Motor Securities 2025-1 DAC: 30 November 2025
On the Closing Date the Issuer will, concurrently with the issuance of the Notes, enter into the Credit Protection Deed with the Protection Buyer, pursuant to which the Issuer will sell credit protection to the Protection Buyer in respect of different tranches of a portfolio, designated by the Protection Buyer, of Reference Borrowers and related Reference Obligations.
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 609,341,380.37. The number of Reference Obligations in the Initial Reference Portfolio is 62,084.
UK & EU Risk Retention: Santander Consumer (UK) plc in its capacity as an "originator" within the meaning of (i) Article 2(3) of the EU Securitisation Regulation and (ii) Annex A of the FCA Securitisation Rules and Rule 1.3 of the PRA Securitisation Rules, undertakes to retain (a) at all times until the redemption in full of the Notes, a material net economic interest in the securitisation of not less than 5% and (b) 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 2024-1 DAC