Document:

Exhibit 10.9

 

Exhibit 10.9

EXECUTION VERSION

SWAP
TRANSACTION CONFIRMATION
 
 

	 	 	 
	Date:
	 	September 5, 2007
	 
	 	 
	To:
	 	Santander Drive Auto Receivables
Trust 2007-2 (the “Trust”)
	 
	 	c/o U.S. Bank Trust National Association
	 
	 	300 Delaware Avenue, 9th Floor
	 
	 	Wilmington, Delaware 19801
	 
	 	 
	From:
	 	Banco Santander S.A. (the
“Bank”)
	 
	 	 
	Ref. No.
	 	594364.21

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 September 5, 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 September 5, 2007 (including the Schedule and 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-2 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-2 Notes of the
Trust.

 

 

	 	 	 	 	 
	Term:	 	 
	 
	 	 	 	 
	 
	 	Trade Date:	 	August 23, 2007
	 
	 	 	 	 
	 
	 	Effective Date:	 	September 5, 2007
	 
	 	 	 	 
	 
	 	Termination Date:	 	The earlier of (i) January 18, 2011; and (ii) the date on which the Note
	 
	 	 	 	Balance of the Class A-2 Notes is reduced to zero.
	 
	 	 	 	 
	Fixed Amounts:	 	 
	 
	 	 	 	 
	 
	 	Fixed Rate Payer:	 	The Trust
	 
	 	 	 	 
	 
	 	Period End Dates:	 	Monthly on the
15th of each month, commencing on September 17,
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 September 17,
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:	 	4.93%
	 
	 	 	 	 
	 
	 	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 September 17,
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 September 17,
2007, through and including the Termination Date, subject to adjustment in accordance
	 
	 	 	 	with the Following Business Day Convention.

2

 

	 	 	 	 	 
	 
	 	Business Day Convention:	 	Following
	 
	 	 	 	 
	 
	 	Business Day:	 	New York
	 
	 	 	 	 
	 
	 	Floating Rate Option:	 	USD-LIBOR-BBA
	 
	 	 	 	 
	 
	 	Designated Maturity:	 	1 Month
	 
	 	 	 	 
	 
	 	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

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 S.A.

 	 
	 	By:  	/s/ Juan Boseo Nazar
 	 
	 	 	Name:  	Juan Boseo Nazar 	 
	 	 	Title:  	Authorized Signature 	 
	 

Confirmed on the date

first above written

	 	 	 	 	 
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-2

 	 	 
	By:  	U.S. BANK TRUST NATIONAL ASSOCIATION,
 	 	 
	 	not in its individual capacity, but solely as Owner Trustee	 	 
	 	 	 
	By:  	           /s/ Nicole Poole
 	 	 
	 	Name:  	Nicole Poole 	 	 
	 	Title:  	Vice President 	 	 
	 

[Signature page to the Confirmation relating to the Class A-2 Notes]

4Exhibit 10.10

 

Exhibit 10.10

EXECUTION VERSION

SWAP
TRANSACTION CONFIRMATION
 
 

	 	 	 
	Date:
	 	September 5, 2007
	 
	 	 
	To:
	 	Santander Drive Auto Receivables Trust 2007-2 (the “Trust”)
	 
	 	c/o U.S. Bank Trust National Association
	 
	 	300 Delaware Avenue, 9th Floor
	 
	 	Wilmington, Delaware 19801
	 
	 	 
	From:
	 	Banco Santander S.A. (the “Bank”)
	 
	 	 
	Ref. No.
	 	594363.21

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 September 5, 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 September 5, 2007 (including the Schedule and 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-3 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-3 Notes of the
Trust.

 

 

	 	 	 	 	 
	Term:	 	 
	 
	 	 	 	 
	 
	 	Trade Date:	 	August 23, 2007
	 
	 	 	 	 
	 
	 	Effective Date:	 	September 5, 2007
	 
	 	 	 	 
	 
	 	Termination Date:	 	The earlier of (i) August 15, 2014; and (ii) the date on which the Note
	 
	 	 	 	Balance of the Class A-3 Notes is reduced to zero.
	 
	 	 	 	 
	Fixed Amounts:	 	 
	 
	 	 	 	 
	 
	 	Fixed Rate Payer:	 	The Trust
	 
	 	 	 	 
	 
	 	Period End Dates:	 	Monthly on the 15th of each month, commencing on September 17,
	 
	 	 	 	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 September 17,
	 
	 	 	 	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:	 	4.86%
	 
	 	 	 	 
	 
	 	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 September 17,
	 
	 	 	 	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 September 17,
	 
	 	 	 	2007, through and including the Termination Date, subject to adjustment in accordance
	 
	 	 	 	with the Following Business Day Convention.

2

 

	 	 	 	 	 
	 
	 	 	 	 
	 
	 	Business Day Convention:	 	Following
	 
	 	 	 	 
	 
	 	Business Day:	 	New York
	 
	 	 	 	 
	 
	 	Floating Rate Option:	 	USD-LIBOR-BBA
	 
	 	 	 	 
	 
	 	Designated Maturity:	 	1 Month
	 
	 	 	 	 
	 
	 	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

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 S.A.

 	 
	 	By:  	/s/
Juan Bosco Nazar
 	 
	 	 	Name:  	Juan Bosco Nazar 	 
	 	 	Title:  	Authorized Signature 	 
	 

Confirmed on the date

first above written

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-2

	 	 	 	 	 
	 	 	 
	By:  	U.S. BANK TRUST NATIONAL
ASSOCIATION,

not in its individual capacity, but solely as Owner Trustee 	 	 
	 	 	 	 
	By:  	          /s/ Nicole Poole
 	 	 
	 	Name:  	Nicole Poole 	 	 
	 	Title:  	Vice President 	 	 
	 

[Signature page to the Confirmation relating to the Class A-3 Notes]

4

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