Temese Funding 2 plc (Refinancing): 21 May 2017
A refinancing of the original Temese 2 transaction, which was originally launched in Nov 2014.
The Issuer will make payments on the A Notes, the B Notes and the C Notes from payments of principal and revenue from:
(a) a portfolio comprising fixed term leases, minimum term leases and hire purchase receivables originated or acquired by Investec Asset Finance plc (IAF) (a wholly owned subsidiary of Investec Bank plc) which was purchased by the Issuer on the Issue Date in connection with the issuance of the Existing A Notes, the Existing B Notes and the Existing C Notes.
(b) a portfolio comprising (i) fixed term leases, minimum term leases, hire purchase and commercial loan receivables originated or acquired by IAF and (ii) fixed term leases, minimum term leases originated by CF Corporate Finance Limited (a wholly owned subsidiary of Investec Bank plc) which will be purchased by the Issuer on the New Notes Issue Date in connection with the issuance of the New Notes.
Note: The Issuer may purchase additional Receivables from the Sellers using proceeds from the issue of Further Notes.
Please note: Each Class of New Notes will, upon being represented by the relevant Permanent Global Note, form a single consolidated series with, and have the same security as, the corresponding Class of Existing Notes.
CRR 405: IAF and CFCF will undertake that they will collectively retain, on an ongoing basis as originators, a material net economic interest which shall in any event be equal to an amount in aggregate of not less than 5% of the aggregate Principal Balance of the Portfolio from time to time, in accordance with Article 405(1)(d) of the CRR, Article 51(1)(d) of the AIFMD Level 2 Regulation and Article 254(2)(d) of Regulation (EU) No 2015/35. The retention held by each Seller will be calculated and maintained on an ongoing basis by reference to the proportion of the total Receivables in the Portfolio which were originated or acquired by that Seller.
Compare/contrast: Temese Funding 1 plc (Redeemed), Temese Funding 2 plc