Document:

Exhibit 10.10

 

Exhibit 10.10

Elections and Variables

to the 1994 ISDA Credit Support Annex

dated as of

April 4, 2007

between

	 	 	 	 	 
	BANCO SANTANDER CENTRAL
HISPANO, S.A.

	 	and
	 	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-1
	 
	 	 	 	 
	 

	 	 	 	 
	(“Party A”)

	 	 	 	(“Party B”)

Paragraph 13.

	(a)	 	Security Interest for “Obligations”.
	 
	 	 	The term “Obligations” as used in this Annex includes the following additional obligations:
None.
	 
	(b)	 	Credit Support Obligations.

	 	(i)	 	Delivery Amount, Return Amount and Credit Support Amount.

	 	(A)	 	“Delivery Amount” has the meaning specified in Paragraph 3(a),
except that the words “upon a demand made by the Secured Party on or promptly
following a Valuation Date” shall be deleted and replaced by the words “on each
Valuation Date;” provided, that the Delivery Amount shall be calculated, with
respect to collateral posting required by each Rating Agency, by using (i) such
Rating Agency’s Valuation Percentages as provided below to determine Value and
(ii) the Credit Support Amount related to such Rating Agency. The Delivery
Amount shall be the greatest of such calculated amounts.
	 
	 	(B)	 	“Return Amount” has the meaning specified in Paragraph 3(b);
provided, that the Return Amount shall be calculated, with respect to
collateral posting required by each Rating Agency, by using (i) such Rating
Agency’s Valuation Percentages as provided below to determine Value and (ii)
the Credit Support Amount related to such Rating Agency. The Return Amount
shall be the least of such calculated amounts.
	 
	 	(C)	 	“Credit Support Amount” has the meaning specified in Paragraph
13(j)(iv).

	 	(ii)	 	Eligible Collateral. The Valuation Percentages1 listed below shall
apply to the following Eligible Collateral:

 

			
	1	 	With respect to collateral types not listed
below, such assets will be subject to review by each of S&P, Fitch and
Moody’s.

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Valuation Percentages	 	 
	 	 	Valuation Percentages	 	applicable with	 	Valuation Percentages
	 	 	applicable with respect to	 	respect to calculating	 	applicable with respect to
	 	 	calculating Moody’s First	 	Moody’s Second	 	calculating S&P Credit Support
	 	 	Trigger Credit Support	 	Trigger Credit	 	Amount and Fitch Credit
	Instrument	 	Amount	 	Support Amount	 	Support Amount
	 	 	Moody’s	 	Moody’s	 	S&P	 	Fitch
	U.S. Dollar Cash
	 	 	100	%	 	 	100	%	 	 	100	%	 	 	 	 
	Euro Cash
	 	 	97	%	 	 	93	%	 	 	89.8	%	 	 	 	 
	Sterling Cash
	 	 	97	%	 	 	94	%	 	 	91.9	%	 	 	 	 
	Fixed Rate Negotiable Treasury Debt issued by U.S. Treasury Department with Remaining Maturity:
	<1 Year
	 	 	100	%	 	 	100	%	 	 	98.6	%	 	 	 	 
	1 to 2 years
	 	 	100	%	 	 	99	%	 	 	97.3	%	 	 	 	 
	2 to 3 years
	 	 	100	%	 	 	98	%	 	 	95.8	%	 	 	 	 
	3 to 5 years
	 	 	100	%	 	 	97	%	 	 	93.8	%	 	 	 	 
	5 to 7 years
	 	 	100	%	 	 	95	%	 	 	91.4	%	 	 	 	 
	7 to 10 years
	 	 	100	%	 	 	94	%	 	 	90.3	%	 	 	 	 
	10 to 20 years
	 	 	100	%	 	 	89	%	 	 	87.9	%	 	 	 	 
	> 20 years
	 	 	100	%	 	 	87	%	 	 	84.6	%	 	 	 	 
	Floating-Rate Negotiable U.S. Dollar Denominated Treasury Debt Issued by The U.S. Treasury Department
	All Maturities
	 	 	100	%	 	 	99	%	 	 	0	%	 	 	 	 
	Fixed-Rate U.S. Dollar Denominated U.S. Agency Debentures with Remaining Maturity:
	< 1 Year
	 	 	100	%	 	 	99	%	 	 	98	%	 	 	 	 
	1 to 2 years
	 	 	100	%	 	 	98	%	 	 	96.8	%	 	 	 	 
	2 to 3 years
	 	 	100	%	 	 	97	%	 	 	96.3	%	 	 	 	 
	3 to 5 years
	 	 	100	%	 	 	96	%	 	 	92.5	%	 	 	 	 
	5 to 7 years
	 	 	100	%	 	 	94	%	 	 	90.3	%	 	 	 	 
	7 to 10 years
	 	 	100	%	 	 	93	%	 	 	86.9	%	 	 	 	 
	10 to 20 years
	 	 	100	%	 	 	88	%	 	 	82.6	%	 	 	 	 
	> 20 years
	 	 	100	%	 	 	86	%	 	 	77.9	%	 	 	 	 
	Floating-Rate U.S. Dollar Denominated U.S. Agency Debentures
	All maturities
	 	 	100	%	 	 	98	%	 	 	0	%	 	 	 	 
	Fixed-Rate Euro Denominated Euro-Zone Government Bonds Rated Aa3 or Above by Moody’s and AAA by S&P
with Remaining Maturity:
	< 1 Year
	 	 	97	%	 	 	93	%	 	 	98	%	 	 	 	 
	1 to 2 years
	 	 	97	%	 	 	92	%	 	 	96.3	%	 	 	 	 
	2 to 3 years
	 	 	97	%	 	 	91	%	 	 	95.8	%	 	 	 	 
	3 to 5 years
	 	 	97	%	 	 	89	%	 	 	89.3	%	 	 	 	 
	5 to 7 years
	 	 	97	%	 	 	87	%	 	 	85.7	%	 	 	 	 
	7 to 10 years
	 	 	97	%	 	 	86	%	 	 	80.7	%	 	 	 	 
	10 to 20 years
	 	 	97	%	 	 	82	%	 	 	72.5	%	 	 	 	 
	> 20 years
	 	 	97	%	 	 	80	%	 	TBD	 	 	 	 
	Floating-Rate Euro Denominated Euro-Zone Government Bonds Rated Aa3 or Above by Moody’s and AAA by S&P
	All maturities:
	 	 	97	%	 	 	92	%	 	 	0	%	 	 	 	 
	Qualified Commercial Paper
	 
	 	 	0	%*	 	 	0	%*	 	 	99	%	 	 	 	 

For the purposes of the above table, “Qualified Commercial Paper” means commercial
paper with a rating of at least P-1 by Moody’s and A-1+ by S&P and having a
remaining maturity of not more than one month.

 

			
	*	 	or such other percentage in respect of which Moody’s has provided a rating affirmation.

CSA Balance Swap

2

 

	 	(iii)	 	Thresholds.

	 	(A)	 	“Independent Amount” means with respect to Party A: Zero
“Independent Amount” means with respect to Party B: Zero
	 
	 	(B)	 	“Threshold” means with respect to Party A: infinity; provided
that the Threshold with respect to Party A shall be zero for so long as no
Relevant Entity has the First Trigger Required Ratings or a Collateralization
Event is occurring and (i) no Relevant Entity has had the First Trigger
Required Ratings since this Annex was executed, or (ii) at least 30 Local
Business Days have elapsed since the last time a Relevant Entity had the First
Trigger Required Ratings, or (iii) no Relevant Entity has met the Hedge
Counterparty Ratings Requirement since this Annex was executed, or (iv) at
least 30 calendar days have elapsed since the last time a Collateralization
Event occurred or (v) a Ratings Event is occurring.
	 
	 	 	 	“Threshold” means with respect to Party B: infinity.
	 
	 	(C)	 	“Minimum Transfer Amount” means with respect to Party A: USD
$100,000; provided, however, that if S&P is rating the Certificates and the
aggregate Certificate Principal Balances of the rated Certificates falls below
$50,000,000, then the Minimum Transfer Amount shall mean USD $50,000.
	 
	 	(D)	 	“Minimum Transfer Amount” means with respect to Party B: USD
$100,000 (or if the Posted Collateral is less than $100,000, the aggregate
Value of Posted Collateral), provided, however, that if S&P is rating the
Certificates and the aggregate Certificate Principal Balances of the rated
Certificates falls below $50,000,000, then the Minimum Transfer Amount shall
mean USD $50,000 (or if the Posted Collateral is less than $50,000, the
aggregate Value of Posted Collateral).
	 
	 	(E)	 	Rounding. The Delivery Amount will be rounded up to the nearest
integral multiple of USD $10,000. The Return Amount will be rounded down to the
nearest integral multiple of USD $10,000.

	 	(iv)	 	“Exposure” has the meaning specified in Paragraph 12, except that (1) after the
word “Agreement” the words “(assuming, for this purpose only, that Part 1(k) of the
Schedule is deleted)” shall be inserted and (2) at the end of such definition, the
words “with terms substantially the same as those of this Agreement.”

	(c)	 	Valuation and Timing.

	 	(i)	 	“Valuation Agent” means Party A in all circumstances.
	 
	 	(ii)	 	“Valuation Date” means the first Local Business Day in each week.
	 
	 	(iii)	 	“Valuation Time” means the close of business in the city of the Valuation
Agent on the Local Business Day immediately preceding the Valuation Date or date of
calculation, as applicable, provided that the calculations of Value and Credit Support
Amount will, as far as practicable, be made as of approximately the same time on the
same date.
	 
	 	(iv)	 	“Notification Time” means 10:00 a.m., New York time, on a Local Business Day.

	(d)	 	Conditions Precedent and Secured Party’s Rights and Remedies. None.
	 
	(e)	 	Substitution.

CSA Balance Swap

3

 

	 	(i)	 	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii).
	 
	 	(ii)	 	Consent. If specified here as applicable, then the Pledgor must obtain the
Secured Party’s consent for any substitution pursuant to Paragraph 4(d): Inapplicable.

	(f)	 	Dispute Resolution.

	 	(i)	 	“Resolution Time” means 10:00 p.m., New York time on the Local Business Day
following the date on which the notice is given that gives rise to a dispute under
Paragraph 5.
	 
	 	(ii)	 	Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Eligible
Credit Support or Posted Credit Support as of the relevant Valuation Date or date of
Transfer will be calculated as follows:

	 	(A)	 	with respect to any Eligible Credit Support or Posted Credit
Support comprising securities (“Securities”) the sum of (a)(x) the last bid
price on such date for such Securities on the principal national securities
exchange on which such Securities are listed, multiplied by the applicable
Valuation Percentage; or (y) where any Securities are not listed on a national
securities exchange, the bid price for such Securities quoted as at the close
of business on such date by any principal market maker (which shall not be and
shall be independent from the Valuation Agent) for such Securities chosen by
the Valuation Agent, multiplied by the applicable Valuation Percentage; or (z)
if no such bid price is listed or quoted for such date, the last bid price
listed or quoted (as the case may be), as of the day next preceding such date
on which such prices were available, multiplied by the applicable Valuation
Percentage; plus (b) the accrued interest where applicable on such Securities
(except to the extent that such interest shall have been paid to the Pledgor
pursuant to Paragraph 5(c)(ii) or included in the applicable price) as of such
date; and
	 
	 	(B)	 	with respect to any Cash, the face amount thereof.

	 	(iii)	 	Alternative. The provisions of Paragraph 5 will apply.

	(g)	 	Holding and Using Posted Collateral.

	 	(i)	 	Eligibility to Hold Posted Collateral; Custodians:
	 
	 	 	 	A Custodian will be entitled to hold Posted Collateral on behalf of Party B pursuant
to Paragraph 6(b); provided that:

	 	(1)	 	Posted Collateral may be held only in the
following jurisdiction: United States.
	 
	 	(2)	 	The Custodian for Party B (A) is a commercial
bank or trust company which is unaffiliated with Party B and organized
under the laws of the United States or state thereof, having assets of
at least $500 million and a long term debt or a deposit rating of at
least (i) Baa2 from Moody’s and (ii) A-1 from S&P, or is the Trustee,
and a short term rating from Fitch of at least “F1” and (B) shall hold
all Eligible Credit Support in the appropriate account under the Basic
Documents.
	 
	 	(3)	 	Initially, the Custodian for Cash and
Securities for Party B is: The Trustee under the Indenture, or any
successor trustee thereto.

	 	(ii)	 	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to
Party B. The Trustee shall invest Cash Posted Credit Support in such overnight (or
redeemable within two Local Business Days of demand) investments rated at least Prime-1
by Moody’s or AAAm or AAAm-G

CSA Balance Swap

4

 

	 	 	 	by S&P and Aaa by Moody’s (or such other investments as may be affirmed in writing
by S&P and Moody’s) as directed by Party A (unless (x) an Event of Default or an
Additional Termination Event has occurred with respect to which Party A is the
defaulting or sole Affected Party and (y) an Early Termination Date has been
designated by Party B, in which case such investment shall be at the direction of
Party B) with gains and losses incurred in respect of such investments to be for the
account of Party A.
	 
	 	(iii)	 	Notice. If a party or its Custodian fails to meet the criteria for eligibility
to hold (or, in the case of a party, to use) Posted Collateral set forth in this
Paragraph 13(g), such party shall promptly notify the other party of such
ineligibility.

	(h)	 	Distributions and Interest Amount.

	 	(i)	 	Interest Rate. The “Interest Rate” will be the actual rate of interest earned
by Party B or the Custodian if the Cash is invested at the direction of Party A in
accordance with Paragraph 13(g)(ii) above, otherwise the “Interest Rate” will be the
federal funds overnight rate as published by the Board of Governors of the Federal
Reserve System in H.15 (519) or its successor publication, or such other rate as the
parties may agree from time to time.
	 
	 	(ii)	 	Transfer of Interest Amount. The transfer of the Interest Amount will be made
on the second Local Business Day following the end of each calendar month and on any
other Local Business Day on which Posted Collateral in the form of Cash is transferred
to the Pledgor pursuant to Paragraph 3(b), in each case to the extent that a Delivery
Amount would not be created or increased by that transfer, provided that Party B shall
not be obliged to so transfer any Interest Amount unless and until it has earned and
received such interest.
	 
	 	(iii)	 	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will
apply.

	(i)	 	Address for Transfers.
	 
	 	 	Party A: To be notified to Party B by Party A at the time of the request for the transfer.
	 
	 	 	Party B: To be notified to Party A by Party B upon request by Party A.
	 
	(j)	 	Other Provisions.

	 	(i)	 	Costs of Transfer on Exchange.
	 
	 	 	 	Notwithstanding Paragraph 10, the Pledgor will be responsible for, and will
reimburse the Secured Party for, all transfer and other taxes and other costs
involved in the transfer of Eligible Credit Support either from the Pledgor to the
Secured Party or from the Secured Party to the Pledgor.
	 
	 	(ii)	 	Cumulative Rights.
	 
	 	 	 	The rights, powers and remedies of the Secured Party under this Annex shall be in
addition to all rights, powers and remedies given to the Secured Party by the
Agreement or by virtue of any statute or rule of law, all of which rights, powers
and remedies shall be cumulative and may be exercised successively or concurrently
without impairing the rights of the Secured Party in the Posted Credit Support
created pursuant to this Annex.
	 
	 	(iii)	 	Ratings Criteria.
	 
	 	 	 	“Credit Support Amount” shall be (a) in respect of S&P, the S&P Credit Support
Amount, (b) in respect of Fitch, the Fitch Credit Support Amount, and (c) in respect
of Moody’s, the Moody’s

CSA Balance Swap

5

 

	 	 	 	First Trigger Credit Support Amount, or the Moody’s Second Trigger Credit Support
Amount, as applicable.
	 
	 	 	 	With respect to Fitch:
	 
	 	 	 	“Fitch Credit Support Amount” means, for any Valuation Date, the excess, if any, of:

	 	(I)   	(A)     	for any Valuation Date (x) on which a Collateralization
Event with respect to Fitch has occurred and been continuing for at least 30
calendar days or (y) on which a Ratings Event with respect to Fitch has
occurred and is continuing, an amount equal to the sum of (1) the aggregate
Secured Party’s Exposure for such Valuation Date with respect to all
Transactions and (2) the aggregate of the products of the Volatility Buffer for
each Transaction and the Notional Amount of each Transaction for the
Calculation Period of each such Transaction which includes such Valuation Date,
or
	 
	 	 	(B)     	for any other Valuation Date, zero, over
	 
	 	(II)   	the Threshold for Party A for such Valuation Date.

	 	 	 	“Volatility Buffer” shall mean the percentage set forth in the following table with
respect to any Transaction (other than a Transaction identified in the related
Confirmation as a Timing Hedge):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Weighted Average Life (Years)
	Notes’ Rating	 	1	 	2	 	3	 	4	 	5	 	6	 	7	 	8	 	9	 	10	 	11	 	12	 	13	 	14	 	>=15
	USD Interest
Rate Swaps
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AA- or Better
	 	 	0.8	 	 	 	1.7	 	 	 	2.5	 	 	 	3.3	 	 	 	4.0	 	 	 	4.7	 	 	 	5.3	 	 	 	5.9	 	 	 	6.5	 	 	 	7.0	 	 	 	7.5	 	 	 	8.0	 	 	 	8.5	 	 	 	9.0	 	 	 	9.5	 
	A+/A
	 	 	0.6	 	 	 	1.2	 	 	 	1.8	 	 	 	2.3	 	 	 	2.8	 	 	 	3.3	 	 	 	3.8	 	 	 	4.2	 	 	 	4.6	 	 	 	5.0	 	 	 	5.3	 	 	 	5.7	 	 	 	6.0	 	 	 	6.4	 	 	 	6.7	 
	A-/BBB+
	 	 	0.5	 	 	 	1.0	 	 	 	1.6	 	 	 	2.0	 	 	 	2.5	 	 	 	2.9	 	 	 	3.3	 	 	 	3.6	 	 	 	4.0	 	 	 	4.3	 	 	 	4.7	 	 	 	5.0	 	 	 	5.3	 	 	 	5.6	 	 	 	5.9	 

	 	 	 	With respect to Moody’s:
	 
	 	 	 	“Moody’s First Trigger Credit Support Amount” means, for any Valuation Date, the
excess, if any, of

	 	(I)   	(A)     	for any Valuation Date on which (I) a First Trigger Failure
Condition has occurred and has been continuing (x) for at least 30 Local
Business Days or (y) since this Annex was executed and (II) it is not the case
that a Moody’s Second Trigger Event has occurred and been continuing for at
least 30 Local Business Days, an amount equal to the greater of (a) zero and
(b) the sum of the Secured Party’s aggregate Exposure for all Transactions and
the aggregate of Moody’s Additional Collateralized Amounts for all
Transactions.
	 
	 	 	 	For the purposes of this definition, the “Moody’s Additional
Collateralized Amount” with respect to any Transaction shall mean:
	 
	 	 	 	[the lesser of (x) the product of the Moody’s First Trigger DV01
Multiplier and DV01 for such Transaction and such Valuation Date and
(y) the product of Moody’s First Trigger Notional Amount Multiplier
and the Notional Amount for such Transaction for the Calculation
Period which includes such Valuation Date;]2

 

			
	2	 	If Moody’s First Trigger Credit Support
Amount is calculated using DV01.

CSA Balance Swap

6

 

	 	 	 	[the product of the applicable Moody’s First Trigger Factor set forth
in Table 1 and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date;]3
or

	 	(B)	 	for any other Valuation Date, zero, over

	 	(II)	 	the Threshold for Party A such Valuation Date.

	 	 	“First Trigger Failure Condition” means that no Relevant Entity has credit ratings
from Moody’s at least equal to the Moody’s First Trigger Required Ratings.
	 
	 	 	“DV01” means, with respect to a Transaction and any date of determination, the sum
of the estimated change in the Secured Party’s Exposure with respect to such
Transaction that would result from a one basis point change in the relevant swap
curve on such date, as determined by the Valuation Agent in good faith and in a
commercially reasonable manner. The Valuation Agent shall, upon request of Party B,
provide to Party B a statement showing in reasonable detail such calculation.
	 
	 	 	“Moody’s First Trigger DV01 Multiplier” means [(A) if each Local Business Day is a
Valuation Date, 15, or (B) otherwise, 25].
	 
	 	 	“Moody’s First Trigger Notional Amount Multiplier” means [(A) if each Local Business
Day is a Valuation Date, 2%, or (B) otherwise, 4%].
	 
	 	 	“Moody’s Second Trigger Credit Support Amount” means, for any Valuation Date, the
excess, if any, of

	 	(III)	 	(A) for any Valuation Date on which it is the case that a
Second Trigger Failure Condition has occurred and been continuing for at least
30 Local Business Days, an amount equal to the greatest of (a) zero, (b) the
aggregate amount of the Next Payments for all Next Payment Dates and (c) the
sum of the Secured Party’s aggregate Exposure and the aggregate of Moody’s
Additional Collateralized Amounts for all Transactions.
	 
	 	 	 	For the purposes of this definition:
	 
	 	 	 	“Next Payment” means, in respect of each Next Payment Date, the
greater of (i) the amount of any payments due to be made by Party A
under Section 2(a) on such Next Payment Date less any payments due to
be made by Party B under Section 2(a) on such Next Payment Date (in
each case, after giving effect to any applicable netting under
Section 2(c)) and (ii) zero.
	 
	 	 	 	“Next Payment Date” means each date on which the next scheduled
payment under any Transaction is due to be paid.
	 
	 	 	 	“Moody’s Additional Collateralized Amount” with respect to any
Transaction shall mean:
	 
	 	 	 	if such Transaction is not a Transaction-Specific Hedge,
	 
	 	 	 	[the lesser of (i) the product of the Moody’s Second Trigger DV01
Multiplier and DV01 for such Transaction and such Valuation Date and
(ii) the product of the Moody’s Second Trigger Notional Amount
Multiplier and the Notional

 

			
	3	 	If Moody’s First Trigger Credit Support
Amount is calculated without using DV01.

CSA Balance Swap

7

 

	 	 	 	Amount for such Transaction for the Calculation Period which includes
such Valuation Date;]4
	 
	 	 	 	[the product of the applicable Moody’s Second Trigger Factor set
forth in Table 2 and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date;]5
or
	 
	 	 	 	if such Transaction is a Transaction-Specific Hedge,
	 
	 	 	 	[the lesser of (i) the product of the Moody’s Second Trigger
Transaction-Specific Hedge DV01 Multiplier and DV01 for such
Transaction and such Valuation Date and (ii) the product of the
Moody’s Second Trigger Transaction-Specific Hedge Notional Amount
Multiplier and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date;]6
	 
	 	 	 	[the product of the applicable Moody’s Second Trigger Factor set
forth in Table 3 and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date;]7
or

	 	(B)	 	for any other Valuation Date, zero, over

	 	(IV)	 	the Threshold for Party A for such Valuation Date.

	 	 	“Transaction-Specific Hedge” means any Transaction that is an interest rate cap,
interest rate floor or interest rate swaption, or an interest rate swap if (x) the
notional amount of the interest rate swap is “balance guaranteed” or (y) the
notional amount of the interest rate swap for any Calculation Period otherwise is
not a specific dollar amount that is fixed at the inception of the Transaction.
	 
	 	 	“Second Trigger Failure Condition” means that no Relevant Entity has credit ratings
from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.
	 
	 	 	“Moody’s Second Trigger DV01 Multiplier” means [(A) if each Local Business Day is a
Valuation Date, 50, or (B) otherwise, 60].
	 
	 	 	“Moody’s Second Trigger Transaction-Specific Hedge DV01 Multiplier” means [(A) if
each Local Business Day is a Valuation Date, 65, or (B) otherwise, 75].
	 
	 	 	“Moody’s Second Trigger Transaction-Specific Hedge Notional Amount Multiplier” means
[(A) if each Local Business Day is a Valuation Date, 10%, or (B) otherwise, 11%].
	 
	 	 	“Moody’s Second Trigger Notional Amount Multiplier” means [(A) if each Local
Business Day is a Valuation Date, 8% or (B) otherwise, 9%].
	 
	 	 	With respect to S&P:
	 
	 	 	“S&P Credit Support Amount” means, for any Valuation Date, the excess, if any, of:

 

			
	4	 	If Moody’s Second Trigger Credit Support
Amount for a fixed schedule swap is calculated using DV01.
	 
	5	 	If Moody’s Second Trigger Credit Support
Amount for a fixed schedule swap is calculated without using DV01.
	 
	6	 	If Moody’s Second Trigger Credit Support
Amount for a Transaction-Specific Hedge is calculated using DV01.
	 
	7	 	If Moody’s Second Trigger Credit Support
Amount for a Transaction-Specific Hedge is calculated without Using DV01.

CSA Balance Swap

8

 

	 	(I)   	(A)     	for any Valuation Date (x) on which a Collateralization
Event with respect to S&P has occurred and been continuing for at least 30
calendar days or (y) on which a Ratings Event with respect to S&P has occurred
and is continuing, an amount equal to the sum of (1) the aggregate Secured
Party’s Exposure for such Valuation Date with respect to all Transactions and
(2) the aggregate of the products of the Volatility Buffer for each Transaction
and the Notional Amount of each Transaction for the Calculation Period of each
such Transaction which includes such Valuation Date, or
	 
	 	 	(B)     	for any other Valuation Date, zero, over
	 
	 	(II)   	the Threshold for Party A for such Valuation Date.

	 	 	“Volatility Buffer” shall mean the percentage set forth in the following table with
respect to any Transaction (other than a Transaction identified in the related
Confirmation as a Timing Hedge):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Short-term credit	 	Remaining	 	Remaining	 	Remaining	 	Remaining
	rating of Party A’s	 	Weighted Average	 	Weighted Average	 	Weighted Average	 	Weighted Average
	Credit Support	 	Life Maturity up to	 	Life Maturity up to	 	Life Maturity up to	 	Life Maturity up to
	Provider	 	3 years	 	5 years	 	ten years	 	30 years
	At least “A-2”
	 	 	2.75	 	 	 	3.25	 	 	 	4.00	 	 	 	4.75	 
	“A-3”
	 	 	3.25	 	 	 	4.00	 	 	 	5.00	 	 	 	6.25	 
	“BB+” or lower
	 	 	3.50	 	 	 	4.50	 	 	 	6.75	 	 	 	7.50	 

	(iv)	 	Demands and Notices.
	 
	 	 	All demands, specifications and notices under this Annex will be made pursuant to
the Notices Section of this Agreement, save that any demand, specification or
notice:

	 	(A)	 	shall be given to or made at the following addresses:
	 
	 	 	 	If to Party A:

	 	 	 	As set forth in Part 4(a) of the Schedule.

	 	 	 	If to Party B:

	 	 	 	As set forth in Part 4(a) of the Schedule.

	 	 	 	or at such other address as the relevant party may from time to time
designate by giving notice (in accordance with the terms of this
subparagraph) to the other party;
	 
	 	(B)	 	shall be deemed to be effective at the time such notice is
actually received unless such notice is received on a day which is not a Local
Business Day or after the Notification Time on any Local Business Day in which
event such notice shall be deemed to be effective on the next succeeding Local
Business Day.

	 	 	Pursuant to the related Basic Document, the monthly report to Noteholders shall be
made available to Party A in the manner and form specified therein.
	 
	(v)	 	Agreement as to Single Secured Party and Pledgor
	 
	 	 	Party A and Party B agree that, notwithstanding anything to the contrary in the
first sentence of this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in
Paragraph 12, except with respect to Party B’s obligations under Paragraph 3(b), (a)
the term “Secured Party” as used in this Annex

CSA Balance Swap

9

 

	 	 	means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
(c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgement in
the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and (d)
only Party A will be required to make Transfers of Eligible Credit Support
hereunder. Party A and Party B further agree that, notwithstanding anything to the
contrary in the recital to this Annex or Paragraph 7, this Annex will constitute a
Credit Support Document only with respect to Party A.
	 
	(vi)	 	Trustee Capacity.
	 
	 	 	It is expressly understood and agreed by the parties hereto that (i) this Annex is
executed and delivered by the Trustee not individually or personally but solely as
trustee of the Trust, in the exercise of the powers and authority conferred and
vested in it, (ii) each of the representations, undertakings and agreements herein
made on the part of the Trust is made and intended not as personal representations,
undertakings and agreements by the Trustee but is made and intended for the purpose
of binding only the Trust, (iii) nothing herein contained shall be construed as
creating any liability on the part of the Trustee, individually or personally, to
perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person
claiming by, through or under the parties hereto and (iv) under no circumstances
shall the Trustee be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Annex.
	 
	(vii)	 	External Marks.
	 
	 	 	At such time as the long-term senior debt rating of Party A’s Credit Support
Provider is BBB or lower from S&P, Party A in its capacity as Valuation Agent shall
get external verification of its calculation of Exposure on a monthly basis. This
verification shall be at Party A’s expense and may not be verified by the same
entity more than four (4) times in any twelve (12)-month period. The external mark
should reflect the higher of two (2) bids from counterparties that would be willing
and eligible to provide the swap in the absence of the current provider. Such bids
and any external marks received by the Valuation Agent shall be provided to S&P. The
calculation of Exposure should be based on the greater of the internal and external
marks.
	 
	(viii)	 	Event of Default.
	 
	 	 	Subclause (iii) of Paragraph 7 shall not apply to Party B.

[Signature page follows]

CSA Balance Swap

10

 

	 	 	IN WITNESS WHEREOF, the parties have executed this document by their duly authorized officers with
effect from the date specified on the first page hereof.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	BANCO SANTANDER CENTRAL HISPANO, S.A	 	 	.	 	 	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/ Enrique Sanchez Martin
	 	 	 	 	 	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Enrique Sanchez Martin
	 	 	 	 	 	Name:
	 	Sterling C. Correia	 	 
	Title:

	 	 	 	 	 	 	 	Title:
	 	Vice President	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Deborah Marijuan Varona	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Deborah Marijuan Varona	 	 	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 	 	 	 	 

11

 

Table 1

Moody’s First Trigger Factor

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.15	%	 	 	0.25	%
	More than 1 but not more than 2
	 	 	0.30	%	 	 	0.50	%
	More than 2 but not more than 3
	 	 	0.40	%	 	 	0.70	%
	More than 3 but not more than 4
	 	 	0.60	%	 	 	1.00	%
	More than 4 but not more than 5
	 	 	0.70	%	 	 	1.20	%
	More than 5 but not more than 6
	 	 	0.80	%	 	 	1.40	%
	More than 6 but not more than 7
	 	 	1.00	%	 	 	1.60	%
	More than 7 but not more than 8
	 	 	1.10	%	 	 	1.80	%
	More than 8 but not more than 9
	 	 	1.20	%	 	 	2.00	%
	More than 9 but not more than 10
	 	 	1.30	%	 	 	2.20	%
	More than 10 but not more than 11
	 	 	1.40	%	 	 	2.30	%
	More than 11 but not more than 12
	 	 	1.50	%	 	 	2.50	%
	More than 12 but not more than 13
	 	 	1.60	%	 	 	2.70	%
	More than 13 but not more than 14
	 	 	1.70	%	 	 	2.80	%
	More than 14 but not more than 15
	 	 	1.80	%	 	 	3.00	%
	More than 15 but not more than 16
	 	 	1.90	%	 	 	3.20	%
	More than 16 but not more than 17
	 	 	2.00	%	 	 	3.30	%
	More than 17 but not more than 18
	 	 	2.00	%	 	 	3.50	%
	More than 18 but not more than 19
	 	 	2.00	%	 	 	3.60	%
	More than 19 but not more than 20
	 	 	2.00	%	 	 	3.70	%
	More than 20 but not more than 21
	 	 	2.00	%	 	 	3.90	%
	More than 21 but not more than 22
	 	 	2.00	%	 	 	4.00	%
	More than 22 but not more than 23
	 	 	2.00	%	 	 	4.00	%
	More than 23 but not more than 24
	 	 	2.00	%	 	 	4.00	%
	More than 24 but not more than 25
	 	 	2.00	%	 	 	4.00	%
	More than 25 but not more than 26
	 	 	2.00	%	 	 	4.00	%
	More than 26 but not more than 27
	 	 	2.00	%	 	 	4.00	%
	More than 27 but not more than 28
	 	 	2.00	%	 	 	4.00	%
	More than 28 but not more than 29
	 	 	2.00	%	 	 	4.00	%
	More than 29
	 	 	2.00	%]	 	 	4.00	%]

CSA Balance Swap

12

 

Table 2

Moody’s Second Trigger Factor for Interest Rate Swaps with Fixed Notional Amounts

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.50	%	 	 	0.60	%
	More than 1 but not more than 2
	 	 	1.00	%	 	 	1.20	%
	More than 2 but not more than 3
	 	 	1.50	%	 	 	1.70	%
	More than 3 but not more than 4
	 	 	1.90	%	 	 	2.30	%
	More than 4 but not more than 5
	 	 	2.40	%	 	 	2.80	%
	More than 5 but not more than 6
	 	 	2.80	%	 	 	3.30	%
	More than 6 but not more than 7
	 	 	3.20	%	 	 	3.80	%
	More than 7 but not more than 8
	 	 	3.60	%	 	 	4.30	%
	More than 8 but not more than 9
	 	 	4.00	%	 	 	4.80	%
	More than 9 but not more than 10
	 	 	4.40	%	 	 	5.30	%
	More than 10 but not more than 11
	 	 	4.70	%	 	 	5.60	%
	More than 11 but not more than 12
	 	 	5.00	%	 	 	6.00	%
	More than 12 but not more than 13
	 	 	5.40	%	 	 	6.40	%
	More than 13 but not more than 14
	 	 	5.70	%	 	 	6.80	%
	More than 14 but not more than 15
	 	 	6.00	%	 	 	7.20	%
	More than 15 but not more than 16
	 	 	6.30	%	 	 	7.60	%
	More than 16 but not more than 17
	 	 	6.60	%	 	 	7.90	%
	More than 17 but not more than 18
	 	 	6.90	%	 	 	8.30	%
	More than 18 but not more than 19
	 	 	7.20	%	 	 	8.60	%
	More than 19 but not more than 20
	 	 	7.50	%	 	 	9.00	%
	More than 20 but not more than 21
	 	 	7.80	%	 	 	9.00	%
	More than 21 but not more than 22
	 	 	8.00	%	 	 	9.00	%
	More than 22 but not more than 23
	 	 	8.00	%	 	 	9.00	%
	More than 23 but not more than 24
	 	 	8.00	%	 	 	9.00	%
	More than 24 but not more than 25
	 	 	8.00	%	 	 	9.00	%
	More than 25 but not more than 26
	 	 	8.00	%	 	 	9.00	%
	More than 26 but not more than 27
	 	 	8.00	%	 	 	9.00	%
	More than 27 but not more than 28
	 	 	8.00	%	 	 	9.00	%
	More than 28 but not more than 29
	 	 	8.00	%	 	 	9.00	%
	More than 29
	 	 	8.00	%]	 	 	9.00	%]

CSA Balance Swap

13

 

Table 3

Moody’s Second Trigger Factor for Transaction-Specific Hedges

[If “Valuation Date” means each Local Business Day, the “Daily Collateral Posting” column will

apply and the Weekly Collateral Posting Column will be deleted.]

[If “Valuation Date” means the first Local Business Day in each week, the “Weekly Collateral

Posting” column will apply and the Daily Collateral Posting Column will be deleted.]

	 	 	 	 	 	 	 	 	 
	Remaining	 	[Daily	 	[Weekly
	Weighted Average Life	 	Collateral	 	Collateral
	of Hedge in Years	 	Posting	 	Posting
	1 or less
	 	 	0.65	%	 	 	0.75	%
	More than 1 but not more than 2
	 	 	1.30	%	 	 	1.50	%
	More than 2 but not more than 3
	 	 	1.90	%	 	 	2.20	%
	More than 3 but not more than 4
	 	 	2.50	%	 	 	2.90	%
	More than 4 but not more than 5
	 	 	3.10	%	 	 	3.60	%
	More than 5 but not more than 6
	 	 	3.60	%	 	 	4.20	%
	More than 6 but not more than 7
	 	 	4.20	%	 	 	4.80	%
	More than 7 but not more than 8
	 	 	4.70	%	 	 	5.40	%
	More than 8 but not more than 9
	 	 	5.20	%	 	 	6.00	%
	More than 9 but not more than 10
	 	 	5.70	%	 	 	6.60	%
	More than 10 but not more than 11
	 	 	6.10	%	 	 	7.00	%
	More than 11 but not more than 12
	 	 	6.50	%	 	 	7.50	%
	More than 12 but not more than 13
	 	 	7.00	%	 	 	8.00	%
	More than 13 but not more than 14
	 	 	7.40	%	 	 	8.50	%
	More than 14 but not more than 15
	 	 	7.80	%	 	 	9.00	%
	More than 15 but not more than 16
	 	 	8.20	%	 	 	9.50	%
	More than 16 but not more than 17
	 	 	8.60	%	 	 	9.90	%
	More than 17 but not more than 18
	 	 	9.00	%	 	 	10.40	%
	More than 18 but not more than 19
	 	 	9.40	%	 	 	10.80	%
	More than 19 but not more than 20
	 	 	9.70	%	 	 	11.00	%
	More than 20 but not more than 21
	 	 	10.00	%	 	 	11.00	%
	More than 21 but not more than 22
	 	 	10.00	%	 	 	11.00	%
	More than 22 but not more than 23
	 	 	10.00	%	 	 	11.00	%
	More than 23 but not more than 24
	 	 	10.00	%	 	 	11.00	%
	More than 24 but not more than 25
	 	 	10.00	%	 	 	11.00	%
	More than 25 but not more than 26
	 	 	10.00	%	 	 	11.00	%
	More than 26 but not more than 27
	 	 	10.00	%	 	 	11.00	%
	More than 27 but not more than 28
	 	 	10.00	%	 	 	11.00	%
	More than 28 but not more than 29
	 	 	10.00	%	 	 	11.00	%
	More than 29
	 	 	10.00	%]	 	 	11.00	%]

CSA Balance Swap

14Exhibit 10.11

 

Exhibit 10.11

EXECUTION COPY

INTERCREDITOR AND MASTER COLLECTION ACCOUNT AGREEMENT

     INTERCREDITOR AND MASTER COLLECTION ACCOUNT AGREEMENT, dated as of December 7, 2006 (the
“Agreement”) among,

WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as the Collateral Custodian
under the Wachovia Warehouse Agreement, the Trust Collateral Agent under the
Existing Securitizations, the Indenture Trustee under the Existing Indentures and
the Master Collection Account Agent under this Agreement (“Wells Fargo”),

WACHOVIA CAPITAL MARKETS, LLC, in its capacity as the Administrative Agent under the
Wachovia Warehouse Agreement (“Wachovia Warehouse Collateral Agent”),

DRIVE CONSUMER USA INC. (“Drive”),

DRIVE WAREHOUSE LP (“Drive Warehouse”),

DRIVE RECEIVABLES CORP. 6, DRIVE RECEIVABLES CORP. 7, DRIVE RECEIVABLES CORP. 8,
DRIVE RECEIVABLES CORP. 9, DRIVE RECEIVABLES CORP. 10, DRIVE RECEIVABLES CORP. 11
and DRIVE RECEIVABLES CORP. 12 (each a “Seller” and collectively the
“Existing Sellers”),

DRIVE AUTO RECEIVABLES TRUST 2003-2, DRIVE AUTO RECEIVABLES TRUST 2004-1, DRIVE AUTO
RECEIVABLES TRUST 2005-1, DRIVE AUTO RECEIVABLES TRUST 2005-2, DRIVE AUTO
RECEIVABLES TRUST 2005-3, DRIVE AUTO RECEIVABLES TRUST 2006-1 AND DRIVE AUTO
RECEIVABLES TRUST 2006-2, (each a “Trust” or an “Issuer” and
collectively the “Existing Trusts” or the “Existing Issuers”),

MBIA INSURANCE CORPORATION, in its capacity as the Class A Insurer under the MBIA
Securitizations (“MBIA”), and

FINANCIAL SECURITY ASSURANCE INC., in its capacity the Class A Insurer under the FSA
Securitizations (“FSA”).

RECITALS

     WHEREAS, Drive is primarily engaged in the business of originating and/or servicing retail
installment contracts for new and used motor vehicles (collectively, the “Contracts”);

 

 

     WHEREAS, Drive has sold and anticipates selling Contracts to Drive Warehouse pursuant to the
Warehouse Master Purchase Agreement;

     WHEREAS, Drive Warehouse finances under the Wachovia Warehouse Agreement the purchase of
Contracts from Drive pursuant to which Drive Warehouse has granted to the Wachovia Warehouse
Collateral Agent a security interest in such Contracts and the collections thereon for the benefit
of the Lenders and the Investors under the Wachovia Warehouse Agreement;

     WHEREAS, Drive Warehouse distributed to Drive, Drive has contributed to the Sellers and the
Sellers have sold portfolios of Contracts to the Trusts under the Securitizations and the Trusts
have granted to the Indenture Trustee a security interest in such Contracts and the collections
thereon for the benefit of the Class A Insurers, the Account Party, the Reserve Account Letter of
Credit Bank and the Noteholders (as defined in each Securitization), as their respective interests
may appear;

     WHEREAS, payments with respect to all of the Contracts owned by Drive, Drive Warehouse and the
Trusts (“Remittances”) are deposited into the Master Collection Account and distributed to
the various Collection Accounts;

     WHEREAS, the parties hereto have agreed that the Master Collection Account Agent shall be
appointed as their agent to hold Remittances deposited into the Master Collection Account pending
distribution to the Collection Account for the Transaction which owns the related Contract, and the
Master Collection Account Agent has agreed to act as such; and

     WHEREAS, the parties hereto desire to enter into this Agreement to delineate the rights and
obligations of the parties hereto with respect to Remittances.

     NOW, THEREFORE, in consideration of the recitals set forth above and the mutual covenants
contained herein, the parties hereto hereby agree as follows:

ARTICLE I.

DEFINITIONS

     “Accession Agreement” means an Accession Agreement in the form of Exhibit A
attached hereto.

     “Applicable Servicer” has the meaning set forth in Section 2.4 hereof.

     “Business Day” means any day other than (a) a Saturday or a Sunday or (b) a day on
which a Class A Insurer is closed or (c) banking institutions or trust companies located in the
states of Delaware, Minnesota, Texas or the City of New York are authorized or obligated by law,
executive order, or governmental decree to be closed.

     “Class A Insurers” means FSA, MBIA and any other insurer designated as a “Class A
Insurer” in an Accession Agreement.

2

 

     “Collection Account” means the collateral or collection account established for each
Transaction.

     “Drive Entities” means Drive and Drive Warehouse.

     “Drive 2003-2 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of July 1, 2003, among Drive Auto Receivables Trust 2003-2,
as Issuer, Drive Consumer USA Inc. (successor to BoS (USA) Inc.), as Sponsor, Drive Receivables
Corp. 6, as Seller, Drive Consumer USA Inc. (successor to Drive Financial Services LP), as Master
Servicer, Wells Fargo Bank, National Association (formerly Wells Fargo Bank Minnesota, National
Association), in its capacity as Indenture Trustee and Trust Collateral Agent, and Wells Fargo
Servicing Solutions, LLC, in its capacity as Back-up Servicer, as it may from time to time be
amended, supplemented or otherwise modified in accordance with the terms thereof and the other
transaction documents related thereto.

     “Drive 2003-2 Indenture” means the Indenture dated as of July 1, 2003 between Drive
Auto Receivables Trust 2003-2, as Issuer, and Wells Fargo Bank, National Association (formerly
Wells Fargo Bank Minnesota, National Association), in its capacity as Indenture Trustee.

     “Drive 2004-1 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of June 1, 2004, among Drive Auto Receivables Trust 2005-1,
as Issuer, Drive Consumer USA Inc. (successor to BoS (USA) Inc.), as Sponsor, Drive Receivables
Corp. 7, as Seller, Drive Consumer USA Inc. (successor to Drive Financial Services LP), as Master
Servicer, Wells Fargo Bank, National Association, in its capacity as Indenture Trustee and Trust
Collateral Agent, and Wells Fargo Servicing Solutions, LLC, in its capacity as Back-up Servicer, as
it may from time to time be amended, supplemented or otherwise modified in accordance with the
terms thereof and the other transaction documents related thereto.

     “Drive 2004-1 Indenture” means the Indenture dated as of June 1, 2004 between Drive
Auto Receivables Trust 2004-1, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

     “Drive 2005-1 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of February 1, 2005, among Drive Auto Receivables Trust
2005-1, as Issuer, Drive Consumer USA Inc. (successor to BoS (USA) Inc.), as Sponsor, Drive
Receivables Corp. 8, as Seller, Drive Consumer USA Inc. (successor to Drive Financial Services LP),
as Master Servicer, Wells Fargo Bank, National Association, in its capacity as Indenture Trustee,
Trust Collateral Agent and Back-up Servicer, as it may from time to time be amended, supplemented
or otherwise modified in accordance with the terms thereof and the other transaction documents
related thereto.

     “Drive 2005-1 Indenture” means the Indenture dated as of February 1, 2005 between
Drive Auto Receivables Trust 2005-1, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

3

 

     “Drive 2005-2 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of June 1, 2005, among Drive Auto Receivables Trust 2005-2,
as Issuer, Drive Consumer USA Inc. (successor to BoS (USA) Inc.), as Sponsor, Drive Receivables
Corp. 9, as Seller, Drive Consumer USA Inc. (successor to Drive Financial Services LP), as Master
Servicer, Wells Fargo Bank, National Association, in its capacity as Indenture Trustee, Trust
Collateral Agent and Back-up Servicer, as it may from time to time be amended, supplemented or
otherwise modified in accordance with the terms thereof and the other transaction documents related
thereto.

     “Drive 2005-2 Indenture” means the Indenture dated as of June 1, 2005 between Drive
Auto Receivables Trust 2005-2, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

     “Drive 2005-3 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of December 1, 2005, among Drive Auto Receivables Trust
2005-3, as Issuer, Drive Receivables Corp. 10, as Seller, Drive Consumer USA Inc. (successor to
Drive Financial Services LP), as Master Servicer, Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee, Trust Collateral Agent and Back-up Servicer, as it may from time to
time be amended, supplemented or otherwise modified in accordance with the terms thereof and the
other transaction documents related thereto.

     “Drive 2005-3 Indenture” means the Indenture dated as of December 1, 2005 between
Drive Auto Receivables Trust 2005-3, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

     “Drive 2006-1 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of June 21, 2006, among Drive Auto Receivables Trust 2006-1,
as Issuer, Drive Receivables Corp. 11, as Seller, Drive Consumer USA Inc. (successor to Drive
Financial Services LP), as Master Servicer, Wells Fargo Bank, National Association, in its capacity
as Indenture Trustee, Trust Collateral Agent and Back-up Servicer, as it may from time to time be
amended, supplemented or otherwise modified in accordance with the terms thereof and the other
transaction documents related thereto.

     “Drive 2006-1 Indenture” means the Indenture dated as of June 21, 2006 between Drive
Auto Receivables Trust 2006-1, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

     “Drive 2006-2 Securitization” means the securitization transaction described in the
Sale and Servicing Agreement, dated as of October 25, 2006, among Drive Auto Receivables Trust
2006-2, as Issuer, Drive Receivables Corp. 12, as Seller, Drive Consumer USA Inc. (successor to
Drive Financial Services LP), as Master Servicer, Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee, Trust Collateral Agent and Back-up Servicer, as it may from time to
time be amended, supplemented or otherwise modified in accordance with the terms thereof and the
other transaction documents related thereto.

4

 

     “Drive 2006-2 Indenture” means the Indenture dated as of October 25, 23006 between
Drive Auto Receivables Trust 200-2, as Issuer, and Wells Fargo Bank, National Association, in its
capacity as Indenture Trustee.

     “Eligible Account” shall mean either (A) a segregated trust account or accounts
maintained with an institution whose deposits are insured by Federal Deposit Insurance Corporation
(“FDIC”), the unsecured and uncollateralized long term debt obligations of which
institution shall be rated AA- or higher by S&P and Aa2 or higher by Moody’s and in the highest
short term rating category by each of the Rating Agencies, and that is (i) a federal savings and
loan association duly organized, validly existing and in good standing under the federal banking
laws, (ii) an institution duly organized, validly existing and in good standing under the
applicable banking laws of any state, (iii) a national banking association duly organized, validly
existing and in good standing under the federal banking laws, (iv) a principal subsidiary of a bank
holding company, or (v) approved in writing by FSA and MBIA and each of the Rating Agencies or (B)
a chartered depository institution acceptable to each Rating Agency, MBIA and FSA, having capital
and surplus of not less than $100,000,000, acting in its fiduciary capacity.

     “Existing Indentures” means the (a) the Drive 2003-2 Indenture, (b) the Drive 2004-1
Indenture, (c) the Drive 2005-1 Indenture, (d) the Drive 2005-2 Indenture, (e) the Drive 2005-3
Indenture, (f) the Drive 2006-1 Indenture and (g) the Drive 2006-2 Indenture.

     “Existing Sellers” means (a) Drive Receivables Corp. 6, (b) Drive Receivables Corp. 7,
(c) Drive Receivables Corp. 8, (d) Drive Receivables Corp. 9, (e) Drive Receivables Corp. 10, (f)
Drive Receivables Corp. 11 and (g) Drive Receivables Corp. 12.

     “Existing Securitizations” means the (a) the Drive 2003-2 Securitization, (b) the
Drive 2004-1 Securitization, (c) the Drive 2005-1 Securitization, (d) the Drive 2005-2
Securitization, (e) the Drive 2005-3 Securitization, (f) the Drive 2006-1 Securitization and (g)
the Drive 2006-2 Securitization.

     “Existing Trusts” means (a) Drive Auto Receivables Trust 2003-2, (b) Drive Auto
Receivables Trust 2004-1, (c) Drive Auto Receivables Trust 2005-1, (d) Drive Auto Receivables Trust
2005-2, and (e) Drive Auto Receivables Trust 2005-3, (f) Drive Auto Receivables Trust 2006-1 and
(g) Drive Auto Receivables Trust 2006-2.

     “FSA Indenture” means the Drive 2005-3 Indenture and the Drive 2006-1 Indenture and
any other indenture designated as a “FSA Indenture” in an Accession Agreement.

     “FSA Securitization” means the Drive 2005-3 Securitization and the Drive 2006-1
Securitization and any other securitization transaction designated as a “FSA Securitization” in an
Accession Agreement.

     “Improper Remittances” has the meaning set forth in Section 2.2 hereof.

     “Indenture Trustee” means Wells Fargo in its capacity as Indenture Trustee under the
Indentures.

5

 

     “Indentures” means (a) the Drive 2003-2 Indenture, (b) the Drive 2004-1 Indenture, (c)
the Drive 2005-1 Indenture, (d) the Drive 2005-2 Indenture, (e) the Drive 2005-3 Indenture, (f) the
Drive 2006-1 Indenture, (g) the Drive 2006-2 Indenture and (h) any other indenture designated as an
“Indenture” in an Accession Agreement.

     “Master Collection Account” means Account No. 0291118693 at Wells Fargo Bank, National
Association, titled “Drive Master Collection Account –Wells Fargo Bank, National Association, as
Master Collection Account Agent for the Secured Parties”.

     “Master Collection Account Agent” means Wells Fargo Bank, National Association.

     “MBIA Indentures” means (a) the Drive 2003-2 Indenture, (b) the Drive 2004-1
Indenture, (c) the Drive 2005-1 Indenture, (d) the Drive 2005-2 Indenture, (e) the Drive 2006-2
Indenture and (f) any other indenture designated as a “MBIA Indenture” in an Accession Agreement.

     “MBIA Securitizations” means (a) the Drive 2003-2 Securitization, (b) the Drive 2004-1
Securitization, (c) the Drive 2005-1 Securitization, (d) the Drive 2005-2 Securitization, (e) the
Drive 2006-2 Securitization and (f) any other securitization transaction designated as a “MBIA
Securitization” in an Accession Agreement.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Other Party” means (a) any Other Secured Party and (b) any other Seller, Trust or
Class A Insurer designated as such in an Accession Agreement and who becomes a party to this
Agreement by executing an Accession Agreement.

     “Other Secured Party” means any other secured party designated as a “Secured Party” in
an Accession Agreement and who becomes a party to this Agreement by executing an Accession
Agreement.

     “Rating Agencies” means, collectively, Moody’s, S&P and any successors thereof. If
such organization or successor is no longer in existence, “Rating Agency” shall be such nationally
recognized statistical rating organization or other comparable Person designated by FSA and MBIA,
notice of which shall be given to Drive, the Master Collection Account Agent and the Trustee.

     “Remittances” has the meaning set forth in the Recitals hereto.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc.

     “Secured Parties” means the Indenture Trustee, the Wachovia Warehouse Collateral
Agent, the Class A Insurers and any Other Secured Party.

     “Securitizations” means (a) the Drive 2003-2 Securitization, (b) the Drive 2004-1
Securitization, (c) the Drive 2005-1 Securitization, (d) the Drive 2005-2 Securitization, (e) the

6

 

Drive 2005-3 Securitization, (f) the Drive 2006-1 Securitization, (g) the Drive 2006-2
Securitization and (h) any other securitization transaction designated as a “Securitization” in an
Accession Agreement.

     “Sellers” means (a) Drive Receivables Corp. 6, (b) Drive Receivables Corp. 7, (c)
Drive Receivables Corp. 8, (d) Drive Receivables Corp. 9, (e) Drive Receivables Corp. 10, (f) Drive
Receivables Corp. 11, (g) Drive Receivables Corp. 12 and (h) any other entity designated as a
“Seller” in an Accession Agreement.

     “Successor Servicer” has the meaning set forth in Section 2.4 hereof.

     “Transactions” means the Wachovia Warehouse Agreement, the Securitizations and any
other transaction designated as a “Transaction” in an Accession Agreement.

     “Transaction Documents” means with respect to a Transaction, any applicable loan
agreements, security agreements, sale and servicing agreements, pooling and servicing agreements,
trust agreements, indentures and purchase agreements, together with any other related documents
that govern the Transaction.

     “Trusts” means (a) Drive Auto Receivables Trust 2003-2, (b) Drive Auto Receivables
Trust 2004-1, (c) Drive Auto Receivables Trust 2005-1, (d) Drive Auto Receivables Trust 2005-2, (e)
Drive Auto Receivables Trust 2005-3, (f) Drive Auto Receivables Trust 2006-1, (g) Drive Auto
Receivables Trust 2006-2 and (h) any other statutory trust designated as a “Trust” in an Accession
Agreement.

     “Warehouse Master Purchase Agreement” means the First Amended and Restated Purchase
Agreement dated as of June 8, 2006 between Drive Consumer USA Inc. (successor to Drive Financial
Services LP and Drive Warehouse LP, as it may from time to time be amended, supplemented or
otherwise modified in accordance with the terms thereof.

     “Wachovia Warehouse Agreement” means the Second Amended and Restated Warehouse
Agreement, dated as of December 7, 2006 among Drive Warehouse LP, a Delaware limited partnership,
as borrower, Drive Consumer USA, Inc., an Illinois corporation (as successor to Drive Financial
Services LP), as servicer, the Lenders from time to time parties thereto, the Agents for the Lender
Groups (as defined therein) from time to time parties thereto, Wachovia Capital Markets, LLC, a
Delaware limited liability company, as administrative agent for the Lenders and the Agents and as
collateral agent for the Secured Parties (as defined therein), and Wells Fargo Bank, National
Association, a national banking association, as collateral custodian and as the backup servicer, as
it may from time to time be amended, supplemented or otherwise modified in accordance with the
terms thereof.

ARTICLE II.

INTERCREDITOR PROVISIONS

     2.1 Each of the Drive Entities hereby acknowledges that with respect to Contracts it has sold,
distributed, contributed or pledged (i) it has received due consideration for the sale,

7

 

distribution, contribution or pledge of such Contracts, (ii) it has no right, title or
interest in and to any such Contracts or any Remittances with respect to Contracts sold,
distributed or contributed (including any Remittances delivered and/or deposited in the Clearing
Account, the Master Collection Account or any other account of any Drive Entity), subject to the
right to receive payment for performance of its obligations as Servicer or Master Servicer of the
Contracts in accordance with the priority of payments set forth in the related Transaction
Documents, (iii) Remittances on such Contracts shall not be subject to any deduction or setoff by
any Drive Entity, subject to the right to receive payment for performance of its obligations as
Servicer or Master Servicer of the Contracts in accordance with the priority of payments set forth
in the related Transaction Documents, and (iv) it shall not at any time in the future assert an
interest in such Contracts or the Remittances with respect to such Contracts.

     2.2 Each of the Secured Parties hereby acknowledges that each only has rights to Remittances
in respect of the Contracts (i) with respect to the Indenture Trustee for each Securitization,
pledged to the Indenture Trustee pursuant to the Indenture for such Securitization and evidenced on
the applicable receivable schedules relating to such Securitization (ii) with respect to FSA for
each FSA Securitization, pledged to the Indenture Trustee for such FSA Securitization pursuant to
the FSA Indenture for such FSA Securitization and evidenced on the applicable receivable schedules
relating thereto; (iii) with respect to MBIA for each MBIA Securitization, pledged to the Indenture
Trustee pursuant to the MBIA Indenture for such MBIA Securitization and evidenced on the applicable
receivable schedules relating thereto; (iv) with respect to the Wachovia Warehouse Collateral
Agent, pledged to the Wachovia Warehouse Collateral Agent pursuant to the Wachovia Warehouse
Agreement and evidenced on the applicable receivable schedules relating thereto; and (v) with
respect to any Other Secured Party for a Transaction, pledged to such Other Secured Party pursuant
to a Transaction Document for such Transaction and evidenced on the applicable receivable schedules
relating thereto. Each of the Secured Parties hereby agrees that if it acquires custody, control
or possession of any Remittances in respect of Contracts other than those listed with respect to it
in (i), (ii), (iii), (iv), or (v) of the preceding sentence, as applicable (such Remittances,
“Improper Remittances”), then such party shall promptly turn over Improper Remittances to
the appropriate party following receipt of a written request and accounting acceptable to the party
receiving such request provided, that if any third party asserts a right to any Improper
Remittances, no party shall be obligated to turn over Improper Remittances in any manner contrary
to a court order. Until such time as the provisions of the immediately preceding sentence have
been complied with, the party holding Improper Remittances shall be deemed to hold such Improper
Remittances in trust for the parties entitled thereto hereunder.

     2.3 The Secured Parties hereby appoint the Master Collection Account Agent, and the Master
Collection Account Agent hereby accepts its appointment, to act as agent for the Secured Parties,
and their respective successors and assigns, for the purpose of performing its obligations under
this Agreement. The Master Collection Account Agent agrees to hold all funds deposited to the
Master Collection Account in trust for the Secured Parties.

     2.4 All Remittances received shall be deposited into the Master Collection Account. The
Master Collection Account Agent agrees to cause amounts deposited into the Master Collection
Account to be distributed to the Collection Account for the applicable Transaction pursuant to
instructions from (i) Drive, if Drive, is acting as servicer with respect to a

8

 

Transaction, or (ii) a successor servicer that has been appointed to replace Drive with
respect to a Transaction (each a “Successor Servicer,” and together with Drive, the
“Applicable Servicer”).

     2.5 Notwithstanding anything to the contrary in this Agreement but in furtherance hereof, upon
the commencement of a case under the United States Bankruptcy Code by or against any Drive Entity:
(i) this Agreement shall remain in full force and effect and enforceable pursuant to its terms in
accordance with section 510(a) of the United States Bankruptcy Code, and all references herein to
such Drive Entity shall be deemed to apply to such entity as debtor in possession and to any
trustee in bankruptcy for the estate of such entity; and (ii) each Secured Party shall retain its
right to vote its claims and act in any such case under the United States Bankruptcy Code
(including the right to vote to accept or reject any plan of reorganization or liquidation), and
hereby agrees not to take any action or vote in any way so as to contest (x) the validity or
enforceability of this Agreement, (y) the validity, priority or enforceability of the liens,
mortgages, assignments and security interests granted in respect of the Contracts, and (z) the
relative rights and duties of the Secured Parties and the Drive Entities granted and/or established
herein or in any of the underlying transaction documents with respect to such liens, mortgages,
assignments, and security interests.

ARTICLE III.

ESTABLISHMENT OF MASTER COLLECTION ACCOUNT

     3.1 The Master Collection Account shall be an Eligible Account. If the Master Collection
Account shall cease to be an Eligible Account, the Applicable Servicer shall, with the consent of
the Class A Insurers, within five (5) Business Days, move the Master Collection Account to another
institution so that the Master Collection Account meets the definition of Eligible Account.

     3.2 No withdrawals may be made of funds in the Master Collection Account except as directed by
the Applicable Servicer.

     3.3 The Secured Parties will ultimately be entitled to receive distributions of amounts
released from the Master Collection Account. It is intended by the parties hereto that funds
deposited into the Master Collection Account shall constitute property held in trust by the Master
Collection Account Agent for the benefit of the Secured Parties, and that such funds and any
property rights appurtenant thereto shall vest in the Secured Parties upon deposit therein.

     3.4 The Master Collection Account Agent agrees to (i) maintain the Master Collection Account
at Sixth Street and Marquette Avenue, MAC #9311-161, Minneapolis, Minnesota 55479 or such other
address as may be approved by the Secured Parties and (ii) take delivery of all records and
documents relating thereto at its offices within the State of Minnesota. The Master Collection
Account Agent shall keep all funds and related documentation in its possession separate and apart
from all other property that it is holding in its possession and from its own general assets and
shall maintain accurate records pertaining to the Master Collection Account in such a manner as
shall enable the Secured Parties to verify the accuracy of such record keeping. The Master
Collection Account Agent’s books and records shall at all times show that the Master Collection
Account is held by the Master Collection Account Agent as

9

 

agent of the Secured Parties and is not the property of the Master Collection Account Agent.
The Master Collection Account Agent shall promptly report to each Secured Party any failure on its
part to hold the Master Collection Account as provided in this Section 3.8 and shall promptly take
appropriate action to remedy any such failure. The Master Collection Account Agent shall permit
each of the Secured Parties or their respective duly authorized representatives, attorneys,
auditors or designees, to inspect the Master Collection Account at such reasonable times during
normal business hours as any such Secured Party may reasonably request upon not less than one
Business Day’s prior written notice. The costs and expenses associated with any such inspection
will be paid by the party making such inspection.

     3.5 All deposits made into the Master Collection Account shall be held as cash items in the
deposit account.

     3.6 The Master Collection Account Agent is prohibited to use or set off any funds in the
Master Collection Account for its fees and expenses or for any other amounts owed to it.

ARTICLE IV.

MISCELLANEOUS

     4.1 This Agreement may be executed in any number of counterparts, each of which shall be
deemed the original.

     4.2 All demands, notices and communications hereunder shall be in writing and shall be deemed
to have been duly given to the addressee if mailed, by first-class registered mail, postage prepaid
service, confirmed facsimile transmission, or a nationally recognized express courier, as follows:

10

 

	 	 	 
	To FSA:

	 	Financial Security Assurance Inc.

31 West 52nd Street

New York, NY 10019

Attention: Senior Vice President, Transaction

Oversight Department

          (with a copy to the General Counsel)

Re: Drive Auto Receivables Trusts

Telephone No.: (212) 826-0100

Facsimile:   (212) 339-3518

                    (212) 339-3529
	 
	 	 
	 

	 	(In each case in which notice or other
communication to the Insurer refers to an Event
of Default, a claim on the Policy or with respect
to which failure on the part of the Insurer to
respond shall be deemed to constitute consent or
acceptance, then a copy of such notice or other
communication should also be sent to the
attention of each of the general counsel and the
Insurer and shall be marked to indicate “URGENT
MATERIAL ENCLOSED.”)
	 
	 	 
	To MBIA

	 	113 King Street
	 

	 	Armonk, New York 10504
	 

	 	Attn: Insured Portfolio Management
— SF
	 

	 	Re: Drive Auto Receivables Trusts
	 

	 	Facsimile: (914) 765-3810

11

 

	 	 	 
	To WFB:

	 	Wells Fargo Bank, National Association

Sixth Street and Marquette Avenue

MAC N9311-161

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services/

     Asset Backed Administration

     Drive Auto Receivables Trusts

Telephone No.: (612) 667-8058

Facsimile: (612) 667-3464
	 
	 	 
	To the Wachovia
Warehouse Collateral
Agent:

	 	Wachovia Capital Markets, LLC

One Wachovia Center — 10th Floor

NC 0610

301 S. College Street

Charlotte, NC 28288

Attention: Justin Zakocs

Facsimile: (704) 715-8184
	 
	 	 
	To an Existing Trust:

	 	[Name of Trust]

c/o U.S. Bank Trust National Association, as
Owner Trustee

300 Delaware Avenue, 9th Floor

Wilmington, DE 19801

Attention: Sterling Correia

Telephone No.: (302) 552-3104

Facsimile: (302) 552-3129
	 
	 	 
	To an Existing Seller:

	 	[Name of Seller]

8585 North Stemmons Freeway, Suite 1100-N

Dallas, TX 75247

Attention: Jim Moore

Telephone No.: (214) 237-3530

Facsimile: (214) 237-3570

12

 

	 	 	 
	To Drive:

	 	Drive Consumer USA Inc.
	 

	 	8585 North Stemmons Freeway, Suite 1100-N 

Dallas, TX 75247
	 

	 	Attention: Jim Moore
	 

	 	Telephone No.: (214) 237-3530
	 

	 	Facsimile: (214) 237-3570
	 
	 	 
	To Drive Warehouse

	 	Drive Warehouse LP
	 

	 	8585 North Stemmons Freeway, Suite 1100-N
	 

	 	Dallas, TX 75247
	 

	 	Attention: Jim Moore
	 

	 	Telephone No.: (214) 237-3530
	 

	 	Facsimile: (214) 237-3570
	 
	 	 
	To any Other Party:

	 	The address for such Other Party set forth in the
	 

	 	Accession Agreement for such Other Party

Any such demand, notice or communication hereunder shall be deemed to have been received on the
date delivered to or received at the premises of the addressee as evidenced by the date noted on
the return receipt, facsimile transmission confirmation or an express courier’s delivery
confirmation, as applicable.

     4.3 All rights of the Secured Parties under this Agreement may be assigned by such party upon
written notice to the other parties to this Agreement.

     4.4 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS
ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE STATE
OF NEW YORK.

     4.5 The Master Collection Account Agent undertakes to perform only such duties and obligations
as are specifically set forth in this Agreement, it being expressly understood by the parties
hereto that there are no implied duties or obligations under this Agreement. Neither the Master
Collection Account Agent nor any of its officers, directors, employees or agents shall be liable,
directly or indirectly, for any damages or expenses arising out of the services performed under
this Agreement other than damages that result from the gross negligence or willful misconduct of it
or them. In no event will the Master Collection Account Agent or any of its officers, directors,
employees or agents be liable for any consequential, indirect or special damages.

     4.6 The Master Collection Account Agent shall not be liable for any error of
judgment, or for any act done or step taken or omitted by it in good faith, or for any
mistakes of fact or law; provided, however, that the Master Collection
Account Agent shall be liable for its own negligence, bad faith or willful misconduct.

13

 

     4.7 The Master Collection Account Agent may rely on and shall be protected in acting in good
faith upon any certificate, instrument, opinion, notice, letter, telegram or other document
delivered to it which in good faith it believes to be genuine and which has been signed by the
proper party or parties.

     4.8 No amendment or waiver of any provision of this Agreement nor consent to any departure
therefrom shall in any event be effective unless the same shall be in writing and signed by all the
parties hereto, and then such amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

     4.9 Each party hereto covenants and agrees that it will not institute against any of the
Trusts, any of the Sellers or Drive Warehouse any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or
state bankruptcy or similar law in connection with any obligations relating to the Securitizations.

     4.10 Other than as specifically set forth in this Agreement, the Master Collection Account
Agent shall have no obligation to supervise, verify, monitor or administer the performance of any
Applicable Servicer or its instructions to the Master Collection Account Agent and shall have no
liability for any action taken or omitted by any Applicable Servicer. The duties and obligations
of the Master Collection Account Agent shall be determined solely by the express provisions of this
Agreement, and no implied covenants or obligations shall be read into this Agreement against the
Master Collection Account Agent.

     4.11 In the event the Master Collection Account Agent or any other party hereto shall be
served by a third party with any type of levy, attachment, writ or garnishment with respect to any
amounts in the Master Collection Account, or in the event a third party shall institute any court
proceeding by which any amount in the Master Collection Account shall be required to be delivered
otherwise than in accordance with the provisions of this Agreement, the party that received such
service shall immediately deliver or cause to be delivered to the other parties hereto copies of
all court papers, orders, documents and other materials concerning such proceedings. The Master
Collection Account Agent shall continue to hold and maintain all amounts in the Master Collection
Account received by it pursuant to the provisions of this Agreement pending an order of a court of
competent jurisdiction permitting or directing disposition thereof. Upon final determination of
such court, the Master Collection Account Agent shall dispose of such amounts held by it as
directed by such determination or, if no such determination is made, in accordance with the
provisions of this Agreement.

     4.12 The Master Collection Account Agent shall be entitled to reimbursement for all reasonable
out-of-pocket expenses (including the reasonable fees and out-of-pocket expenses of counsel)
incurred by the Master Collection Account Agent in connection with its duties hereunder. All of
such out-of-pocket expenses shall be payable by the Drive Entities as a joint and severable
obligation.

     4.13 The Drive Entitles agree to jointly and severally indemnify and hold the Master
Collection Account Agent, its officers, directors, employees and agents harmless against any and
all losses, liabilities, damages, fees (including reasonable attorneys’ fees), costs and expenses
that may be imposed or incurred by or assessed against it or them, in the absence of its or their

14

 

gross negligence or willful misconduct or otherwise failing to perform materially in
accordance with this Agreement, that arises out of the services performed by it or them under this
Agreement or any action taken or not taken by it or them in accordance with this Agreement.

     4.14 Each Applicable Servicer shall indemnify and hold the Master Collection Account Agent
harmless against any claim asserted by any third party against the Master Collection Account Agent
due to any act or omission of such Applicable Servicer.

[remainder of page intentionally left blank]

15

 

 

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

WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as
the Collateral Custodian under the Wachovia Warehouse
Agreement, the Trust Collateral Agent under the Existing
Securitizations, the Indenture Trustee under the Existing
Indentures and the Master Collection Account Agent under
this Agreement

	 	 	 	 	 
	By:
	 	/s/ Edna Barber	 	 
	 

	 	 
	 	 
	Name:

	 	Edna Barber	 	 
	Title:
	 	Assistant Vice President	 	 

WACHOVIA CAPITAL MARKETS, LLC, in its capacity as the
Administrative Agent under the Wachovia Warehouse Agreement

	 	 	 	 	 
	By:
	 	/s/ Timothy MacPhail	 	 
	 

	 	 
	 	 
	Name:

	 	Timothy MacPhail	 	 
	Title:
	 	Vice President	 	 

DRIVE CONSUMER USA INC.

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE WAREHOUSE LP

By: Drive Warehouse GP LLC, its General Partner

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

Signature Page

To

Intercreditor and Master Account Collection Agreement

 

 

DRIVE RECEIVABLES CORP. 6

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE RECEIVABLES CORP. 7

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE RECEIVABLES CORP. 8

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE RECEIVABLES CORP. 9

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE RECEIVABLES CORP. 10

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE RECEIVABLES CORP. 11

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

Signature Page

To

Intercreditor Agreement and Master Account Collection Agreement

 

 

DRIVE RECEIVABLES CORP. 12

	 	 	 	 	 
	By:
	 	/s/ Jim W. Moore	 	 
	 

	 	 
	 	 
	Name:

	 	Jim W. Moore	 	 
	Title:
	 	Vice President	 	 

DRIVE. AUTO RECEIVABLES TRUST 2003-2

By: U.S. Bank Trust National Association (successor in

interest to Wachovia Bank of Delaware, National

Association), not in its individual capacity but solely as

Owner Trustee

	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 
	Name:

	 	Sterling C. Correia	 	 
	Title:
	 	Vice President	 	 

DRIVE AUTO RECEIVABLES TRUST 2004-1

By: U.S. Bank Trust National Association (successor in

interest to Wachovia Bank of Delaware, National

Association), not in its individual capacity but solely as

Owner Trustee

	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 
	Name:

	 	Sterling C. Correia	 	 
	Title:
	 	Vice President	 	 

DRIVE AUTO RECEIVABLES TRUST 2005-1

By: U.S. Bank Trust National Association (successor in

interest to Wachovia Bank of Delaware, National

Association), not in its individual capacity but solely as

Owner Trustee

	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 
	Name:

	 	Sterling C. Correia	 	 
	Title:
	 	Vice President	 	 

Signature Page

To

Intercreditor Agreement and Master Account Collection Agreement

 

 

DRIVE AUTO RECEIVABLES TRUST 2005-2

By: U.S. Bank Trust National Association (successor in

interest to Wachovia Bank of Delaware, National

Association), not in its individual capacity but solely as

Owner Trustee

	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 
	Name:

	 	Sterling C. Correia	 	 
	Title:
	 	Vice President	 	 

DRIVE AUTO RECEIVABLES TRUST 2005-3

By: U.S. Bank Trust National Association (successor in

interest to Wachovia Bank of Delaware, National

Association), not in its individual capacity but solely as

Owner Trustee

	 	 	 	 	 
	By:
	 	/s/ Sterling C. Correia	 	 
	 

	 	 
	 	 
	Name:

	 	Sterling C. Correia	 	 
	Title:
	 	Vice President	 	 

DRIVE AUTO RECEIVABLES TRUST 2006-1

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	 	 

DRIVE AUTO RECEIVABLES TRUST 2006-2

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	 	 

Signature Page

To

Intercreditor Agreement and Master Account Collection Agreement

 

 

FINANCIAL SECURITY ASSURANCE INC.

	 	 	 	 	 
	By:
	 	/s/ Errol Uhr	 	 
	 

	 	 
	 	 
	Name:

	 	Errol Uhr	 	 
	Title:
	 	Managing Director	 	 

MBIA INSURANCE CORPORATION

	 	 	 	 	 
	By:
	 	/s/ Cathleen M. Murray	 	 
	 

	 	 
	 	 
	Name:

	 	Cathleen M. Murray	 	 
	Title:
	 	Vice President	 	 

Signature Page

To

Intercreditor Agreement and Master Account Collection Agreement

 

 

EXHIBIT A

ACCESSION AGREEMENT

     Reference is hereby made to the INTERCREDITOR AND MASTER COLLECTION ACCOUNT AGREEMENT, dated
as of November 30, 2006 (the “Agreement”) among,

WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as the Collateral Custodian
under the Wachovia Warehouse Agreement, the Trust Collateral Agent under the
Existing Securitizations, the Indenture Trustee under the Existing Indentures and
the Master Collection Account Agent under this Agreement (“Wells Fargo”),

WACHOVIA CAPITAL MARKETS, LLC, in its capacity as the Administrative Agent under the
Wachovia Warehouse Agreement (“Wachovia Warehouse Collateral Agent”),

DRIVE CONSUMER USA INC. (“Drive”),

DRIVE WAREHOUSE LP (“Drive Warehouse”),

DRIVE RECEIVABLES CORP. 6, DRIVE RECEIVABLES CORP. 7, DRIVE RECEIVABLES CORP. 8,
DRIVE RECEIVABLES CORP. 9, DRIVE RECEIVABLES CORP. 10, DRIVE RECEIVABLES CORP. 11
and DRIVE RECEIVABLES CORP. 12 (each a “Seller” and collectively the
“Existing Sellers”),

DRIVE AUTO RECEIVABLES TRUST 2003-2, DRIVE AUTO RECEIVABLES TRUST 2004-1, DRIVE AUTO
RECEIVABLES TRUST 2005-1, DRIVE AUTO RECEIVABLES TRUST 2005-2, DRIVE AUTO
RECEIVABLES TRUST 2005-3, DRIVE AUTO RECEIVABLES TRUST 2006-1 AND DRIVE AUTO
RECEIVABLES TRUST 2006-2, (each a “Trust” or an “Issuer” and
collectively the “Existing Trusts” or the “Existing Issuers”),

MBIA INSURANCE CORPORATION, in its capacity as the Class A Insurer under the MBIA
Securitizations (“MBIA”), and

FINANCIAL SECURITY ASSURANCE INC., in its capacity the Class A Insurer under the FSA
Securitizations (“FSA”).

     Unless otherwise defined herein, or the context otherwise requires, capitalized terms used in
this Accession Agreement have the meanings ascribed thereto in the Agreement. This is an Accession
Agreement and is being entered into pursuant to the Agreement.

     1. The undersigned Other Party is [a Secured Party] [a Trust] [a Seller] [a Class A Insurer]
and hereby:

A-1

 

     (a) acknowledges and confirms that it has received a copy of the Agreement and the
exhibits thereto;

     (b) agrees to be bound by the terms and conditions set forth in the Agreement as if it
were an original signatory thereto; and

     (c) advises each of the parties to the Agreement of the following with respect to the
Other Party for purposes of the Agreement:

     Name of Other Party:

     Address of Other Party:

     Description of Securitization or other Transaction:

     Designations under the Agreement:

     IN WITNESS WHEREOF, the Other Party has executed this Accession Agreement as of the                     day of
                    ,
200                    .

[OTHER PARTY]

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]