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NewDay Funding 2019-2: 19 September 2019

The transaction is collateralised by a pool of UK co-branded credit card, store card and instalment credit receivables via NewDay Ltd. NewDay acquired the portfolio in 2013 from Santander UK plc, from which it also took ownership of the related origination and servicing platform. With this acquisition NewDay became one of the largest specialist credit card companies in the UK, where it is also active in the near-prime credit card market. At present there are four active retailer agreements, namely Debenhams, House of Fraser, Arcadia Group and Laura Ashley, but there are also historical receivables in the pool from DFS, ASDA, Comet and others.

EU Risk Retention: The Transferor, as originator of the securitisation, confirms that it will retain a material net economic interest in the securitisation in accordance with the EU Securitisation Regulation by way of a retention in accordance with Article 6(3)(b) of an originator's interest of not less than 5% of the nominal value of the securitised exposures (such retention being in the form of the Originator VFN Loan Note), provided that the Transferor will not be in breach of such undertaking if it fails to so comply due to events, actions or circumstances beyond the control of the Transferor.

US Risk Retention: The Transferor intends to satisfy the U.S. Credit Risk Retention Rules by maintaining a "seller's interest" (as defined and measured in accordance with the U.S. Credit Risk Retention Rules) in the Receivables equal to at least 5% of the aggregate unpaid principal balance of the outstanding notes of all series.

Compare/contrast: NewDay Funding 2019-1, NewDay Partnership 2017-1