Fosse Master Issuer RMBS Note Programme (2019): 17 September 2019
Under the programme, the issuer may from time to time issue class A notes, class B notes, class M notes, class C notes, class D notes and class Z notes in one or more series. Each series will consist of one or more classes of notes. One or more series and one or more classes of notes may be issued at any one time. The class Z variable funding notes may be issued together with other classes of notes of a series, but will not be linked to that series.
The principal asset from which the issuer will make payments on the notes is a master intercompany loan to an affiliated company called Fosse Funding (No.1) Limited (Funding 1). The principal asset from which Funding 1 will make payments on the master intercompany loan is its interest in a master trust over a pool of residential mortgage loans held by Fosse Trustee (UK) Limited (the mortgages trustee). The residential mortgage loans are originated by Santander UK plc (Santander UK or the seller) and are secured over properties located in England, Wales and Scotland.
EU Risk Retention: The seller, in its capacity as originator, will (i) retain, on an on-going basis, a material net economic interest of not less than 5% in the nominal value of the securitised exposures as required by the text of Article 6 of the Securitisation Regulation by retaining a seller share of no less than 5% in the mortgages trust in accordance with Article 6(3)(b) of the Securitisation Regulation and (ii) agree not to hedge, sell or otherwise mitigate such risk.