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Globaldrive Auto Receivables B.V 2017-A: 24 September 2017

As per previous transactions, this is an auto loan receivables deal originated by the German branch of FCE Bank plc and is backed by a pool of new, ex-demonstration and used car and light commercial vehicle loan receivables originated in Germany by FCE Bank plc through its German branch. The securitised loans are either fully amortising standard loans or partially amortising balloon loans with a large balloon payment when the contract ends.

Eligibility criteria (includes): is payable in Euro; has a positive net present value; is evidenced by a loan agreement entered into to finance the purchase of a new, ex-demonstration or used car or light commercial vehicle; arises from a loan agreement that has been entered into with a borrower residing in the European Economic Area; has had at least one full payment applied; is not more than 30 days delinquent.

The static portfolio is highly granular and, as of the cut-off date, the pool was comprised of 41,399 fixed-rate loan contracts. The average NPV loan size is Eur16,541 and the largest is Eur57,236. Vehicle type (by NPV): new 81.55%, ex-demo 12.49% and used 5.97%. Customer type (by NPV): private 88.00%, commercial 12.00%. Loan type: TCM 75.10%, Standard 24.90%. The WA seasoning is 6.7 mnths. Regional concentration: Nordrhein-Westfalen 28.71%, Baden-Wurttemberg 13.57%, Bayern 12.35 and Niedersachsen 8.05%.

CRR: For so long as the listed notes are outstanding, FCE, as the originator, will retain the Class C notes which constitute, as at the closing date, a material net economic interest of not less than 5% of the nominal amount of the securitised exposures in this securitisation transaction in accordance with Article 405 paragraph (1) sub (d) of the CRR, Article 51 paragraph (1) sub (d) of the AIFMR and Article 254 paragraph (2) sub (d) of the Solvency II Regulation. The Class C notes represent 5.01% of the nominal amount of the securitised exposures as at the closing date.

Compare/contrast: Globaldrive Auto Receivables BV 2016-B, Cars Alliance DFP Germany 2017, Silver Arrow S.A. Compartment 8