Exhibit 10.9



 





Exhibit 10.9




SWAP TRANSACTION CONFIRMATION




	 	 	 
	Date:

	 	April 4, 2007
	 
	 	 
	To:

	 	Santander Drive Auto Receivables Trust 2007-1 (the “Trust”)
c/o U.S. Bank Trust National Association
300 Delaware Avenue, 9th Floor
Wilmington, Delaware, 19801
	 
	 	 
	From:

	 	Banco Santander Central Hispano, S.A. (the “Bank”)
	 
	 	 
	Ref. No.

	 	483694.21






Dear Sir or Madam:



The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below (the “Transaction”). This
Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified
below.



1. The definitions and provisions contained in (i) the 2000 ISDA Definitions (the “ISDA
Definitions”), as published by the International Swaps and Derivatives Association, Inc., and (ii)
the Sale and Servicing Agreement dated as of April 4, 2007 (the “Sale and Servicing Agreement”), by
and among the Trust, as Issuer, Wells Fargo Bank, National Association, as Indenture Trustee, and
certain affiliates of the Trust named therein, are incorporated into this Confirmation. In the
event of any inconsistency between the definitions in the ISDA Definitions and this Confirmation,
this Confirmation will govern. In the event of any inconsistency between the definitions in the
ISDA Definitions and the Sale and Servicing Agreement, the Sale and Servicing Agreement will
govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for purposes of the ISDA Definitions. Capitalized terms used but not defined herein
have the meanings ascribed to them in the Sale and Servicing Agreement unless otherwise stated
herein.



This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA Master Agreement
dated as of April 4, 2007 (including the Schedule and, if applicable, a credit support annex
thereto), as amended and supplemented from time to time (the “Agreement”) between you and us. All
provisions contained in the Agreement govern this Confirmation except as expressly modified herein.



2. The terms of the particular Transaction to which the Confirmation relates are as follows:




	 	 	 
	Transaction Type:

	 	Interest Rate Swap
	 
	 	 
	Currency for Payments:

	 	U.S. Dollars
	 
	 	 
	Notional Amount:

	 	For the purpose of the Initial
Calculation Period, the Notional Amount
will be equal to the outstanding
principal balance of the Class A-4 Notes
of the Trust as of the Closing Date. The
Notional Amount shall reset on each
Payment Date and will at all times be
equal to the outstanding principal
balance of the Class A-4 Notes of the
Trust.






 









 






	 	 	 
	Term:
	 	 
	 
	 	 
	          Trade Date:

	 	March 28, 2007
	 
	 	 
	          Effective Date:

	 	April 4, 2007
	 
	 	 
	          Termination Date:

	 	The earlier of (i) September 15, 2014; and (ii) the date on which the Note
Balance of the Class A-4 Notes is reduced to zero.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	          Fixed Rate Payer:

	 	The Trust
	 
	 	 
	          Period End Dates:

	 	Monthly on the 15th of each month, commencing on April 15,
2007, through and including the Termination Date, subject to adjustment in accordance
with the Following Business Day Convention.
	 
	 	 
	          Payment Dates:

	 	Monthly on the 15th of each month, commencing on April 15, 2007,
through and including the Termination Date, subject to adjustment in accordance with
the Following Business Day Convention.
	 
	 	 
	          Business Day Convention:

	 	Following
	 
	 	 
	          Business Day:

	 	New York
	 
	 	 
	          Fixed Rate:

	 	4.7975%
	 
	 	 
	          Fixed Rate Day Count Fraction:

	 	Actual/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	          Floating Rate Payer:

	 	The Bank
	 
	 	 
	          Period End Dates:

	 	Monthly on the 15th of each month, commencing on April 15,
2007, through and including the Termination Date, subject to adjustment in accordance
with the Following Business Day Convention.
	 
	 	 
	          Payment Dates:

	 	Monthly on the 15th of each month, commencing on April 15, 2007,
through and including the Termination Date, subject to adjustment in accordance with
the Following Business Day Convention.
	 
	 	 
	          Business Day Convention:

	 	Following
	 
	 	 
	          Business Day:

	 	New York






2









 






	 	 	 
	          Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	          Designated Maturity:

	 	1 Month
	 
	 	 
	           Floating Rate Initial Calculation Period:

	 	5.31586%.
	 
	 	 
	          Spread:

	 	Zero basis points (0.00%)
	 
	 	 
	          Floating Rate Day Count Fraction:

	 	Actual/360
	 
	 	 
	          Reset Dates:

	 	The first day of each Calculation Period
	 
	 	 
	          Compounding:

	 	Inapplicable
	 
	 	 
	3. The additional provisions of this Confirmation are as follows:
	 
	 	 
	Calculation Agent:

	 	The Bank
	 
	 	 
	Account for Payments to the Trust:

	 	[To be provided]
	 
	 	 
	Account for Payments to the Bank:

	 	Account: Citibank NY
	 

	 	CTA# 10936195 BSCH Madrid






3









 






     Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of
this Confirmation and returning it to us.



	 	 	 	 	 
	 	Yours sincerely,





BANCO SANTANDER CENTRAL HISPANO, S.A.

 	 
	 	By:  	/s/ Enrique Sanchez Martin
 	 
	 	 	Name:  	Enrique Sanchez Martin 	 
	 	 	Title:  	Authorized Signature 	 
	 
	 	 	 
	 	By:  	                                              /s/ Deborah Marijuan Varona
 	 
	 	 	Name:  	Deborah Marijuan Varona 	 
	 	 	Title:  	Authorized Signature 	 
	 



Confirmed on the date

first above written




SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-1




By: U.S. BANK TRUST NATIONAL ASSOCIATION,

not in its individual capacity but solely as Owner Trustee




	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 

Name: Sterling C. Correia
	 	 
	 

	 	Title: Vice President	 	 






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Schedule A




	 	 	 	 	 	 	 	 	 	 	 
	 	 	Calculation Period	 	 
	Period	 	 	 	 	 	 
	Start	 	Period End	 	Notional	 	Notional Reduction
	 	 	 	 	 	 	 	 	(at end of period)
	4-Apr-07
	 	15-Apr-07	 	 	471,000,000.00	 	 	 	0	 
	15-Apr-07
	 	15-May-07	 	 	471,000,000.00	 	 	 	0	 
	15-May-07
	 	15-Jun-07	 	 	471,000,000.00	 	 	 	0	 
	15-Jun-07
	 	15-Jul-07	 	 	471,000,000.00	 	 	 	0	 
	15-Jul-07
	 	15-Aug-07	 	 	471,000,000.00	 	 	 	0	 
	15-Aug-07
	 	15-Sep-07	 	 	471,000,000.00	 	 	 	0	 
	15-Sep-07
	 	15-Oct-07	 	 	471,000,000.00	 	 	 	0	 
	15-Oct-07
	 	15-Nov-07	 	 	471,000,000.00	 	 	 	0	 
	15-Nov-07
	 	15-Dec-07	 	 	471,000,000.00	 	 	 	0	 
	15-Dec-07
	 	15-Jan-08	 	 	471,000,000.00	 	 	 	0	 
	15-Jan-08
	 	15-Feb-08	 	 	471,000,000.00	 	 	 	0	 
	15-Feb-08
	 	15-Mar-08	 	 	471,000,000.00	 	 	 	0	 
	15-Mar-08
	 	15-Apr-08	 	 	471,000,000.00	 	 	 	0	 
	15-Apr-08
	 	15-May-08	 	 	471,000,000.00	 	 	 	0	 
	15-May-08
	 	15-Jun-08	 	 	471,000,000.00	 	 	 	0	 
	15-Jun-08
	 	15-Jul-08	 	 	471,000,000.00	 	 	 	0	 
	15-Jul-08
	 	15-Aug-08	 	 	471,000,000.00	 	 	 	0	 
	15-Aug-08
	 	15-Sep-08	 	 	471,000,000.00	 	 	 	0	 
	15-Sep-08
	 	15-Oct-08	 	 	471,000,000.00	 	 	 	0	 
	15-Oct-08
	 	15-Nov-08	 	 	471,000,000.00	 	 	 	0	 
	15-Nov-08
	 	15-Dec-08	 	 	471,000,000.00	 	 	 	0	 
	15-Dec-08
	 	15-Jan-09	 	 	471,000,000.00	 	 	 	0	 
	15-Jan-09
	 	15-Feb-09	 	 	471,000,000.00	 	 	 	0	 
	15-Feb-09
	 	15-Mar-09	 	 	471,000,000.00	 	 	 	0	 
	15-Mar-09
	 	15-Apr-09	 	 	471,000,000.00	 	 	 	0	 
	15-Apr-09
	 	15-May-09	 	 	471,000,000.00	 	 	 	0	 
	15-May-09
	 	15-Jun-09	 	 	471,000,000.00	 	 	 	21,244,763.89	 
	15-Jun-09
	 	15-Jul-09	 	 	449,755,236.11	 	 	 	23,292,849.21	 
	15-Jul-09
	 	15-Aug-09	 	 	426,462,386.90	 	 	 	22,853,341.29	 
	15-Aug-09
	 	15-Sep-09	 	 	403,609,045.61	 	 	 	22,400,586.91	 
	15-Sep-09
	 	15-Oct-09	 	 	381,208,458.70	 	 	 	21,934,252.88	 
	15-Oct-09
	 	15-Nov-09	 	 	359,274,205.82	 	 	 	21,453,998.30	 
	15-Nov-09
	 	15-Dec-09	 	 	337,820,207.52	 	 	 	20,959,474.45	 
	15-Dec-09
	 	15-Jan-10	 	 	316,860,733.07	 	 	 	20,450,324.57	 
	15-Jan-10
	 	15-Feb-10	 	 	296,410,408.50	 	 	 	19,780,237.91	 
	15-Feb-10
	 	15-Mar-10	 	 	276,630,170.59	 	 	 	19,250,816.46	 
	15-Mar-10
	 	15-Apr-10	 	 	257,379,354.13	 	 	 	18,705,970.53	 
	15-Apr-10
	 	15-May-10	 	 	238,673,383.60	 	 	 	18,145,318.09	 
	15-May-10
	 	15-Jun-10	 	 	220,528,065.51	 	 	 	17,568,468.40	 






5









 






	 	 	 	 	 	 	 	 	 	 	 
	 	 	Calculation Period	 	 
	Period	 	 	 	 	 	 
	Start	 	Period End	 	Notional	 	Notional Reduction
	 	 	 	 	 	 	 	 	(at end of period)
	15-Jun-10
	 	15-Jul-10	 	 	202,959,597.11	 	 	 	16,975,021.81	 
	15-Jul-10
	 	15-Aug-10	 	 	185,984,575.30	 	 	 	16,364,569.52	 
	15-Aug-10
	 	15-Sep-10	 	 	169,620,005.78	 	 	 	15,736,693.41	 
	15-Sep-10
	 	15-Oct-10	 	 	153,883,312.37	 	 	 	15,090,965.87	 
	15-Oct-10
	 	15-Nov-10	 	 	138,792,346.50	 	 	 	14,426,949.54	 
	15-Nov-10
	 	15-Dec-10	 	 	124,365,396.96	 	 	 	13,744,197.13	 
	15-Dec-10
	 	15-Jan-11	 	 	110,621,199.83	 	 	 	13,042,251.17	 
	15-Jan-11
	 	15-Feb-11	 	 	97,578,948.66	 	 	 	12,122,073.66	 
	15-Feb-11
	 	15-Mar-11	 	 	85,456,875.00	 	 	 	11,417,358.25	 
	15-Mar-11
	 	15-Apr-11	 	 	74,039,516.75	 	 	 	10,693,111.03	 
	15-Apr-11
	 	15-May-11	 	 	63,346,405.72	 	 	 	9,948,860.02	 
	15-May-11
	 	15-Jun-11	 	 	53,397,545.70	 	 	 	9,184,122.63	 
	15-Jun-11
	 	15-Jul-11	 	 	44,213,423.07	 	 	 	8,398,405.43	 
	15-Jul-11
	 	15-Aug-11	 	 	35,815,017.64	 	 	 	7,591,203.85	 
	15-Aug-11
	 	15-Sep-11	 	 	28,223,813.79	 	 	 	6,757,540.44	 
	15-Sep-11
	 	15-Oct-11	 	 	21,466,273.35	 	 	 	5,891,315.02	 
	15-Oct-11
	 	15-Nov-11	 	 	15,574,958.33	 	 	 	5,027,473.10	 
	15-Nov-11
	 	15-Dec-11	 	 	10,547,485.23	 	 	 	4,140,296.43	 
	15-Dec-11
	 	15-Jan-12	 	 	6,407,188.80	 	 	 	3,026,475.52	 
	15-Jan-12
	 	15-Feb-12	 	 	3,380,713.28	 	 	 	1,488,000.23	 
	15-Feb-12
	 	15-Mar-12	 	 	1,892,713.05	 	 	 	1,087,331.59	 
	15-Mar-12
	 	15-Apr-12	 	 	805,381.46	 	 	 	590,268.82	 
	15-Apr-12
	 	15-May-12	 	 	215,112.64	 	 	 	215,112.64	 
	15-May-12
	 	15-Jun-12	 	 	0	 	 	 	0	 
	15-Jun-12
	 	15-Jul-12	 	 	0	 	 	 	0	 
	15-Jul-12
	 	15-Aug-12	 	 	0	 	 	 	0	 
	15-Aug-12
	 	15-Sep-12	 	 	0	 	 	 	0	 
	15-Sep-12
	 	15-Oct-12	 	 	0	 	 	 	0	 
	15-Oct-12
	 	15-Nov-12	 	 	0	 	 	 	0	 
	15-Nov-12
	 	15-Dec-12	 	 	0	 	 	 	0	 
	15-Dec-07
	 	15-Jan-13	 	 	0	 	 	 	0	 
	15-Jan-13
	 	15-Feb-13	 	 	0	 	 	 	0	 
	15-Feb-13
	 	15-Mar-13	 	 	0	 	 	 	0	 
	15-Mar-13
	 	15-Apr-13	 	 	0	 	 	 	0	 
	15-Apr-13
	 	15-May-13	 	 	0	 	 	 	0	 
	15-May-13
	 	15-Jun-13	 	 	0	 	 	 	0	 
	15-Jul-13
	 	15-Aug-13	 	 	0	 	 	 	0	 
	15-Aug-13
	 	15-Sep-13	 	 	0	 	 	 	0	 
	15-Sep-13
	 	15-Oct-13	 	 	0	 	 	 	0	 
	15-Oct-13
	 	15-Nov-13	 	 	0	 	 	 	0	 
	15-Nov-13
	 	15-Dec-13	 	 	0	 	 	 	0	 
	15-Dec-13
	 	15-Jan-14	 	 	0	 	 	 	0	 
	15-Jan-14
	 	15-Feb-14	 	 	0	 	 	 	0	 
	15-Feb-14
	 	15-Mar-14	 	 	0	 	 	 	0	 
	15-Mar-14
	 	15-Apr-14	 	 	0	 	 	 	0	 
	15-Apr-14
	 	15-May-14	 	 	0	 	 	 	0	 






6









 






	 	 	 	 	 	 	 	 	 	 	 
	 	 	Calculation Period	 	 
	Period	 	 	 	 	 	 
	Start	 	Period End	 	Notional	 	Notional Reduction
	 	 	 	 	 	 	 	 	(at end of period)
	15-May-14
	 	15-Jun-14	 	 	0	 	 	 	0	 
	15-Jul-14
	 	15-Aug-14	 	 	0	 	 	 	0	 
	15-Aug-14
	 	15-Sep-14	 	 	0	 	 	 	0	 







7