Common use of Back-up Servicing Clause in Contracts

Back-up Servicing. In the event that the long-term unsecured debt rating by Moody’s of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”), Santander Consumer shall have in place a back-up servicing arrangement consistent with Moody’s ratings criteria at the time of the Ratings Trigger Event within 90 days of such Ratings Trigger Event, unless it shall be acceptable to Moody’s at such time, or otherwise satisfy the Rating Agency Condition with respect to Moody’s, for Santander Consumer not to have in place a back-up servicing arrangement or to deviate from such criteria.

Back-up Servicing. In the event that the long-term unsecured debt rating by Moody’s of Banco Santander, S.A. falls below “Baa3” (a “Ratings Trigger Event”), Santander Consumer shall have in place a back-up servicing arrangement consistent with Moody’s published ratings criteria at the time of the Ratings Trigger Event within 90 days of such Ratings Trigger Event, unless it shall be acceptable to Moody’s at such time, or otherwise satisfy the Rating Agency Condition with respect to Moody’s, for Santander Consumer not to have in place a back-up servicing arrangement or to deviate from such published criteria.