SANTANDER DRIVE AUTO RECEIVABLES TRUST 2020-3
SANTANDER DRIVE AUTO RECEIVABLES LLC
SANTANDER CONSUMER USA INC.
Sponsor and Servicer
$215,000,000 0.28161% Class A-1 Asset Backed Notes
$573,500,000 0.46% Class A-2 Asset Backed Notes
$273,440,000 0.52% Class A-3 Asset Backed Notes
$210,210,000 0.69% Class B Asset Backed Notes
$318,040,000 1.12% Class C Asset Backed Notes
$266,850,000 1.64% Class D Asset Backed Notes
September 15, 2020
RBC Capital Markets, LLC,
as Representative of the Several Underwriters
named on Exhibit A hereto
200 Vesey Street, 8th Floor
New York, New York 10281
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 RBC Capital Markets, 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 2020-3, 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 rights of the Issuer to the funds on deposit from time to time in the Trust Accounts and any other