Final Redemption Date. Interest Basis Margin Step-up Margin

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1 Transaction Overview Amounts disclosed within this report are shown as at the Determination Date Bloomberg Ticker: NDPFT Report for the period ended: 15/01/2016 Reporting Periods: From: To: Collection Period: 10/12/ /01/2016 Determination Date: 12/01/2016 Monthly Period: 01/12/ /12/2015 Transfer Date: 14/01/2016 Interest Period: 15/12/ /01/2016 Interest Payment Date: 15/01/2016 Series Note Class Currency Issuance Amount Outstanding Amount Scheduled Redemption Date * Final Redemption Date Interest Basis Margin Step-up Margin A GBP 222,300, ,300, /12/ /12/ mth GBP LIBOR 0.75% 1.50% B GBP 27,000, ,000, /12/ /12/ mth GBP LIBOR 1.35% 2.35% C GBP 16,800, ,800, /12/ /12/ mth GBP LIBOR 1.75% 2.75% D GBP 12,600, ,600, /12/ /12/ mth GBP LIBOR 2.25% 3.25% E GBP 7,800, ,800, /12/ /12/ mth GBP LIBOR 3.25% 4.25% F GBP 6,600, ,600, /12/ /12/ mth GBP LIBOR 4.25% 5.25% A GBP 185,250, ,250, /04/ /04/ mth GBP LIBOR 0.90% 1.80% B GBP 22,500, ,500, /04/ /04/ mth GBP LIBOR 1.50% 2.50% C GBP 14,000, ,000, /04/ /04/ mth GBP LIBOR 1.85% 2.85% D GBP 10,125, ,125, /04/ /04/ mth GBP LIBOR 2.40% 3.40% E GBP 6,875, ,875, /04/ /04/ mth GBP LIBOR 3.50% 4.50% F GBP 5,500, ,500, /04/ /04/ mth GBP LIBOR 4.50% 5.50% 2014-VFN N/A GBP 373,517, ,498, /12/ /12/ mth GBP LIBOR / CP Rate 1.00% % 2.00% % Originator VFN N/A GBP 83,349, ,837, /04/ /04/ mth GBP LIBOR 7.50% N/A * Subject to extension Master Trust Assets and Liabilities Eligible Balance 686,412, Series ,100, Series ,250, VFN 101,498, Originator VFN 46,837, Transferor Interest * 726, CRR Retention 6.93% The Transferor confirms that it will retain a material net economic interest of not less than 5% of the nominal value of the securitisation in accordance with Article 405 of the CRR and Article 51 of the AIFMR, by way of an originator's interest of not less than 5% of the nominal value of the securitised exposures. As at the reporting date this retention is in the form of the Originator VFN Loan Note. Transaction Party Ratings Triggers RT Account Bank LNI Account Bank Issuer Account Bank Transferor Collection Account Bank Primary Collection Account Bank *Long Term rating only required where Short Term rating is not available Name Required Rating* (S&P ST/LT, Fitch ST/LT) Current Rating (S&P ST/LT, Fitch ST/LT) Trigger Status Citibank N.A. A-1 / A+, F1 / A A-1 / A, F1 / AA- Pass Citibank N.A. A-1 / A+, F1 / A A-1 / A, F1 / AA- Pass Citibank N.A. A-1 / A+, F1 / A A-1 / A, F1 / AA- Pass Citibank N.A. A-1 / A+, F1 / A A-1 / A, F1 / AA- Pass Santander UK plc A-2 / BBB, F2 / BBB+ A-1 / A, F1 / A Pass Consequences of Trigger Breach Replacement within specified period Replacement within specified period Replacement within specified period Replacement within specified period Replacement within specified period Counterparty Role Transferor: Originator: Servicer: Cash Manager: Back-up Cash Manager: Trustee: RT / LNI / Issuer Account Bank: Transferor Account Bank Primary Collection Account Banks Counterparty NewDay Partnership Transferor Plc NewDay Ltd NewDay Cards Ltd NewDay Cards Ltd Citibank N.A Citibank N.A Citibank N.A Citibank N.A Santander UK Contact Name Graham Stanford / Hoesli Labhart Graham Stanford / Hoesli Labhart Graham Stanford / Hoesli Labhart Graham Stanford / Hoesli Labhart Davide Pluchino Davide Pluchino Davide Pluchino Davide Pluchino John Sacco Contact graham.stanford@newday.co.uk / hoesli.labhart@newday.co.uk graham.stanford@newday.co.uk / hoesli.labhart@newday.co.uk graham.stanford@newday.co.uk / hoesli.labhart@newday.co.uk graham.stanford@newday.co.uk / hoesli.labhart@newday.co.uk davide.pluchino@citi.com davide.pluchino@citi.com davide.pluchino@citi.com davide.pluchino@citi.com John.Sacco@santandergbm.com Key Contacts Graham Stanford Hoesli Labhart Contact graham.stanford@newday.co.uk hoesli.labhart@newday.co.uk

2 Portfolio Key Performance Indicators Reporting Period ** Opening * (GBP) No of Accounts Average Account Balance (GBP) Dec ,186, ,601, Nov ,796, ,533, Oct ,976, ,497, Sep ,166, ,477, Aug ,020, ,489, Jul ,862, ,501, Jun ,496, ,467, May ,758, ,431, Apr ,991, ,393, Mar ,042, ,533, Feb ,881, ,497, Jan ,063, ,485, Dec ,145, ,851, * Balances will not exactly match those set out in the stratification tables due to those tables showing Designated Accounts only. ** Portfolio Key Performance Indicators reported one month in arrears. Reporting Period ** Payments Received in Monthly Period (GBP) Payment Rate Dec ,613, % Nov ,890, % Oct ,573, % Sep ,102, % Aug ,004, % Jul ,884, % Jun ,602, % May ,927, % Apr ,413, % Mar ,667, % Feb ,966, % Jan ,705, % Dec ,547, % Reporting Period ** Purchases Received in Monthly Period (GBP) Purchase Rate Dec ,351, % Nov ,452, % Oct ,901, % Sep ,237, % Aug ,004, % Jul ,570, % Jun ,111, % May ,591, % Apr ,309, % Mar ,048, % Feb ,918, % Jan ,134, % Dec ,118, % Reporting Period ** Charges, Fees and Interchange in Monthly Period (GBP) Yield Dec-15 13,197, % Nov-15 12,513, % Oct-15 12,582, % Sep-15 13,313, % Aug-15 13,309, % Jul-15 12,850, % Jun-15 13,096, % May-15 13,162, % Apr-15 13,326, % Mar-15 12,706, % Feb-15 14,991, % Jan-15 14,060, % Dec-14 13,330, % Reporting Period ** Charge-offs in Monthly Period (GBP) Gross Charge-off Rate Dec-15 1,882, % Nov-15 1,878, % Oct-15 2,104, % Sep-15 2,149, % Aug-15 2,204, % Jul-15 2,262, % Jun-15 2,466, % May-15 2,766, % Apr-15 3,086, % Mar-15 2,808, % Feb-15 2,815, % Jan-15 2,823, % Dec-14 3,238, %

3 Portfolio Stratifications - Designated Accounts as at 31 December 2015 Account Balance Range Total Total ( ) Credit Balance 1,086, % -7,993, % No Balance 2,984, % % , % 27,123, % , % 42,940, % , % 43,568, % , % 39,447, % , % 68,971, % , % 79,031, % ,200 60, % 61,926, % 1, ,000 70, % 108,935, % 2, ,000 32, % 80,525, % 3, ,000 21, % 81,390, % 5, ,500 6, % 38,292, % 7, ,000 2, % 17,901, % 10, or more % 948, % Credit Limit Range Total Total ( ) Less than , % 2, % , % 1,781, % , % 9,224, % , % 9,518, % , % 31,233, % , % 42,651, % ,200 1,104, % 67,139, % 1, , , % 117,079, % 2, , , % 108,500, % 3, , , % 138,650, % 5, , , % 74,167, % 7, , , % 79,817, % 10, or more 1, % 3,243, % APR Total Total ( ) 0% 172, % 9,380, % 0.01% % 2, % 47, % 9.91% % 20, % 1,124, % 14.91% % 26, % 2,357, % 16.91% % 160, % 6,525, % 18.91% % 481, % 10,659, % 19.91% % 313, % 39,441, % 23.91% % 544, % 45,772, % 24.91% % 1,161, % 130,820, % 28.91% % 1,116, % 70,073, % 29.91% % 848, % 143,666, % 34.91% or more 916, % 223,140, % Account Age Total Total ( ) Not More Than 6 Months 407, % 32,360, % Over 6 Months to 12 Months 345, % 26,496, % Over 12 Months to 24 Months 752, % 59,777, % Over 24 Months to 36 Months 595, % 55,835, % Over 36 Months to 48 Months 387, % 45,050, % Over 48 Months to 60 Months 448, % 33,612, % Over 60 Months to 72 Months 437, % 42,772, % Over 72 Months 2,390, % 387,105, %

4 Region Total Total ( ) East Midlands 382, % 43,298, % East of England 520, % 60,996, % London 617, % 76,626, % North East England 292, % 35,215, % North West England 681, % 77,840, % Northern Ireland 199, % 25,868, % Scotland 551, % 71,179, % South East England 749, % 87,895, % South West England 438, % 47,402, % Wales 298, % 35,057, % West Midlands 520, % 61,010, % Yorkshire and Humberside 487, % 56,671, % Other 24, % 3,950, % Period of Delinquency Total Total ( ) (Days Contractually Delinquent) Not Delinquent 5,720, % 657,866, % Up to 29 Days 22, % 12,111, % 30 to 59 Days 6, % 3,772, % 60 to 89 Days 5, % 2,874, % 90 to 119 Days 4, % 2,423, % 120 to 149 Days 2, % 2,061, % 150 to 179 Days 2, % 1,860, % 180 or More Days % 40, % Payment Behaviour Total Total ( ) Accounts with Minimum Payment Made 287, % 167,748, % Accounts with Full Payment Made 586, % 102,061, % Note: Table only includes accounts with balances outstanding on the previous statement date Partner Total Total ( ) Debenhams 2,679, % 383,960, % Arcadia Group 1,483, % 105,893, % House of Fraser 481, % 90,297, % Laura Ashley 404, % 48,705, % Other 716, % 54,153, % Product Total Total ( ) Credit Card 2,834, % 407,325, % Store Card 2,710, % 265,491, % Instalment Credit 221, % 10,194, %

5 Series Notes Note Details Series Class A B C D E F Currency GBP GBP GBP GBP GBP GBP ISIN XS XS XS XS XS XS S&P/Fitch Rating (Original) AAA(sf)/AAAsf AA(sf)/AAsf A+(sf)/A-sf BBB+(sf)/BBBsf BBB+(sf)/BBsf BB(sf)/Bsf S&P/Fitch Rating (Current) AAA(sf)/AAAsf AA(sf)/AAsf A+(sf)/A-sf BBB+(sf)/BBBsf BBB+(sf)/BBsf BB(sf)/Bsf Pool Factor (Original) Pool Factor (Current) Pay Frequency Monthly Monthly Monthly Monthly Monthly Monthly Next Distribution Date 15/02/ /02/ /02/ /02/ /02/ /02/2016 Interest Basis 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR Status Revolving Period Revolving Period Revolving Period Revolving Period Revolving Period Revolving Period First Distribution Date 15/01/ /01/ /01/ /01/ /01/ /01/2015 Scheduled Start of Accumulation Period 15/12/ /12/ /12/ /12/ /12/ /12/2016 Scheduled Redemption Date * 15/12/ /12/ /12/ /12/ /12/ /12/2017 Final Redemption Date 15/12/ /12/ /12/ /12/ /12/ /12/2022 Amortisation Type Soft Bullet Soft Bullet Soft Bullet Soft Bullet Soft Bullet Soft Bullet *Subject to extension Current Period Rates Rate % % % % % % Margin % % % % % % All-In Rate % % % % % % Note Balances Note Size 222,300, ,000, ,800, ,600, ,800, ,600, Interest Due 235, , , , , , Interest Paid 235, , , , , , Unpaid Interest Non-Rating Triggers Minimum Transferor Interest Trust Portfolio Yield Series Eligible Balance Trust [A] Available Originator VFN Excess Amount * 26,195, [A] Average Portfolio Yield * ** 19.93% [A] Eligible Balance 686,412, [B] Transferor Interest * 5,459, [B] Average Expense Rate ** 7.51% [B] Minimum Aggregate Principal 661,503, [C] = [A] + [B] 31,655, Excess Spread [A] - [B] ** 12.42% [D] Minimum Transferor Interest (GBP) ** 24,167, Trigger [C] < [D] Pass Trigger [A] < [B] Pass Trigger [A] < [B] Pass Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event * Average over 30 consecutive days * Includes Investor Defaults ** As 4.28% of Average over 90 days, excluding Run-off Accounts ** Average over three periods

6 Series Notes Sources and Application of Funds Source of Funds Series Application of Available Funds Series Billed Finance Charges 4,832, Available Funds 5,362, Acquired Interchange 256, Recoveries 270, Payments: Investment Proceeds 3, Investor Aggregate Trustee Payment Amount 1, Available Funds 5,362, LNI Costs Amount LNI Profit Amount and Issuer Profit Amount 21, Further Subscriptions - Investor Servicing Fee 1,382, Principal Collections 73,639, Qualifying Swap Amounts Class A Monthly Distribution Amount & Qualifying Swap Payments - 235, Application of Principal Collections Series Class B Monthly Distribution Amount Class C Monthly Distribution Amount Class D Monthly Distribution Amount Required Liquidity Reserve Amount top-up Class A - D Investor Defaults & Charge-offs Available Principal Collections 73,639, Class E Monthly Distribution Amount 24, Additional fund loss make up-charge off 816, Class E Investor Defaults & Charge-offs 22, Reallocated Principal Collections - Class F Monthly Distribution Amount 26, Monthly Principal Amounts - Class F Investor Defaults & Charge-offs 19, Shared Principal Collections - Series OVFN shortfall - Payments out under Master Cash Settlement Agreement 74,455, Required Accumulation Reserve Amount - Excess Finance Charges - Cash Available for Investment 0.00 Subordinated Swap Payments - 42, , , , Excess Spread 2,720, Excess Spread Percentage 10.29% Trustee Bank Account Ledgers Series Finance Charge Collections Ledger Principal Collections Ledger Consideration Ledger Liquidity Reserve Ledger Accumulation Reserve Ledger Opening Balance ,500, Additional fund loss make up-charge off 816, Collections received 5,362, ,639, Payments out under Master Cash Settlement Agreement 3,566, ,455, Payments in Payments out Closing Balance 1,796, ,500, Required amount (if any) - 7,500,

7 Series Notes Note Details Series Class A B C D E F Currency GBP GBP GBP GBP GBP GBP ISIN XS XS XS XS XS XS S&P/Fitch Rating (Original) AAA(sf)/AAAsf AA(sf)/AAsf A+(sf)/A-sf BBB+(sf)/BBBsf BBB+(sf)/BBsf BB(sf)/Bsf S&P/Fitch Rating (Current) AAA(sf)/AAAsf AA(sf)/AAsf A+(sf)/A-sf BBB+(sf)/BBBsf BBB+(sf)/BBsf BB(sf)/Bsf Pool Factor (Original) Pool Factor (Current) Pay Frequency Monthly Monthly Monthly Monthly Monthly Monthly Next Distribution Date 15/02/ /02/ /02/ /02/ /02/ /02/2016 Interest Basis 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR 1mth GBP LIBOR Status Revolving Period Revolving Period Revolving Period Revolving Period Revolving Period Revolving Period First Distribution Date 15/04/ /04/ /04/ /04/ /04/ /04/2015 Scheduled Start of Accumulation Period 15/04/ /04/ /04/ /04/ /04/ /04/2019 Scheduled Redemption Date * 15/04/ /04/ /04/ /04/ /04/ /04/2020 Final Redemption Date 15/04/ /04/ /04/ /04/ /04/ /04/2025 Amortisation Type Soft Bullet Soft Bullet Soft Bullet Soft Bullet Soft Bullet Soft Bullet *Subject to extension Current Period Rates Rate % % % % % % Margin % % % % % % All-In Rate % % % % % % Note Balances Note Size 185,250, ,500, ,000, ,125, ,875, ,500, Interest Due 219, , , , , , Interest Paid 219, , , , , , Unpaid Interest Non-Rating Triggers Minimum Transferor Interest Trust Portfolio Yield Series Eligible Balance Trust [A] Available Originator VFN Excess Amount * 26,195, [A] Average Portfolio Yield * ** 19.93% [A] Eligible Balance 686,412, [B] Transferor Interest * 5,459, [B] Average Expense Rate ** 7.63% [B] Minimum Aggregate Principal 661,503, [C] = [A] + [B] 31,655, Excess Spread [A] - [B] ** 12.30% [D] Minimum Transferor Interest (GBP) ** 24,167, Trigger [C] < [D] Pass Trigger [A] < [B] Pass Trigger [A] < [B] Pass Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event * Average over 30 consecutive days * Includes Investor Defaults ** As 4.28% of Average over 90 days, excluding Run-off Accounts ** Average over three periods

8 Series Notes Sources and Application of Funds Source of Funds Series Application of Available Funds Series Billed Finance Charges 4,026, Available Funds 4,469, Acquired Interchange 214, Recoveries 225, Payments: Investment Proceeds 2, Investor Aggregate Trustee Payment Amount 1, Available Funds 4,469, LNI Costs Amount LNI Profit Amount and Issuer Profit Amount Further Subscriptions - Investor Servicing Fee 1,152, Principal Collections 61,365, Qualifying Swap Amounts - Class A Monthly Distribution Amount & Qualifying Swap Payments Class B Monthly Distribution Amount Class C Monthly Distribution Amount Class D Monthly Distribution Amount Required Liquidity Reserve Amount top-up - Application of Principal Collections Series Class A - D Investor Defaults & Charge-offs 668, Class E Monthly Distribution Available Principal Collections 61,365, , Amount Additional fund loss make up-charge off 680, Charge-offs 19, Reallocated Principal Collections - Class F Monthly Distribution Amount 23, Monthly Principal Amounts - Charge-offs 15, Shared Principal Collections - Series OVFN shortfall - Payments out under Master Cash Settlement Agreement 62,046, Amount - Excess Finance Charges - Cash Available for Investment - Subordinated Swap Payments - 219, , , , Excess Spread 2,252, Excess Spread Percentage 10.23% Trustee Bank Account Ledgers Series Finance Charge Collections Ledger Principal Collections Ledger Consideration Ledger Liquidity Reserve Ledger Accumulation Reserve Ledger Opening Balance ,300, Additional fund loss make up-charge off 680, Collections received 4,469, ,365, Payments out under Master Cash Settlement Agreement 2,957, ,046, Payments in Payments out Closing Balance 1,511, ,300, Required amount (if any) - 6,300,

9 Originator VFN Notes Note Details Originator VFN Components Series Originator VFN Series Subordination 6,900, Class N/A Series Subordination 5,750, Currency GBP 2014-VFN Subordination 7,992, ISIN N/A Excess Amount 26,195, S&P/Fitch Rating (Original) Not Rated Total 46,837, S&P/Fitch Rating (Current) Not Rated Pool Factor (Original) Pool Factor (Current) Pay Frequency Monthly Next Distribution Date 15/02/2016 Interest Basis 1mth GBP LIBOR Status Revolving Period First Distribution Date 15/01/2015 Scheduled Start of Accumulation Period N/A Scheduled Redemption Date * 15/04/2026 Final Redemption Date 15/04/2026 Amortisation Type Soft Bullet *Subject to extension Current Period Rates Rate % Margin % All-In Rate % Note Balances Note Size 46,837, Interest Due 94, Interest Paid 94, Unpaid Interest 0.00 Non-Rating Triggers Minimum Transferor Interest Trust Portfolio Yield Orignator VFN Eligible Balance Trust [A] Available Originator VFN Excess Amount * 26,195, [A] Average Portfolio Yield * ** 19.71% [A] Eligible Balance 686,412, [B] Transferor Interest * 5,459, [B] Average Expense Rate ** 9.00% [B] Minimum Aggregate Principal 661,503, [C] = [A] + [B] 31,655, Excess Spread [A] - [B] ** 10.71% [D] Minimum Transferor Interest (GBP) ** 24,167, Trigger [C] < [D] Pass Trigger [A] < [B] Pass Trigger [A] < [B] Pass Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event * Average over 30 consecutive days * Includes Investor Defaults ** As 4.28% of Average over 90 days, excluding Run-off Accounts ** Average over three periods

10 Originator VFN Notes Sources and Application of Funds Source of Funds Orignator VFN Application of Available Funds Originator VFN Billed Finance Charges 767, Acquired Interchange 40, Available Funds 851, Recoveries 42, Investment Proceeds Payments: Available Funds 851, Investor Aggregate Trustee Payment Amount LNI Costs Amount Further Subscriptions 1,833, LNI Profit Amount Principal Collections 11,689, Investor Servicing Fee 219, Qualifying Swap Amounts - Application of Principal Collections Orignator VFN Excess Amount - Aggregate Supported Finance Charge Shortfalls - Aggregate Supported Defaults & Charge-offs 134, Available Principal Collections 11,689, Originator VFN Monthly Distribution Amount 94, Additional fund loss make up-charge off 129, Excess Finance Charges - Contributions by Investor Beneficiary (during the collection period) 1,833, Subordinated Swap Payments - Reallocated Principal Collections - Monthly Principal Amounts - Excess Spread 402, Shared Principal Collections - Excess Spread Percentage 9.53% Payments out under Master Cash Settlement Agreement 13,652, Cash Available for Investment - Trustee Bank Account Ledgers Origniator VFN Finance Charge Collections Ledger Principal Collections Ledger Consideration Ledger Opening Balance Additional fund loss make up-charge off 129, Contributions by Investor Beneficiary (during the collection period) 1,833, Collections received 851, ,689, Payments out under Master Cash Settlement Agreement 631, ,652, Payments in - Payments out - - Closing Balance 219, Required amount (if any) -

11 Series 2014-VFN Notes Sources and Application of Funds Note Details Series 2014-VFN Source of Funds Series 2014-VFN Series 2014-VFN Billed Finance Charges 1,608, Class N/A Acquired Interchange 85, Currency GBP Recoveries 90, ISIN N/A Investment Proceeds 1, S&P/Fitch Rating (Original) BBB(sf)/BBBsf Available Funds 1,784, S&P/Fitch Rating (Current) BBB(sf)/BBBsf Pool Factor (Original) Further Subscriptions 23,284, Pool Factor (Current) Principal Collections 24,506, Pay Frequency Monthly Next Distribution Date 15/02/2016 Interest Basis 1mth GBP LIBOR / CP Rate Application of Principal Collections Series 2014-VFN Status Revolving Period First Distribution Date 15/01/2015 Available Principal Collections 24,506, Scheduled Start of Accumulation Period N/A Additional fund loss make up-charge off 271, Scheduled Redemption Date * 15/12/2017 Contributions by Investor Beneficiary (during the collection period) 23,284, Final Redemption Date 15/12/2022 Reallocated Principal Collections - Amortisation Type Soft Bullet Monthly Principal Amounts - Shared Principal Collections - *Subject to extension Payments for Further 48,062, Current Period Rates Rate 0.25% % Margin 1.00% % All-In Rate 1.50% % Cash Available for Investment - Trustee Bank Account Ledgers 2014-VFN Finance Charge Collections Ledger Principal Collections Ledger Consideration Ledger Liquidity Reserve Ledger Accumulation Reserve Ledger Opening Balance ,493, Additional fund loss make up-charge off - 271, Collections received 1,784, ,506, Contributions by Investor Beneficiary (during the collection period) 23,284, Payments out under Master Cash Settlement Agreement 1,088, ,062, Payments in , Payments out Closing Balance 696, (0.00) - 1,523, Required amount (if any) ,523, Non-Rating Triggers Minimum Transferor Interest Trust Portfolio Yield Series 2014-VFN Eligible Balance Trust Trigger [C] < [D] Pass Trigger [A] < [B] Pass Trigger [A] < [B] Pass Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event Consequence of Trigger Breach Series Pay Out Event