EX-10.1




 Exhibit 10.1 
  

 
 PURCHASE AGREEMENT 

dated as of November 22, 2022 

between 
 SANTANDER CONSUMER
USA INC., 
 as Seller 
 and

 SANTANDER DRIVE AUTO RECEIVABLES LLC, 

as Purchaser 
  

 











 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND USAGE
	  	 	1	 
			
	 SECTION 1.1
	 	Definitions	  	 	1	 
			
	 SECTION 1.2
	 	Other Interpretive Provisions	  	 	1	 
		
	 ARTICLE II PURCHASE
	  	 	2	 
			
	 SECTION 2.1
	 	Agreement to Sell and Contribute on the Closing Date	  	 	2	 
			
	 SECTION 2.2
	 	Consideration and Payment	  	 	2	 
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	2	 
			
	 SECTION 3.1
	 	Representations and Warranties of Santander Consumer	  	 	2	 
			
	 SECTION 3.2
	 	Representations and Warranties of Santander Consumer Regarding the Purchased Assets	  	 	4	 
			
	 SECTION 3.3
	 	Representations and Warranties of Santander Consumer as to each Receivable	  	 	4	 
			
	 SECTION 3.4
	 	Repurchase upon Breach	  	 	5	 
			
	 SECTION 3.5
	 	Protection of Title	  	 	6	 
			
	 SECTION 3.6
	 	Other Liens or Interests	  	 	6	 
			
	 SECTION 3.7
	 	Dispute Resolution	  	 	7	 
			
	 SECTION 3.8
	 	Cooperation with Voting	  	 	10	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	10	 
			
	 SECTION 4.1
	 	Transfers Intended as Sale; Security Interest	  	 	10	 
			
	 SECTION 4.2
	 	Notices, Etc.	  	 	11	 
			
	 SECTION 4.3
	 	Choice of Law	  	 	11	 
			
	 SECTION 4.4
	 	Headings	  	 	12	 
			
	 SECTION 4.5
	 	Counterparts and Electronic Signature	  	 	12	 
			
	 SECTION 4.6
	 	Amendment	  	 	12	 
			
	 SECTION 4.7
	 	Waivers	  	 	14	 
			
	 SECTION 4.8
	 	Entire Agreement	  	 	14	 
			
	 SECTION 4.9
	 	Severability of Provisions	  	 	14	 
			
	 SECTION 4.10
	 	Binding Effect; Merger or Consolidation	  	 	14	 
			
	 SECTION 4.11
	 	Acknowledgment and Agreement	  	 	15	 
			
	 SECTION 4.12
	 	Cumulative Remedies	  	 	15	 
			
	 SECTION 4.13
	 	Nonpetition Covenant	  	 	15	 
			
	 SECTION 4.14
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	15	 
			
	 SECTION 4.15
	 	Third-Party Beneficiaries	  	 	16	 


  
 -i- 













			
	EXHIBIT A	  	Form of Assignment
		
	SCHEDULE I	  	Perfection Representations, Warranties and Covenants
		
	SCHEDULE II	  	Representations and Warranties with Respect to the Receivables


  

					
		  	-ii-	  	Purchase Agreement (SDART 2022-7)













 THIS PURCHASE AGREEMENT is made and entered into as of November 22, 2022 (as amended,
restated, supplemented or otherwise modified and in effect from time to time, this “Agreement”) by SANTANDER CONSUMER USA INC., an Illinois corporation (“Santander Consumer”), and SANTANDER DRIVE AUTO RECEIVABLES
LLC, a Delaware limited liability company (the “Purchaser”). 
 WITNESSETH: 

WHEREAS, the Purchaser desires to purchase from Santander Consumer a portfolio of motor vehicle receivables, including motor vehicle retail
installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, SUVs and vans; and 

WHEREAS, Santander Consumer is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms
and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein,
the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 
 SECTION
1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated
as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among Santander Drive Auto Receivables Trust 2022-7,
Santander Consumer, as Servicer, the Purchaser, as Seller, and Citibank, N.A., a national banking association, as Indenture Trustee, which also contains rules as to usage that are applicable herein. 

SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires:
(a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent
that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as
defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to
any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise
expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and
assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

  

					
		  		  	Purchase Agreement (SDART 2022-7)













 ARTICLE II 

PURCHASE 
 SECTION 2.1
Agreement to Sell and Contribute on the Closing Date. On the terms and subject to the conditions set forth in this Agreement, Santander Consumer does hereby irrevocably sell, transfer, assign, contribute and otherwise convey to the
Purchaser without recourse (subject to the obligations herein) on the Closing Date all of Santander Consumer’s right, title and interest in, to and under the Receivables, the Collections after the Cut-Off
Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired, as evidenced by an assignment substantially in the form of Exhibit A delivered on the Closing Date (collectively, the
“Purchased Assets”). The sale, transfer, assignment, contribution and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of the Originator to the Obligors,
the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

SECTION 2.2 Consideration and Payment. The purchase price for the sale of the Purchased Assets sold to the Purchaser on the
Closing Date shall equal the estimated fair market value of the Purchased Assets. Such purchase price shall be paid in cash to Santander Consumer in an amount agreed to between Santander Consumer and the Purchaser, and, to the extent not paid in
cash by the Purchaser, shall be paid by a capital contribution by Santander Consumer of an undivided interest in such Purchased Assets that increases its equity interest in the Purchaser in an amount equal to the excess of the estimated fair market
value of the Purchased Assets over the amount of cash paid by the Purchaser to Santander Consumer. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1 Representations and Warranties of Santander Consumer. Santander Consumer makes the following representations and
warranties as of the Closing Date, on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets to the Purchaser pursuant to this
Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale and Servicing Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 

(a) Existence and Power. Santander Consumer is a corporation validly existing and in good standing under the laws of its state of
organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under the Transaction Documents to which it
is a party. Santander Consumer has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Santander Consumer to perform its obligations under the Transaction
Documents or affect the enforceability or collectability of the Receivables or any other part of the Purchased Assets. 

  

					
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 (b) Authorization and No Contravention. The execution, delivery and performance by
Santander Consumer of the Transaction Documents to which it is a party have been duly authorized by all necessary corporate action on the part of Santander Consumer and do not contravene or constitute a default under (i) any applicable law,
rule or regulation, (ii) its organizational documents or (iii) any material indenture or material agreement to which Santander Consumer is a party or by which its properties are bound (other than violations of such laws, rules,
regulations, organizational documents, indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the
transactions contemplated by, or Santander Consumer’s ability to perform its obligations under, the Transaction Documents). 
 (c) No
Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by Santander Consumer of any Transaction Document other than (i) UCC
filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse
effect on the enforceability or collectability of the Receivables or any other part of the Purchased Assets or would not materially and adversely affect the ability of Santander Consumer to perform its obligations under the Transaction Documents.

 (d) Binding Effect. Each Transaction Document to which Santander Consumer is a party constitutes the legal, valid and binding
obligation of Santander Consumer enforceable against Santander Consumer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or
other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of Santander Consumer, threatened
against Santander Consumer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by Santander Consumer of its
obligations under this Agreement or any of the other Transaction Documents or (iv) relate to Santander Consumer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes
of the Notes. 
 (f) Lien Filings. Santander Consumer is not aware of any material judgment, ERISA or tax lien filings against
Santander Consumer. 

  

					
		  	-3-	  	Purchase Agreement (SDART 2022-7)













 SECTION 3.2 Representations and Warranties of Santander Consumer Regarding the
Purchased Assets. On the date hereof, Santander Consumer hereby makes the following representations and warranties to the Purchaser, on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. Such representations and
warranties will survive the conveyance of the Purchased Assets to the Purchaser pursuant to this Agreement, the sale of the Purchased Assets to the Issuer under the Sale and Servicing Agreement, and the Grant of the Purchased Assets and other
collateral by the Issuer to the Indenture Trustee pursuant to the Indenture. 
 (a) The Receivables were selected using selection procedures
that were not known or intended by Santander Consumer to be adverse to the Issuer. 
 (b) The Receivables and the other Purchased Assets have
been validly assigned by Santander Consumer to the Purchaser. 
 (c) The information with respect to the Receivables transferred on the
Closing Date as set forth in the Schedule of Receivables was true and correct in all material respects as of the Cut-Off Date. 

(d) No Receivables are pledged, assigned, sold, subject to a security interest or otherwise conveyed other than pursuant to the Transaction
Documents. Santander Consumer has not authorized the filing of and is not aware of any financing statements against Santander Consumer that includes a description of collateral covering any Receivable other than any financing statement relating to
security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Receivables hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the
Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected by the filing of a financing statement) in favor of the Purchaser which security interest is prior to all other
Liens created by Santander Consumer (other than Permitted Liens) with respect to the Receivables and is enforceable as such against all other creditors of and purchasers and assignees from Santander Consumer. 

(e) The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Assets, which are
attached to this Agreement as Schedule I, are true and correct. 
 SECTION 3.3 Representations and Warranties of Santander
Consumer as to each Receivable. On the date hereof, Santander Consumer hereby makes the representations and warranties set forth on Schedule II to the Purchaser as to the Receivables sold, transferred, assigned, contributed and otherwise
conveyed to the Purchaser under this Agreement on which such representations and warranties the Purchaser relies in acquiring the Receivables. Such representations and warranties shall survive the conveyance of the Purchased Assets to the Purchaser
pursuant to this Agreement, the sale of the Purchased Assets to the Issuer under the Sale and Servicing Agreement, and the Grant of the Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement
to the contrary contained herein or in any other Transaction Document, Santander Consumer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to


  

					
		  	-4-	  	Purchase Agreement (SDART 2022-7)













 
notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents. Santander Consumer hereby agrees that the Issuer shall have the right to enforce any and all
rights under this Agreement assigned to the Issuer under the Sale and Servicing Agreement, including the right to cause Santander Consumer to repurchase any Receivable with respect to which it is in breach of any of its representations and
warranties set forth in Schedule II, directly against Santander Consumer as though the Issuer were a party to this Agreement, and the Issuer shall not be obligated to exercise any such rights indirectly through the Depositor. 

SECTION 3.4 Repurchase upon Breach. Upon discovery by or notice to a Responsible Officer of the Purchaser or Santander Consumer
of a breach of any of the representations and warranties set forth in Section 3.3 with respect to any Receivable at the time such representations and warranties were made which materially and adversely affects the interests
of the Issuer or the Noteholders in such Receivable, the party discovering such breach or receiving written notice of such breach shall give prompt written notice thereof to the other party; provided, that delivery of a Servicer’s
Certificate which identifies that Receivables are being or have been repurchased shall be deemed to constitute prompt notice by Santander Consumer and the Purchaser of such breach; provided, further, that the Indenture Trustee and the Owner Trustee
will be deemed to have knowledge of such breach only if a Responsible Officer of the Indenture Trustee or Owner Trustee, as applicable, has actual knowledge thereof, including without limitation upon receipt of written notice; provided, further,
that the failure to give such notice shall not affect any obligation of Santander Consumer hereunder. If the breach materially and adversely affects the interests of the Issuer or the Noteholders in such Receivable, then Santander Consumer shall
either (a) correct or cure such breach or (b) repurchase such Receivable from the Purchaser (or its assignee), in either case on or before the Payment Date following the end of the Collection Period which includes the 60th day (or, if
Santander Consumer elects, an earlier date) after the date Santander Consumer became aware or was notified of such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure has not affected
the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such Receivable. Any such purchase by Santander Consumer shall be at a price equal to the related Repurchase Price. In consideration for such repurchase,
Santander Consumer shall make (or shall cause to be made) a payment to the Purchaser (or its assignee) equal to the Repurchase Price by depositing such amount into the Collection Account prior to noon, New York City time, on such date of repurchase
(or, if Santander Consumer elects, an earlier date). Upon payment of such Repurchase Price by Santander Consumer, the Purchaser (or its assignee) shall release and shall execute and deliver such instruments of release, transfer or assignment, in
each case without recourse or representation, as may be reasonably requested by Santander Consumer to evidence such release, transfer or assignment or more effectively vest in Santander Consumer or its designee any Receivable and related Purchased
Assets repurchased pursuant to this Section 3.4. It is understood and agreed that the obligation of Santander Consumer to repurchase any Receivable as described above shall constitute the sole remedy respecting such breach
available to the Purchaser (or its assignee). 

  

					
		  	-5-	  	Purchase Agreement (SDART 2022-7)













 SECTION 3.5 Protection of Title. 

(a) Santander Consumer shall authorize and file such financing statements and cause to be authorized and filed such continuation and other
financing statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Purchased Assets (to the extent that the interest of the
Purchaser therein can be perfected by the filing of a financing statement). Santander Consumer shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as
available following such filing. 
 (b) Santander Consumer shall notify the Purchaser in writing within ten (10) days following the
occurrence of (i) any change in Santander Consumer’s organizational structure as a corporation, (ii) any change in Santander Consumer’s “location” (within the meaning of
Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in Santander Consumer’s name, and (A) shall take all action prior to making such change (or shall have made
arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable in the opinion of the Purchaser to amend all previously filed financing
statements or continuation statements described in paragraph (a) above and (B) shall deliver to the Indenture Trustee within 30 days after such change an Opinion of Counsel either (a) stating that, in the opinion of such counsel, all
financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer in the Receivables or (b) stating that, in the opinion of such counsel,
no such action shall be necessary to preserve and protect such interest. 
 (c) Santander Consumer shall maintain (or shall cause the
Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the
interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such
computer systems until, and only until, the related Receivable shall have been paid in full or repurchased. 
 (d) If at any time Santander
Consumer shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, Santander Consumer shall give to such prospective purchaser,
lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is
owned by the Purchaser (or any subsequent assignee of the Purchaser). 
 SECTION 3.6 Other Liens or Interests. Except for the
conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, Santander Consumer shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other
Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and Santander Consumer shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other
property transferred to the Purchaser against all claims of third parties claiming through or under Santander Consumer. 

  

					
		  	-6-	  	Purchase Agreement (SDART 2022-7)













 SECTION 3.7 Dispute Resolution 

(a) If the Seller, the Issuer, the Owner Trustee (in its discretion or at the direction of a Certificateholder pursuant to the Trust Agreement)
or the Indenture Trustee (in its discretion or at the direction of a Requesting Investor pursuant to Section 7.5 of the Indenture) (the “Requesting Party”) requests that Santander Consumer repurchase any
Receivable pursuant to Section 3.4 and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by
Santander Consumer, the Requesting Party will have the right to refer the matter, at its discretion, to either mediation (including nonbinding arbitration) or arbitration pursuant to this Section 3.7; provided,
however, that (i) if the Indenture Trustee declines to act in accordance with this Section 3.7 at the direction of a Noteholder or Note Owner due to the failure of such Noteholder or Note Owner to offer the
Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such
act, such Noteholder or Note Owner shall be deemed to be a “Requesting Party” or (ii) if the Owner Trustee declines to act in accordance with this Section 3.7 at the direction of a Certificateholder due to
the failure of such Certificateholder to offer the Owner Trustee security or indemnity reasonably satisfactory to the Owner Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its
agents and its counsel in connection with such act, such Certificateholder shall be deemed to be a “Requesting Party.” If the Requesting Party is the Indenture Trustee or the Owner Trustee acting at the direction of a Noteholder, Note
Owner or Certificateholder, as applicable, the Indenture Trustee or Owner Trustee, as applicable, as Requesting Party, will act solely at the direction of such Noteholder, Note Owner, or Certificateholder in making all decisions related to mediation
or arbitration. Santander Consumer will inform the Requesting Party in writing upon a determination by Santander Consumer that a Receivable subject to a demand to repurchase will be repurchased and the monthly distribution report filed by the Seller
on Form 10-D for the Collection Period in which such Receivables were repurchased shall include disclosure of such repurchase. A failure of Santander Consumer to inform the Requesting Party that a
Receivable subject to a demand will be repurchased within 180 days of the receipt of notice of the request shall be deemed to be a determination by Santander Consumer that no repurchase of that Receivable due to a breach of
Section 3.3 is required. The monthly distribution report filed by the Seller on Form 10-D for the Collection Period in which a repurchase demand is made and for each subsequent
Collection Period until such repurchase demand is resolved or the related Receivable is repurchased, shall include disclosure regarding the date of the repurchase demand as well as the status of such repurchase demand for each applicable Receivable.
If both the Owner Trustee (on behalf of one or more Certificateholders) and the Indenture Trustee (on behalf of one or more Noteholders or Note Owners) are Requesting Parties, then the Indenture Trustee as Requesting Party shall have the right to
make the selection of mediation (including nonbinding arbitration) or arbitration. If more than one Noteholder or Note Owner has directed the Indenture Trustee in connection with a request to pursue dispute resolution pursuant to this
Section 3.7, the Indenture Trustee shall act at the direction of the Noteholders or Note Owners, as applicable, holding a majority of the Note Balance of the Notes held by such directing Noteholders and/or Note Owners. If
more than one Certificateholder has directed the Owner Trustee in connection with a request to pursue dispute resolution pursuant to this Section 3.7, the Owner Trustee shall act at the direction of the Certificateholders
holding the majority of the voting interests of such directing Certificateholders. For the avoidance of doubt, neither the Indenture Trustee nor the Owner Trustee is required to, nor intends to, exercise discretion with respect to any action
pursuant to this Section 3.7(a). 

  

					
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 (b) The Requesting Party will provide notice in accordance with the provisions of
Section 4.2 of its intention to refer the matter to mediation (including nonbinding arbitration) or arbitration, as applicable, to Santander Consumer, with a copy to the Issuer, the Seller, the Owner Trustee and the
Indenture Trustee. Santander Consumer agrees that it will participate in the resolution method selected by the Requesting Party. Santander Consumer shall provide notice to the Seller, the Issuer, the Owner Trustee, and the Indenture Trustee that
Santander Consumer has received a request to mediate or arbitrate a repurchase request. Upon receipt of such notice, the Seller, the Issuer, the Owner Trustee (acting at the direction of a Certificateholder), and the Indenture Trustee (acting at the
direction of a Noteholder or Note Owner) shall advise the Requesting Party and Santander Consumer of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the Proceeding. A Requesting
Party may not initiate a mediation (including nonbinding arbitration) or arbitration pursuant to this Section 3.7 with respect to a Receivable that is, or has been, the subject of an ongoing or previous mediation or
arbitration (whether by that Requesting Party or another Requesting Party) but will have the right, subject to a determination by the parties to the existing mediation or arbitration that such joinder would not prejudice the rights of the
participants to such existing mediation or arbitration or unduly delay such Proceeding, to join an existing mediation or arbitration with respect to that Receivable if the mediation or arbitration has not yet concluded. In the case of any such
joinder, if the initial Requesting Party is (i) the Indenture Trustee (on behalf of one or more Noteholders or Note Owners), any decisions related to the mediation or arbitration will be made by the Indenture Trustee at the written direction of
the Requesting Investor holding a majority of the Note Balance of all of the Notes held by such directing Noteholders and/or Note Owners, and (ii) the Owner Trustee (on behalf of one or more Certificateholders), any decisions related to the
mediation or arbitration will be made by the Owner Trustee on behalf of the Certificateholders holding the majority of the voting interests of the directing Certificateholders. 

(c) If the Requesting Party selects mediation (including nonbinding arbitration) as the resolution method, the following provisions will apply:

 (i) The mediation will be administered by a nationally recognized arbitration and mediation association selected by the
Requesting Party pursuant to such association’s mediation procedures in effect at such time. 
 (ii) The fees and
expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. 
 (iii) The mediator
will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the
“AAA”). 
 (d) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply:


  

					
		  	-8-	  	Purchase Agreement (SDART 2022-7)













 (i) The arbitration will be administered by a nationally recognized
arbitration and mediation association jointly selected by the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

(ii) The arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are
relevant to the dispute hereunder and will be appointed from a list of neutrals maintained by AAA. 
 (iii) The arbitrator
will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in
any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by it, and Santander Consumer shall not be required to pay more than the applicable Repurchase Price with respect to any
receivable which Santander Consumer is required to repurchase under the terms of this Agreement. In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any
record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart
copies will be promptly delivered to the parties. The determination may be enforced in any court of competent jurisdiction. 

(iv) No person may bring a putative or certified class action to arbitration. 

(e) The following provisions will apply to both mediations (including nonbinding arbitration) and arbitrations: 

(i) Any mediation or arbitration will be held in New York, New York or such other location mutually agreed to by the Requesting
Party and Santander Consumer; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have the right to
seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; and 

(iii) The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled
repurchase request, mediations or arbitration proceedings conducted under this Section 3.7, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to
resolve an unfulfilled repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain
confidential and inadmissible (except disclosures required by applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this
Section 3.7) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent 

  

					
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that Santander Consumer, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any third
party, except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably required in connection with any resolution
procedure under this Section 3.7, and to the Asset Representations Reviewer, if an Asset Review has been conducted, if the disclosing party (a) directs such Representatives to keep the information confidential,
(b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena
or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the
production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are
compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information
that is required to be disclosed. For the avoidance of doubt, if the Indenture Trustee is the Requesting Party, the Indenture Trustee may disclose Confidential Information with respect to an Asset Review to the Requesting Investor which directed the
Indenture Trustee in connection with such Asset Review. 
 SECTION 3.8 Cooperation with Voting. Each of Santander Consumer and the
Purchaser hereby acknowledges and agrees that it shall cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to the terms of Section 7.6 of the Indenture. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales, transfers, assignments, contributions and conveyances without recourse rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties
hereto that the Purchased Assets shall not be part of Santander Consumer’s estate in the event of a bankruptcy or insolvency of Santander Consumer. The sales and transfers by Santander Consumer of the Receivables and other Purchased Assets
hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, Santander Consumer, except as otherwise specifically provided herein. The limited rights of recourse specified herein against Santander Consumer
are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables. 

  

					
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 (b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased
Assets are held to be property of Santander Consumer, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 

(i) this Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and
the UCC of any other applicable jurisdiction; 
 (ii) the conveyance provided for in Section 2.1
shall be deemed to be a grant by Santander Consumer of, and Santander Consumer hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter
acquired, in and to the Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of Santander Consumer hereunder; 

(iii) the possession by the Purchaser or its agent of the Receivable Files and any other property that constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security interest pursuant to the
New York UCC and the UCC of any other applicable jurisdiction; and 
 (iv) notifications to persons holding such property,
and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the purpose of
perfecting such security interest under applicable law. 
 SECTION 4.2 Notices, Etc. All demands, notices and
communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and
addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or
permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall
be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
 SECTION 4.3
Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 

  

					
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 SECTION 4.4 Headings. The article and section headings hereof have been inserted for
convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION 4.5
Counterparts and Electronic Signature. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that
complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable;
(ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any
other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying
upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof. 

SECTION 4.6 Amendment. 

(a) Any term or provision of this Agreement may be amended by Santander Consumer and the Purchaser without the consent of the Indenture
Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) Santander Consumer or the Purchaser delivers an Opinion of Counsel to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating Agency Condition
is satisfied with respect to such amendment and Santander Consumer or the Purchaser notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 4.6 shall be effective which affects the rights, protections or duties of the Indenture
Trustee or the Owner Trustee without the prior written consent of such Person. 

  

					
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 (b) This Agreement may also be amended from time to time by Santander Consumer and the
Purchaser, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such
consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such
reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Any term or provision of this Agreement may also be amended from time to time by Santander Consumer and the Purchaser for the purpose of
conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the 144A Notes or the Certificates without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that Santander Consumer and the Purchaser shall provide written notification of the substance of such amendment to
the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, Santander Consumer and the Purchaser shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

(d) Prior to the execution of any amendment or consent pursuant to this Section 4.6, Santander Consumer shall provide
written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, Santander Consumer shall furnish a copy of such amendment or consent to each Rating Agency and the
Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have
been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or
immunities under this Agreement. 
 (f) Notwithstanding subsections (a) and (b) of this
Section 4.6, this Agreement may only be amended by the Seller and the Purchaser if (i) the Majority Certificateholders, or, if 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer
and/or its Affiliates, such Person (or Persons) consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Seller or the Purchaser or an Opinion of Counsel delivered to the Indenture Trustee
and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by Santander Consumer and/or its Affiliates for purposes of
clause (i), any party shall be entitled to rely on an Officer’s Certificate or similar certification of Santander Consumer or any Affiliate thereof to such effect. 

  

					
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 SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the Servicer,
Santander Consumer, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or Santander Consumer in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, Santander Consumer shall not be liable for any failure or delay in the
performance of its obligations or the taking of any action hereunder or under any other Transaction Document (and such failure or delay shall not constitute a breach of any Transaction Document) if such failure or delay arises from compliance by
Santander Consumer with any law or court order, the direction of a regulatory authority or regulatory guidance. 
 SECTION 4.8
Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties
hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

SECTION 4.9 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 SECTION 4.10 Binding Effect; Merger or Consolidation. Any
entity (i) into which Santander Consumer may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger,
sale, transfer, conversion or consolidation to which Santander Consumer shall be a party, or any entity succeeding to the business of Santander Consumer shall be the successor to Santander Consumer under this Agreement and (ii) of which more
than 50% of the voting stock or voting power and 50% or more of the economic equity is owned directly or indirectly by Banco Santander, S.A. and which executes an agreement of assumption to perform every obligation of Santander Consumer under this
Agreement, shall be the successor to Santander Consumer under this Agreement, in each case, including but not limited to in connection with its obligation to repurchase Receivables pursuant to Section 3.4 and without the
execution or filing of any additional paper or any further act on the part of any of the parties hereto, other than as contemplated by Section 3.5. This Agreement shall create and constitute the continuing obligations of
the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 

  

					
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 SECTION 4.11 Acknowledgment and Agreement. By execution below, Santander
Consumer expressly acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights of the Purchaser under this Agreement by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the Grant of a
security interest in the Receivables, the other Purchased Assets and the Issuer’s rights under this Agreement by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In addition, Santander Consumer
hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement in the event that the Purchaser shall fail to
exercise the same. 
 SECTION 4.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. 
 SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one
year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a
voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party hereto shall not commence or join with any other Person in commencing, any Proceeding against such Bankruptcy
Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section 4.13 shall survive the termination of this Agreement. 

SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Agreement or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive 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 Proceeding may be brought and maintained in such
courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such 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 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 determined in accordance with Section 4.2 of this Agreement; 

  

					
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 (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 sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable
law, each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder. 
 SECTION 4.15 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and permitted assigns and each of the Issuer and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except
as otherwise provided in this Section, no other Person will have any right hereunder. 
 [Remainder of Page Intentionally Left Blank] 

  

					
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	  

	Name:	 	Joseph Pak
	Title:	 	Vice President



  

					
		  	S-1	  	Purchase Agreement (SDART 2022-7)













 
			
	SANTANDER DRIVE AUTO RECEIVABLES LLC
		
	By:	 	  

	Name:	 	Mark McCastlain
	Title:	 	Vice President



  

					
		  	S-2	  	Purchase Agreement (SDART 2022-7)













 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO PURCHASE AGREEMENT 
 [_________], 2022 

For value received, in accordance with the Purchase Agreement (the “Agreement”) dated as of November 22, 2022, between
Santander Consumer USA Inc., an Illinois corporation (“Santander Consumer”), and Santander Drive Auto Receivables LLC, a Delaware limited liability company (the “Purchaser”), on the terms and subject to the
conditions set forth in the Agreement, Santander Consumer does hereby irrevocably sell, transfer, assign, contribute and otherwise convey to the Purchaser on the Closing Date, without recourse (subject to the obligations in the Agreement), all
right, title and interest of Santander Consumer, whether now owned or hereafter acquired, in, to and under the Receivables set forth on the schedule of Receivables delivered by Santander Consumer to the Purchaser on the date hereof, the Collections
after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, which sale shall be effective as of the Cut-Off Date. 

The foregoing sale does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of the Originator to
the Obligors, the Dealers, insurers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement. 
 [Remainder of page intentionally left blank] 

  

					
		  	A-1	  	Purchase Agreement (SDART 2022-7)













 IN WITNESS HEREOF, the undersigned has caused this assignment to be duly executed as of the
date first above written. 
  

	
	SANTANDER CONSUMER USA INC.
	
	By:                                     
                                         
                  
	Name:
	Title:



  

					
		  	A-2	  	Purchase Agreement (SDART 2022-7)













 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, Santander Consumer hereby represents, warrants, and
covenants to the Purchaser as follows on the Closing Date: 
 General 

1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from Santander Consumer. 

2. The Receivables constitute “tangible chattel paper,” “electronic chattel paper,” “accounts,”
“instruments” or “general intangibles,” within the meaning of the UCC. If a Receivable constitutes “electronic chattel paper,” Santander Consumer has “control” of such electronic chattel paper within the
meaning of Section 9-105 of the applicable UCC. 
 3. Immediately prior to the sale, assignment
and transfer thereof pursuant to this Agreement, each Receivable was secured by a first priority validly perfected security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary
actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party. 

Creation 
 4.
Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by Santander Consumer to the Purchaser, Santander Consumer owned and had good and marketable title to such Receivable free and clear of any Lien created by Santander
Consumer (except any Lien which will be released prior to assignment of such Receivable under the Purchase Agreement) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Purchaser, the Purchaser will have
good and marketable title to such Receivable free and clear of any Lien created by Santander Consumer (other than Permitted Liens). 
 5.
Santander Consumer has received all consents and approvals to the sale of the Receivables hereunder to the Purchaser required by the terms of the Receivables that constitute instruments. 

Perfection 
 6.
Santander Consumer has caused or will have caused, within ten days after the effective date of the Purchase Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the sale of the Receivables from Santander Consumer to the Purchaser, and the security interest in 

  

					
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the Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that
constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of
the Secured Party/Purchaser.” 
 7. With respect to Receivables that constitute instruments or tangible chattel paper, either: 

 

	 	(i)	 All original executed copies of each such instrument or tangible chattel paper have been delivered to the
Indenture Trustee, as pledgee of the Issuer; or 


  

	 	(ii)	 Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has
received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or



  

	 	(iii)	 The Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee
received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee, not in its individual capacity but solely as Indenture Trustee, as pledgee of the Issuer. 



Priority 
 8.
Santander Consumer has not authorized the filing of, and is not aware of, any financing statements against Santander Consumer that include a description of collateral covering the Receivables other than any financing statement (i) relating to
the conveyance of the Receivables by Santander Consumer to the Purchaser under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating to
the security interest granted by the Issuer to the Indenture Trustee under the Indenture or (iv) that has been terminated. 
 9.
Santander Consumer is not aware of any material judgment, ERISA or tax lien filings against Santander Consumer. 
 10. Neither Santander
Consumer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the
UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 11. None of the
instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser, the
Issuer or the Indenture Trustee. 

  

					
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 Survival of Perfection Representations 

12. Notwithstanding any other provision of the Purchase Agreement or any other Transaction Document, the perfection representations,
warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 

No Waiver 
 13.
Santander Consumer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency
Condition, waive a breach of any of such perfection representations, warranties or covenants. 

  

					
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 SCHEDULE II 

REPRESENTATIONS AND WARRANTIES 

WITH RESPECT TO THE RECEIVABLES 
  

	(a)	 Characteristics of Receivables. As of the Cut-Off Date (or such
other date as may be specifically set forth below), each Receivable: 


 (i) has been fully and properly
executed or electronically authenticated by the Obligor thereto; 
 (ii) either (A) has been originated by a Dealer to
finance the retail sale by that Dealer of the related Financed Vehicle and has been purchased by Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by
Santander Consumer or (C) has been acquired by Santander Consumer in accordance with the terms of a purchase agreement between the applicable originator and Santander Consumer; 

(iii) as of the Closing Date, is secured by a first priority validly perfected security interest in the Financed Vehicle in
favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security interest in the Financed Vehicle in favor of the Originator, as secured party; 

(iv) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security; 
 (v) provided, at origination, for level monthly
payments which fully amortize the initial Principal Balance over the original term; provided, that the amount of the first or last scheduled payment may be different from the level payment but in no event more than three times the level
monthly payment; 
 (vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck, SUV or van; 

(ix) has a Contract Rate of at least 0.00%; 

(x) had an original term to maturity of not more than 75 months and each Receivable has a remaining term to maturity, as of the
Cut-Off Date, of not more than 75 months and not less than 4 months; 

  

					
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 (xi) has an outstanding Principal Balance of at least $500.00 and no more
than $150,000.00; 
 (xii) has a final scheduled payment due not later than February 16, 2029; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not identified in the records of the Servicer as being the subject of any pending bankruptcy or insolvency
proceeding; 
 (xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable; and 

(xvii) provides that a prepayment by the related Obligor will fully pay the Principal Balance and accrued interest through the
date of prepayment based on the Receivable’s Contract Rate. 
  

	(b)	 Compliance with Law. The Receivable complied at the time it was originated or made in all material
respects with all requirements of applicable federal, state and local laws, and regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the
Cut-Off Date or (ii) would not render such Receivable unenforceable or create liability for the Purchaser or the Issuer, as assignee of such Receivable. 



 

	(c)	 Binding Obligation. The Receivable constitutes the legal, valid and binding payment obligation in
writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable
principles relating to or affecting the enforcement of creditors’ rights generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil
Relief Act, as amended, or similar state or local laws. 


  

	(d)	 Receivable in Force. The Receivable has not been satisfied, subordinated or rescinded nor do the records
of the Servicer indicate that the related Financed Vehicle has been released from the lien of such Receivable in whole or in part. 


  

	(e)	 No Default; No Waiver. Except for payment delinquencies continuing for a period of not more than 30 days
as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen
as of the Cut-Off Date and the Seller has not waived any of the foregoing. 



  

					
		  	-2-	  	Purchase Agreement (SDART 2022-7)














	(f)	 Insurance. The Receivable requires that the Obligor thereunder obtain physical damage insurance covering
the related Financed Vehicle. 


  

	(g)	 No Government Obligor. The Obligor on the Receivable is not the United States or any state thereof or
any local government, or any agency, department, political subdivision or instrumentality of the United States or any state thereof or any local government. 


  

	(h)	 Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under
which the sale, transfer, assignment, contribution, conveyance or pledge of such Receivable would be unlawful, void, or voidable. 


  

	(i)	 Good Title. As of the Closing Date and immediately prior to the sale and transfer contemplated in the
Purchase Agreement and the Sale and Servicing Agreement, Santander Consumer had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens created by Santander Consumer (except any Lien which will be released
prior to assignment of such Receivable thereunder), and, immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens created by Santander Consumer (other than
Permitted Liens). 


  

	(j)	 Characterization of Receivables. Each Receivable constitutes either “tangible chattel paper,”
“electronic chattel paper,” an “account,” an “instrument,” or a “general intangible,” each as defined in the UCC. 


  

	(k)	 One Original. There is only one executed original, electronically authenticated original or
authoritative copy of the Contract (in each case within the meaning of the UCC) related to each Receivable. 


  

	(l)	 No Defenses. The records of the Servicer do not reflect any material facts which have not been
remediated or cured which would constitute the basis for any right of rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 



 

	(m)	 Early Payments. The Obligor on the Receivable has made, or will make, the first two monthly payments
under such Receivable. 



  

					
		  	-3-	  	Purchase Agreement (SDART 2022-7)