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PCL Funding IX Plc (Series 2024-1): 15 June 2024

This will be another standalone transaction where the Issuer’s primary source of funds to make payments on the Notes will be the payments it receives from the collections received in respect of a portfolio of advances made by Premium Credit Limited to fund insurance premia and other payment plan receivables which will be purchased by the Asset Trustee on an ongoing basis.

At the cut-off date (31 March 2024) the portfolio consists of 2,130,565 receivables, where the average principal balance is £685. Product type (by number of receivables & % balances): C&C 124,928 – 52.56%, PL&S 1,926,254 – 39.92%, DDMS 68,405 – 6.74% and SFP 10,978 – 0.78%. Customer type (by number of receivables & % balances): Corporate 125,033 – 54.83%, Retail 2,005,532 – 45.17%. Obligor concentration: Top 1 – 0.91%, Top 5 – 2.85%, Top 10 – 4.34%. Country concentration: UK – 95.05%, Ireland – 4.95%. The WA seasoning is 4.59 months.

EU & UK Risk Retention: Premium Credit Limited (the “Retention Holder”) as “originator” as defined in Article 2(3) of each of the Securitisation Regulations will, for the life of the transaction, retain a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 6(1) of Regulation (EU) No. 2017/2402 and (ii) Article 6(1) of Regulation (EU) No. 2017/2402 as it forms part of UK domestic law by virtue of the EUWA. As at the Series 2023-1 Closing Date, such interest will take the form of a first loss tranche in accordance with Article 6(3)(d) of each of the Securitisation Regulations comprising the Class D Notes, having a Principal Amount Outstanding of not less than 5% of the Aggregate Receivable Principal Balance.

US Risk Retention: The Seller intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The Series 2024-1 Notes are not intended to be designated as a STS securitisation for the purposes of the Securitisation Regulation.

Compare/contrast: PCL Funding VIII plc (Series 2023-1), Orbita Funding 2023-1 plc