Approval Levels. (a) The parties will target the following minimum approval rates for Retail Financing within each Credit Tier (each, a “Minimum Approval Target”): FICO Score Net Credit Loss Rates (Annualized) Approval Rates [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] (b) In the event delinquency and loss rates materially deviate from the parties’ original expectations, a party may request modification in the Minimum Approval Targets which shall be subject to approval by the Steering Committee. (c) Targeted approval rates shall include those customers with an ability to pay (defined in order to meet regulatory requirements). *** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. MASTER PRIVATE LABEL FINANCING AGREEMENT (d) SCUSA shall use the [***] for new vehicles and [***] for used vehicles, in determining the “value” portion to the extent SCUSA imposes any loan-to-value requirements under its Credit Policies.
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Sources: Master Private Label Financing Agreement (Santander Consumer USA Holdings Inc.), Master Private Label Financing Agreement (Santander Consumer USA Holdings Inc.), Master Private Label Financing Agreement (Santander Consumer USA Holdings Inc.)