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SC Germany Mobility 2020-1: 01 November 2020

Both classes issued by the Issuer are backed by a portfolio of loan claims secured by security interests in certain passenger cars, motor cycles, utility vehicles and campers/caravans and trailers located in Germany.

The obligations of the Issuer under the Notes will be secured by first-ranking security interests granted to Circumference FS (Netherlands) B.V. acting in a fiduciary capacity for the holders of the Notes pursuant to a transaction security agreement dated on or about 27 October 2020. The Issuer will on or before the Closing Date purchase and acquire from Santander Consumer Bank AG Mönchengladbach (the Seller) Receivables and Related Collateral constituting the Portfolio on the Closing Date. The Issuer will, subject to certain requirements, on each Payment Date during a period of thirty-six (36) months following the Closing Date, purchase and acquire from the Seller Additional Receivables and Related Collateral offered by the Seller from time to time.

The provisional pool (as at 30 September 2020) consists of 266,748 loans, and the average loan balance is Eur11,996. Client type (by current balances): private – 83.50%, commercial – 16.50%. Loan type: no balloon – 63.33%, balloon – 36.67%. Borrower concentration (by current % balance): top 1 – 0.0073%, top 25 – 0.1226%. The WA seasoning is 12.46 months. Geographic distribution: North Rhine-Westphalia – 20.82%, Bavaria – 11.92%, Lower Saxony – 10.84% and Baden-Wuerttemberg – 9.78%.

EU Risk Retention: The Seller shall, whilst any of the Notes remain outstanding, retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)d) of Regulation (EU) 2017/2042 of the European Parliament and of the Council of 12 December 2017, creating a specific framework for simple, transparent and standardised securitisation.

Compare/contrast: SC Germany Mobility 2019-1