Class C Asset Backed Notes definition

Class C Asset Backed Notes. (the “Class C Notes”), “Class D Asset Backed Notes” (the “Class D Notes”) and “Class E Asset Backed Notes” (the “Class E Notes”) (and collectively with the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, title and interest of the Seller in and to the Purchase Agreement, dated as of March 10, 2021, between AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the foregoing. The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. Distributions on this Certificate will be made as provided in the Trust Agreement or any Basic Document by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Servicer on behalf of the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Corporate Trust Office. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the hol...

Class C Asset Backed Notes. (the "Class C Notes" and, together with the Class A Notes and the Class B Notes, the "Notes"), and the Swap Counterparty: GRANTING CLAUSE The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes and the Swap Counterparty, all of the Issuer's right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising:

Class C Asset Backed Notes. (the "Class C Notes") and 8.70% Class E Asset Backed Notes (the "Class E Notes" and, together with the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the "Notes"), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. The Class D Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The Class D Notes are subordinated in right of payment to the Class A Notes, Class B Notes and the Class C Notes, and senior in right of payment to the Class E Notes, as and to the extent provided in the Indenture.

Examples of Class C Asset Backed Notes in a sentence

• The sale of the Subsequent Receivables is described in the prospectus dated [Month Day], 200X and the prospectus supplement dated [Month Day], 200X (together, the “Prospectus”), which relates to the offering by the Trust of % Class A-1 Asset Backed Notes, % Class A-2 Asset Backed Notes, % Class A-3 Asset Backed Notes, floating rate Class A-4a Asset Backed Notes, % Class A-4b Asset Backed Notes, % Class B Asset Backed Notes and % Class C Asset Backed Notes (collectively, the “Notes”).

• Santander Drive Auto Receivables LLC, a Delaware limited liability company (the “Seller” or “Depositor”) and Santander Consumer USA Inc., an Illinois corporation (“SCUSA”), confirm their agreement with X.X. Xxxxxx Securities LLC (the “Underwriter”) as follows: The Seller proposes to sell to the Underwriter the $97,200,000 3.06% Class C Asset Backed Notes (the “Notes”) issued by Santander Drive Auto Receivables Trust 2010-3, a Delaware statutory trust (the “Issuer”).

• The five classes shall be designated the Class A Asset Backed Notes, Series 2010-1 (the “ Class A Notes”), the Class M Asset Backed Notes, Series 2010-1 (the “Class M Notes”), the Class B Asset Backed Notes, Series 2010-1 (the “Class B Notes”), the Class C Asset Backed Notes, Series 2010-1 (the “Class C Notes”) and the Class D Asset Backed Notes, Series 2010-1 (the “Class D Notes”).

• Concurrently with the issuance and sale of the Offered Notes as contemplated herein, the Issuer will issue $33,621,000 principal amount of Series 2011-1 Class B Asset Backed Notes (the “Series 2011-1 Class B Notes”) and $48,903,000 principal amount of Series 2011-1 Class C Asset Backed Notes (the “Series 2011-1 Class C Notes” and, together with the Series 2011-1 Class B Notes and the Offered Notes, the “Series 2011-1 Notes” or the “Notes”).

More Definitions of Class C Asset Backed Notes

Class C Asset Backed Notes. (collectively, the "Notes"). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of the acceptance hereof assents and by which holder is bound. Each Holder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture. It is the intent of the Seller, the Servicer and the Certificateholders that, for purposes of Federal income, state and local income and franchise and any other income taxes measured in whole or in part by income, until the Trust Certificates are held by more than one Person, the Trust will be disregarded as an entity separate from such Certificateholder. At such time that the Trust Certificates are held by more than one Person, it is the intent of the Seller, the Servicer and the Certificateholders that, for purposes of Federal income, state and local income and franchise and any other income taxes measured in whole or in part by income, the Trust will be treated as a partnership, the assets of which are the assets held by the Trust, and the Certificateholders (including the Depositor (and its transferees and assigns) in its capacity as recipient of distributions from the Spread Account) will be treated as partners in that partnership. The Depositor and the other Certificateholders, by acceptance of a Trust Certificate, agree to treat, and to take no action inconsistent with the treatment of, the Trust Certificates as such for tax purposes. Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, the Seller or the Trust, or join in any institution against the Depositor, the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any Federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents. The Trust Certificates do not represent an obligation of, or an interest in, the Seller, the Servicer, Case Credit Corporation, the Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets,...

Class C Asset Backed Notes. (the "Class C Notes" and, together with the Class A Notes and the Class B Notes, the "Notes"):