RevoCar 2017: 01 April 2017
As per the previous transaction, the payments of interest and principal on the notes are from the collections on a portfolio of fixed rate auto loan receivables originated by Bank11 für Privatkunden und Handel GmbH (Bank11) with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany. All are governed by German law and are denominated in Euros.
The portfolio consists of 32,605 contracts, where the average outstanding loan amount is Eur13,801. Client Type: private 96.12%, commercial 3.88%. Loan Type (by current balances): EvoSupersmart 60.00%, EvoClassic 39.00% and EvoSmart 1.00%. Vehicle Type: New 57.31%, Used 42.69%. RWA seasoning is 6.34 months. Regional concentration: North Rhine-Westphalia 19.16%, Bavaria 17.64%, Baden-Wurttemberg 12.17% and Lower Saxony 9.76%.
CRR/405: The originator will covenant under the Trust Agreement, on an ongoing basis, to retain a material net economic interest of not less than 5% of the securitised exposures as set out in Article 405 of the Capital Requirements Regulation. However, the originator has free discretion in determining how it ensures that a material net economic interest of not less than 5% of the securitised exposures as set out in Article 405 of the Capital Requirements Regulation is retained.
Compare/contrast: RevoCar 2016, Red & Black Auto Lease Germany 2 S.A, Volkswagen Car Lease No.24 Ltd