Golden Bar S.r.l. 2023-2: 02 October 2023

The principal source of funds available to the Issuer for the payment of amounts due on the Notes will be Collections and Recoveries received in respect of the Claims arising from the Loans granted to certain Debtors and owed to Santander Consumer Bank SpA. The Loans are all Salary Assignment Loans and Delegation of Payment Loans.

Eligibility criteria (includes): loans governed by Italian law; loans entered into and fully advanced by Santander Consumer Bank; granted and denominated in Euros; receivables arising from Loans which provide for the repayment of principal in several instalments in accordance with the so-called “French method”, being the amortisation method pursuant to which all Instalments have a fixed amount and include a principal component determined at the relevant date of disbursement which increases over time and a variable interest component which decreases over time; arising from Loans granted to Borrowers who, as at the date of signing of the relevant Loan Agreement, are individuals; Loans which provide for a monthly amortisation plan; Loans which have at least one Instalment that has already fallen due and been paid.

The initial portfolio (as at 11 September 2023) consists of 129,006 loans advanced to 128,323 borrowers, where the average balance is Eur7,750. Client type: consumer - 95.25%, self employed – 4.75%. Asset type (car) : New – 55.98%, Used – 44.02%. WA seasoning – 16.23 months. Regional concentration (by current balances): North - 47.91%, South - 30.77% and Centre - 21.32%.

EU & UK Risk Retention: Santander Consumer Bank, 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 securitisation, in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation; and (ii) not change the manner in which the net economic interest is held, unless expressly permitted by Article 6(3) of the EU Securitisation Regulation. In addition, the Seller has undertaken that the material net economic interest held by it shall not be split amongst different types of retainers and shall not be subject to any credit-risk mitigation or hedging, in accordance with Article 6(3) of the EU Securitisation Regulation.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Golden Bar Srl 2022-1, Autoflorence 3 Srl, Sunrise SPV 50 (2023-2)