Motor Securities 2023-1 DAC: 26 November 2023

On the Closing Date, the Issuer will enter into the Junior Credit Protection Deed with Santander Consumer (UK) plc as Junior Protection Buyer and into the Senior Credit Protection Deed with Santander UK plc as Senior Protection Buyer pursuant to which the Issuer will provide credit protection in respect of a number of Reference Borrowers and the related Reference Obligations. As the buyer of credit protection, the Protection Buyers will make periodic payments of the Protection Fee Amounts to the Issuer.

The Reference Portfolio will, at any time, consist of a pool of Reference Borrowers and the related Reference Obligations at that time, which may or may not have been originated or acquired by either Protection Buyer. Each Reference Obligation shall comply with the Eligibility Criteria on the Portfolio Cut-Off Date. The Reference Portfolio may be amended from time to time.

The Reference Obligations included in the Reference Portfolio are derived from a portfolio of credit agreements with retail customers to finance the purchase of vehicles. The Initial Reference Portfolio Notional Amount is GBP 822,634,022. The number of Reference Obligations in the Initial Reference Portfolio is 89,186.

UK & EU Risk Retention: Santander Consumer (UK) plc in its capacity as an "originator" within the meaning of Article 2(3) of the Securitisation Regulations undertakes to retain, at all times until the redemption in full of the Notes, a material net economic interest in the securitisation of not less than 5% as contemplated by Article 6(3)(c) of the UK Securitisation Regulation and undertakes to retain, at all times until the redemption in full of the Notes, a material net economic interest in the securitisation of not less than 5% as contemplated by Article 6(3)(c) of the EU Securitisation Regulation. Such holding will be achieved by the Protection Buyer retaining randomly selected loans which are selected in accordance with the same Eligibility Criteria as the Reference Portfolio, having an aggregate outstanding principal amount equivalent to no less than 5% of the Reference Portfolio Notional Amount on the Closing Date, which would otherwise have been included in the Reference Portfolio as Reference Obligations.

Compare/contrast: Motor 2022-1, CASPR-1