SANTANDER DRIVE AUTO RECEIVABLES TRUST 2020-1
SANTANDER DRIVE AUTO RECEIVABLES LLC
SANTANDER CONSUMER USA INC.
Sponsor and Servicer
$127,000,000 1.65000% Class A-1 Asset Backed Notes
$264,000,000 2.07% Class A-2-A Asset Backed Notes
$50,000,000 Benchmark + 1.55% Class A-2-B Asset Backed Notes
$151,620,000 2.03% Class A-3 Asset Backed Notes
$134,750,000 3.03% Class B Asset Backed Notes
$169,690,000 4.11% Class C Asset Backed Notes
$67,765,000 5.35% Class D Asset Backed Notes
April 16, 2020
J.P. Morgan Securities LLC,
as Representative of the Several Underwriters
named on Exhibit A hereto
383 Madison Avenue
New York, New York 10179
Ladies and Gentlemen:
Section 1. Introductory.
Santander Drive Auto Receivables LLC, a Delaware limited liability company (the Seller or Depositor), and Santander Consumer USA Inc., an Illinois corporation (SC), confirm their agreement with J.P. Morgan Securities LLC (the Representative), as representative of the several underwriters (the Underwriters and each, an Underwriter) listed in Section 2 of the Terms Exhibit attached hereto as Exhibit A (the Terms Exhibit) as follows:
Santander Drive Auto Receivables Trust 2020-1, a Delaware statutory trust (the Issuer), will issue the notes specified in Section 1 of the Terms Exhibit (the Issued Notes) pursuant to the Indenture, dated as of the Closing Date (as defined below) (the Indenture), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the Indenture Trustee). The Seller proposes to sell to the Underwriters the Issued Notes specified in Section 3 of the Terms Exhibit (the Notes).
The assets of the Issuer (the Trust Estate) consist of all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale and Servicing Agreement, dated as of the Closing Date (the Sale and Servicing Agreement), by and among the Seller, the Issuer, SC, as servicer, and the Indenture Trustee, the Related Security relating thereto and Collections thereon after the Cut-Off Date, (ii) all Receivable Files, (iii) the