Bumper 9 Finance B.V.: 17 July 2017
The ultimate source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive (i) Lease Collections from a portfolio of Lease Agreements between Lessees in the Netherlands and LPNL and (ii) Vehicle Realisation Proceeds from the associated Purchased Vehicles.
The initial portfolio consists of 33,972 lease agreements (13,519 lessees). Business sector (by no. of lease agreements / percentage of discounted balance): Corporate 24,397/71.72%; SME 9,131/27.21%; Govt 444/1.07%. Product Type: Closed calculation 29,029/86.13%; Open Calculation 4,943/13.87%. The top 1 client accounts for 1.99% of discounted balances, the top 10 for 15.01% and the top 15 for 19.25%. Vehicle age: New 32,255/94.63%; Used 1,717/5.37%. The WA seasoning is 15.4 months. Geographic Region by discounted balance): Zuid-Holland 23.98%, Noord-Holland 23.72%, Noord-Brabant 17.86% and Utrecht 13.45%.
CRR 405: The Seller (in its capacity as originator within the meaning of the CRR, the AIFMR and the Solvency II Regulation) has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction. As at the Closing Date, such interest will consist of the Initial Subordinated Loan Advance, which comprises a first loss tranche of the securitisation transaction having the same or a more severe risk profile than those sold to investors.
The Seller intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non U.S. transactions that meet certain requirements.
The Volcker Rule: The Issuer may constitute a “covered fund” for purposes of the Volcker Rule, but the Notes have been structured so that the Notes would not be considered an “ownership interest” in the Issuer.
Compare/contrast: Bumper 6, DFM Master Compartment I (Series 2015-1), Highway 2015-1 BV