified public
accountants, substantially in the form of the drafts to which you have agreed previously and
otherwise substantially in form and substance reasonably satisfactory to you and your counsel and
containing the same conclusion as the Auditor Attestation referred to in clause (p) below.
(c) After the date hereof, there shall not have occurred any change, or any development
involving a prospective change, in the condition, financial or otherwise, or in the earnings,
business or operations of the Issuer, the Seller or SC USA, and their respective subsidiaries,
taken as a whole, that, in your judgment, is material and adverse and that makes it impracticable
or inadvisable to market the Notes on the terms and in the manner contemplated in the Prospectus.
(d) You shall have received an opinion of [ ], counsel to the Seller and SC USA,
addressed to you and the Indenture Trustee, dated the Closing Date and satisfactory in form and
substance to you and your counsel.
(e) (i) [ ], special counsel to the Seller, SC USA and the Issuer, shall have
delivered an opinion or opinions, subject to customary qualifications, assumptions, limitations and
exceptions, dated the Closing Date, in form and substance reasonably satisfactory to the
Representative, with respect to the general corporate matters, the validity of the Notes, the
Registration Statement, the Prospectus Supplement and the Prospectus, the effectiveness of such
Registration Statement and the information contained in each of the Registration Statement, the
Prospectus Supplement and the Prospectus; and (ii) [ ], special counsel to the
Seller, SC USA and the Issuer, shall have delivered a negative assurance letter with respect to the
most recent Preliminary Prospectus delivered prior to the Time of Sale, the Registration Statement
and the Prospectus.
(f) You shall have received a negative assurance letter of [ ] with respect to
the most recent Preliminary Prospectus delivered prior to the Time of Sale, the Registration
Statement and the Prospectus.
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(g) You shall have received an opinion addressed to you, the Seller and the Servicer of [
], counsel to the Indenture Trustee, dated the Closing Date and satisfactory in form and
substance to you and your counsel.
(h) You shall have received an opinion addressed to you, the Seller and the Servicer of [
], counsel to the Owner Trustee and special Delaware counsel to the Seller and the Issuer,
dated the Closing Date and satisfactory in form and substance to you and your counsel.
(i) You shall have received certificates dated the Closing Date of any two of the President,
the Chief Financial Officer, any Vice President, the Controller, the Treasurer, the Secretary,
Assistant Treasurer or the Assistant Secretary of the Seller and SC USA in which such officers
shall state that: (A) the representations and warranties made by such entity contained in the
Transaction Documents and this Agreement are true and correct, that such party has complied with
all agreements and satisfied all conditions on its part to be performed or satisfied under such
agreements on or before the Closing Date, and no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for that purpose have been instituted or
are contemplated by the Commission or, to the knowledge of such officers, any authority
administering state securities or blue sky laws and (B) since December 31, [ ] there has not
occurred any material adverse change, or any development involving a prospective material adverse
change, in or affecting the condition, financial or otherwise, or in the earnings, business or
operations of the Issuer, the Seller or the Servicer except as disclosed to you in writing prior to
the date of the Preliminary Prospectus.
(j) You shall have received evidence satisfactory to you that, on or before the Closing Date,
UCC-1 financing statements have been or are being filed in all applicable governmental offices
reflecting (A) the transfer of the interest of SC USA in the Receivables and the proceeds thereof
to the Seller pursuant to the Purchase Agreement, (B) the transfer of the interest of the Seller in
the Receivables and the proceeds thereof to the Issuer pursuant to the Sale and Servicing
Agreement, and (C) the grant by the Issuer to the Indenture Trustee under the Indenture of a
security interest in the interest of the Issuer in the Receivables and the proceeds thereof.
(k) [Reserved.]
(l) You shall have received, from each of SC USA and the Seller, a certificate executed by a
secretary or assistant secretary thereof to which shall be attached certified copies of the: (i)
organizational documents, (ii) applicable resolutions and (iii) designation of incumbency of each
such entity.
(m) The Underwriters shall have received such opinions, addressed to the Underwriters and
dated the Closing Date, as are delivered to the Rating Agencies.
The Seller will provide or cause to be provided to you conformed copies of such opinions,
certificates, letters and documents as you or your counsel reasonably request.
SECTION 8. Termination. This Agreement shall be subject to termination by notice
given by you to the Seller if: (a) after the execution and delivery of this Agreement and prior to
the Closing Date: (i) trading generally shall have been suspended or materially limited on the
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New York Stock Exchange; (ii) any general moratorium on commercial banking activities in New
York shall have been declared by either Federal or New York State authorities; or (iii) there shall
have occurred any outbreak or escalation of hostilities or any change in financial markets or any
calamity or crisis that, in your judgment, is material and adverse, and (b) in the case of any of
the events specified above, such event singly or together with any other such event makes it, in
your judgment, impracticable or inadvisable to market or deliver the Notes on the terms and in the
manner contemplated in the Prospectus.
SECTION 9. Indemnification and Contribution. (a) The Seller and SC USA will, jointly
and severally, indemnify and hold harmless each Underwriter and each person, if any, who controls
such Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses incurred by any Underwriter or any such controlling person
in connection with defending or investigating any such action or claim) to which they or any of
them may become subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof):
(x) arise out of or are based upon any untrue statement or alleged untrue statement of any material
fact contained in the Registration Statement, the Disclosure Package (it being understood that such
indemnification with respect to the Preliminary Prospectus does not include the omission of pricing
and price-dependent information, which information shall of necessity appear only in the final
Prospectus), the Prospectus or any amendment, exhibit or supplement thereto, or the Designated
Static Pool Information, any Issuer Information, or any information provided by the Seller or SC
USA to any Underwriter or any holder or prospective purchaser of the Notes, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances in
which they were made, not misleading; provided, however, that neither the Seller nor SC USA will be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or alleged untrue statement in, or omission or alleged
omission from, any of such documents in reliance upon and in conformity with the Underwriter
Information (as defined below); or
(y) arise out of or are based upon the performance or the breach of the Seller’s or SC USA’s
obligations under Section 5(l) herein.
The indemnity agreements in this Section 9(a) will be in addition to any liability that the Seller
or SC USA may otherwise have.
(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the
Seller and SC USA and their respective directors, officers who signed the Registration Statement,
and each person, if any, who controls such parties within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages or
liabilities (including, without limitation, any legal or other expenses incurred by any of them in
connection with defending or investigating any such action or claim) to which any of them may
become subject, under the Securities Act, the Exchange Act or other federal or state statutory law
or regulation, at common law or otherwise, as incurred, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (i) any
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untrue statement or alleged untrue statement of any material fact contained in the
Registration Statement, the Disclosure Package, the Prospectus or any amendment, exhibit or
supplement thereto, or arise out of or are based upon the omission or the alleged omission to state
therein a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances in which they were made, not misleading, in each case to
the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with the Underwriter
Information (as defined below), and (ii) the failure upon the part of any Underwriter to deliver
the Preliminary Prospectus prior to the Time of Sale to any investor with whom such Underwriter
entered into a Contract of Sale at such Time of Sale. As used herein, the term “Underwriter
Information” means the information set forth in the third paragraph (regarding concessions and
discounts) and the second sentence of the thirteenth paragraph (regarding market making) under the
caption “Underwriting” in the Preliminary Prospectus or Prospectus. This indemnity agreement will
be in addition to any liability that each Underwriter may otherwise have.
(c) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Seller
and SC USA, and each person, if any, who controls the Seller or SC USA within the meaning of the
Securities Act or the Exchange Act and the respective officers, directors and employees of each
such person, against any losses, claims, damages or liabilities to which the Seller or SC USA may
become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon, (i)
any untrue statement or alleged untrue statement of any material fact contained in any Underwriter
Free Writing Prospectus (defined below), or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading and (ii) any statement contained in any Underwriter Free Writing
Prospectus (defined below) that conflicts with the information then contained in the Registration
Statement or any prospectus or prospectus supplement that is a part thereof, and will reimburse any
legal or other expenses reasonably incurred by the Seller or SC USA in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however,
that with respect to clauses (i) and (ii) above, no Underwriter will be liable to
the extent that any such loss, claim, damage or liability arises out of or is based upon any
statement in or omission from any Underwriter Free Writing Prospectus (defined below) in reliance
upon and in conformity with (A) any written information furnished to the related Underwriter by the
Seller or SC USA expressly for use therein, (B) information accurately extracted from the
Preliminary Prospectus or Prospectus, which information was not corrected by information
subsequently provided by the Seller or SC USA to the related Underwriter prior to the time of use
of such Underwriter Free Writing Prospectus (defined below) or (C) Issuer Information (as defined
below) (except for information regarding the status of the subscriptions for the Notes). This
indemnity agreement will be in addition to any liability that each Underwriter may otherwise have.
(d) In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to either subsection
(a) or (b), such person (the “indemnified party”) promptly shall notify the
person against whom such indemnity may be sought (the “indemnifying party”) in writing and
the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably
14
satisfactory to the indemnified party to represent the indemnified party and any others the
indemnifying party may designate in such proceedings and shall pay the fees and disbursements of
such counsel related to such proceeding. In any such proceeding, any indemnified party shall have
the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless: (i) the indemnifying party and the indemnified party
agree on the retention of such counsel at the indemnifying party’s expense (ii) the named parties
to any such proceeding (including any impleaded parties) include both the indemnifying party and
the indemnified party and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them or (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action. It is
understood that the indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the fees and expenses of more than one counsel (in addition to any
local counsel) for all such indemnified parties and that all such fees and expenses shall be
reimbursed promptly as they are incurred. Such counsel shall be designated in writing by the
Seller, in the case of parties indemnified pursuant to subsection (a), and by the
Representative, in the case of parties indemnified pursuant to subsection (b). The
indemnifying party shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any
loss or liability by reason of such settlement or judgment. No indemnifying party shall, without
the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement (i)
includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such proceeding and (ii) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of such indemnified party.
(e) If the indemnification provided for in this Section is unavailable or insufficient to hold
harmless an indemnified party under subsection (a) or (b), then each indemnifying
party, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities
referred to in subsection (a) or (b): (i) in such proportion as is appropriate to
reflect the relative benefits received by the Seller, SC USA, the Issuer and their affiliates on
the one hand and the Underwriters on the other from the offering of the Notes, or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) but also
the relative fault of the Seller, SC USA, the Issuer and their affiliates on the one hand and the
Underwriters on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by the Seller, SC USA, the Issuer and their affiliates on the one
hand and the Underwriters on the other in connection with the offering of the Notes shall be deemed
to be in the same proportion as the total net proceeds from the offering (before deducting expenses
other than underwriting discounts and commissions received by the Underwriters) received by the
Seller, SC USA, the Issuer and their affiliates bear to the total underwriting discounts and
commissions received by the Underwriters. The relative fault shall be determined by reference to,
among other things,
15
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Seller, SC USA, the Issuer
or their affiliates on the one hand or by any Underwriter on the other hand, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The Underwriters’ respective obligations to contribute pursuant to this
Section are several in proportion to the respective principal amounts of Notes they have purchased
hereunder, and not joint. For purposes of this Section 9, each person who controls any Underwriter
within the meaning of either the Securities Act or the Exchange Act and each director, officer,
employee and agent of such Underwriter shall have the same rights to contribution as such
Underwriter, and each person who controls the Seller or SC USA within the meaning of either the
Securities Act or the Exchange Act and each officer and director of the Seller or SC USA shall have
the same rights to contribution as the Seller or SC USA, subject in each case to the applicable
terms and conditions of this paragraph (e).
(f) The parties hereto agree that it would not be just or equitable if contribution pursuant
to this Section were determined by pro rata allocation (even if the Underwriters were treated as
one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in the preceding paragraph. The amount paid or payable by an
indemnified party as a result of the losses, claims, damages and liabilities referred to in the
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the other provisions of this
Section, no Underwriter (except as may be provided in the agreement among Underwriters relating to
the offering of the Notes) shall be required to contribute any amount in excess of the amount by
which the total underwriting discounts and commissions received by such Underwriter exceed the
amount of any damages that such Underwriter otherwise has been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution or indemnity from any person who was not guilty of such fraudulent misrepresentation.
The remedies provided for in this Section are not exclusive and shall not limit any rights or
remedies that otherwise may be available to any indemnified party at law or in equity.
SECTION 10. Defaults by an Underwriter. If any one or more Underwriter(s) fail(s) to
purchase and pay for any of the Notes agreed to be purchased by such Underwriter(s) hereunder, and
such failure constitutes a default in the performance of its or their obligations under this
Agreement, the remaining Underwriter(s) shall be obligated severally to take up and pay for (in the
respective proportions that the amount of Notes set forth opposite their names in
Schedule I bears to the aggregate amount of Notes set forth opposite the names of all the
remaining Underwriter(s)) the Notes that the defaulting Underwriter(s) agreed but failed to
purchase; provided, however, that if the aggregate amount of Notes that the defaulting
Underwriter(s) agreed but failed to purchase exceeds 10% of the aggregate principal amount of
Notes, the remaining Underwriter(s) shall have the right to purchase all, but shall not be under
any obligation to purchase any, of the Notes, and if such nondefaulting Underwriter(s) do not
purchase all the Notes, this Agreement will terminate without liability to any nondefaulting
Underwriter. In the event of a default by any Underwriter as set forth in this paragraph, the
Closing Date shall be postponed for such period, not exceeding seven days, as the remaining
16
Underwriter(s) shall determine in order that the required changes in the Registration
Statement and the Prospectus or in any other documents or arrangements may be effected. Nothing
contained in this Agreement shall relieve any defaulting Underwriter(s) of any liability to the
Seller, SC USA, their affiliates or any nondefaulting Underwriter(s) for damages occasioned by its
default hereunder.
SECTION 11. Offering Communications. Other than the Preliminary Prospectus and the
Prospectus, each Underwriter severally represents, warrants and agrees with SC USA and the Seller
that it has not made, used, prepared, authorized, approved or referred to and will not prepare,
make, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under
the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Notes,
including, but not limited to any “ABS informational and computational materials” as defined in
Item 1101(a) of Regulation AB under the Securities Act unless such Underwriter has obtained the
prior written approval of SC USA and the Seller; provided, however, each Underwriter may prepare
and convey to one or more of its potential investors without the consent of SC USA, the Seller or
any of their respective affiliates one or more “written communications” (as defined in Rule 405
under the Securities Act) in the form of (i) an Intex CDI file that does not contain any Issuer
Information (as defined below) other than Issuer Information included in the Preliminary Prospectus
previously filed with the Commission or (ii) other written communication containing no more than
the following: (a) information contemplated by Rule 134 under the Securities Act, (b) information
included or to be included in the Preliminary Prospectus or the Prospectus, and (c) a column or
other entry showing the status of the subscriptions for the Notes and/or expected pricing
parameters of the Notes (each such written communication, an “Underwriter Free Writing
Prospectus”). SC USA and the Seller each authorize each Underwriter to disseminate any “road
show” (as defined under Rule 433(h) under the Securities Act) in which representatives of SC USA or
the Seller participate. As used herein, the term “Issuer Information” means any information
of the type specified in clauses (1) – (5) of footnote 271 of Commission Release No. 33-8591
(Securities Offering Reform), other than Underwriter Derived Information. As used herein, the
term “Underwriter Derived Information” shall refer to information of the type described in
clause (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform) when
prepared by any Underwriter, including traditional computational and analytical materials prepared
by the Underwriter.
(a) Each Underwriter severally represents, warrants and agrees with SC USA and the Seller
that:
(i) each Underwriter Free Writing Prospectus prepared by it will not, as of the date
such Underwriter Free Writing Prospectus was conveyed or delivered to any prospective
purchaser of Notes, include any untrue statement of a material fact or omit any material
fact necessary to make the statements contained therein, in light of the circumstances under
which they were made, not misleading; provided, however, that no Underwriter makes such
representation, warranty or agreement to the extent such untrue statements or omissions were
made in reliance upon and in conformity with information contained in the Preliminary
Prospectus or the Prospectus or any written information furnished to the related Underwriter
by SC USA or the Seller specifically for use therein which information was not corrected by
information subsequently provided by SC USA
17
or the Seller to the related Underwriter prior to the time of use of such Underwriter
Free Writing Prospectus;
(ii) each Underwriter Free Writing Prospectus prepared by it shall contain a legend
substantially in the form of and in compliance with Rule 433(c)(2)(i) of the Securities Act,
and shall otherwise conform to any requirements for “free writing prospectuses” under the
Securities Act;
(iii) each Underwriter Free Writing Prospectus prepared by it shall be delivered to SC
USA and the Seller no later than the time of first use and, unless otherwise agreed to by SC
USA and the Seller and the related Underwriter, such delivery shall occur no later than
[5:00 p.m.] (Eastern Time) on the date of first use (which shall be no earlier than the time
that the Preliminary Prospectus is filed with the Commission); provided, however, if the
date of first use is not a Business Day, such delivery shall occur no later than [5:00 p.m.]
(Eastern Time) on the first Business Day preceding such date of first use;
(iv) none of the information in any Underwriter Free Writing Prospectus will conflict
with the information then contained in the Registration Statement or any prospectus or
prospectus supplement that is a part thereof;
(v) such Underwriter has in place, and covenants that it shall maintain, internal
controls and procedures which it reasonably believes to be sufficient to ensure full
compliance with all applicable legal requirements of the Securities Act and the rules and
regulations thereunder with respect to the generation and use of Underwriter Free Writing
Prospectuses in connection with the offering of the Notes. In addition, such Underwriter
shall, for a period of at least three years after the date hereof, maintain written and/or
electronic records of the following:
a. any Underwriter Free Writing Prospectus used by such Underwriter to solicit
offers to purchase Notes to the extent not filed with the Commission;
b. regarding each Underwriter Free Writing Prospectus delivered by such
Underwriter to an investor, the date of such delivery and identity of such investor;
and
c. regarding each Contract of Sale entered into by such Underwriter, the date,
identity of the investor and the terms of such Contract of Sale, as set forth in the
related confirmation of trade; and
(vi) such Underwriter shall file any Underwriter Free Writing Prospectus that has been
distributed by such Underwriter in a manner reasonably designed to lead to its broad,
unrestricted dissemination within the later of two business days after such Underwriter
first provides this information to investors and the date upon which the Seller is required
to file the Prospectus Supplement with the Commission pursuant to Rule 424(b)(3) of the
Securities Act or otherwise as required under Rule 433 of the Securities Act; provided,
however, that such Underwriter shall not be required to file any
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Underwriter Free Writing Prospectus to the extent such Underwriter Free Writing
Prospectus includes information in a free writing prospectus, Preliminary Prospectus or
Prospectus previously filed with the Commission or that does not contain substantive changes
from or additions to a free writing prospectus previously filed with the Commission.
SECTION 12. No Bankruptcy Petition. Each Underwriter covenants and agrees that,
before the date that is one year and one day after the payment in full of all notes issued by the
Issuer or any other common law or statutory trust or limited liability company formed by the Seller
in connection with the issuance of securities, it will not institute against, or join any other
person in instituting against, the Seller, the Issuer or any other such trust or limited liability
company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
proceedings under any Federal or state bankruptcy or similar law.
SECTION 13. Survival of Representations and Obligations. The respective indemnities,
agreements, representations, warranties and other statements set forth in or made pursuant to this
Agreement or contained in certificates of officers submitted pursuant hereto shall remain operative
and in full force and effect, regardless of any investigation or statement as to the results
thereof, and will survive delivery of and payment for the Notes. If for any reason the purchase of
the Notes by the Underwriters is not consummated, the Seller shall remain responsible for the
expenses to be paid or reimbursed pursuant to Section 6 and the obligations pursuant to
Section 9 shall remain in effect. If for any reason the purchase of the Notes by the
Underwriters is not consummated, other than termination of this Agreement pursuant to Section
10 with respect to the defaulting Underwriter(s), the Seller will reimburse the Underwriters
severally, upon demand, for all out-of-pocket expenses (including fees and disbursements of
counsel) incurred by any Underwriter in connection with the offering of the Notes.
SECTION 14. Notices. All communications hereunder will be in writing and will be
mailed or delivered and confirmed in each case as follows: (a) if to the Underwriters, to the
Representative, at [ ], Attention: [ ]; (b) if to the Seller, at
Santander Drive Auto Receivables LLC, [ ]; and (c) if to SC USA, at
Santander Consumer USA Inc., [ ], Attention: [ ].
SECTION 15. Successors. This Agreement will inure to the benefit of and be binding
upon the parties hereto, their respective successors and agents, and the directors, officers and
control persons referred to in Section 9, and no other person will have any rights or
obligations hereunder.
SECTION 16. Applicable Law, Entire Agreement. This Agreement will be governed by and
construed in accordance with the internal laws of the State of New York, without regard to the
principal of conflicts of laws thereof or any other jurisdiction (other than Sections 5-1401 and
5-1402 of the New York General Obligations Laws), and the obligations, rights and remedies of the
parties under this Agreement shall be determined in accordance with such laws. This Agreement
represents the entire agreement between the Seller and SC USA, on the one hand, and the
Underwriters, on the other, with respect to the preparation of the Prospectus or the Preliminary
Prospectus, the conduct of the offering and the purchase and sale of the Notes.
19
SECTION 17. Severability of Provisions. Any covenant, provision, agreement or term of
this Agreement that is prohibited or is held to be void 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 or the enforceability of such provision in any
other jurisdiction.
SECTION 18. Amendment. Neither this Agreement nor any term hereof may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party
against whom enforcement of the change, waiver, discharge or termination is sought.
SECTION 19. Headings. The headings in this Agreement are for the purposes of
reference only and shall not limit or otherwise affect the meaning hereof.
SECTION 20. Counterparts. This Agreement may be executed in counterparts, each of
which shall constitute an original, but all of which together shall constitute one instrument.
SECTION 21. Representation. You will act for the several Underwriters in connection
with the transactions contemplated by this Agreement, and any action under this Agreement taken by
you will be binding upon all the Underwriters.
SECTION 22. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably
and unconditionally:
(a) submits for itself and its property in any legal action or proceeding relating to
this Agreement, any documents executed and delivered in connection herewith or for
recognition and enforcement of any judgment in respect thereof, to the non-exclusive 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;
(b) 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;
(c) 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 set forth in Section 13 or, if
not therein, in the Indenture; and
(d) 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 xxx in any other jurisdiction.
[signature pages follow]
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If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to us the enclosed duplicate hereof, whereupon it will become a binding agreement among the
undersigned and the remaining Underwriters.
Very truly yours, SANTANDER DRIVE AUTO RECEIVABLES LLC |
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By: | ||||
Name: | ||||
Title: | ||||
By: | ||||
Name: | ||||
Title: | ||||
SANTANDER CONSUMER USA INC. |
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By: | ||||
Name: | ||||
Title: | ||||
By: | ||||
Name: | ||||
Title: | ||||
(Santander Drive Auto Receivables Trust 20[ ]-[ ]
Underwriting Agreement)
Underwriting Agreement)
S-1
The foregoing Underwriting Agreement
is hereby confirmed and accepted as of
the date first written above.
is hereby confirmed and accepted as of
the date first written above.
[ ],
on behalf of itself and as Representative
of the Several Underwriters
on behalf of itself and as Representative
of the Several Underwriters
By: | ||||
Name: | ||||
Title: | ||||
(Santander Drive Auto Receivables Trust 20[ ]-[ ]
Underwriting Agreement)
Underwriting Agreement)
S-2
SCHEDULE I
to Underwriting Agreement
to Underwriting Agreement
The Underwriters named below are the “Underwriters” for the purpose of this Agreement.
Class A-1 | Class A-2 | Class A-3 | Class A-4 | ||||||||||||||||||
Underwriter | Notes | Notes | Notes | Notes | Total | ||||||||||||||||
S-1