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Turbo Finance 9 plc: 10 October 2020

Another auto securitisation from FirstRand, who is the originator and/or acquired the loans, where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising auto loans (hire purchase agreements). These hire purchase agreements provide for equal monthly payments over the term of the contract, or monthly payments and a final bullet payment.

The receivables will be administered by FRB London under the trade name MotoNovo Finance. Prior to 14 February 2012, MotoNovo Finance traded under the name of Carlyle Finance.

The provisional pool of receivables comprises 64,846 auto loan contracts, where the average outstanding balance is £9,002 and the largest outstanding balance is £48,675. Product type (by outstanding principal balance): hire purchase 74.88%, PCP Product 24.98% and hire purchase with balloon 0.14%. Customer type (by outstanding principal balance): individual 94.16%, company 5.84%. Vehicle type (by outstanding principal balance): used 97.00%, new 3.00%. The WA original LTV was 89.75% and the WA seasoning is 7.82mnths. Regional concentration (by outstanding principal balance): the South East 11.68%, the North West 10.80%, Yorkshire & Humber 10.63%, the South West 10.18% and East of England 10.01%.

Significant Investor: On the Closing Date, MNF will subscribe and pay for all of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class X Notes. A related entity of MNF may on the Closing Date take a portion of the Class A Notes.

EU Risk Retention: The Seller will undertake that it will retain a material net economic interest of at least 5% in the securitisation (for the life of the transaction) in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of randomly selected Receivables with an aggregate Principal Balance equal to at least 5% of the Principal Balance of the Purchased Receivables in the Portfolio.

US Risk Retention: The Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

STS: The transaction is intended to qualify as an STS Securitisation within the meaning of Article 18 of the Regulation (EU) 2017/2402.

Compare/contrast: Turbo Finance 8, Motopark Finance plc, Globaldrive Auto Receivables UK 2020-A