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abc SME Lease Germany (Compartment 4): 17 August 2017

Once again, the transaction is backed by a pool of lease receivables relating to movable lease objects, where the relevant receivables were originated by either abcfinance GmbH or milon financial services GmbH.

Eligibility criteria (includes): the receivable is subject to German law and the lease object is located in Germany; is denominated and payable in Euros; has a remaining period of at least 6 months; is neither a defaulted receivable nor a delinquent receivable nor a disputed receivable; at least 1 due lease instalment has been fully paid.

At the cut-off date (31 July 2017), the pool consists of 15,371 contracts, leased to 13,734 borrower groups. The average borrower group lease contract is Eur23,867 and the largest is for Eur1.148mln. Product type (by number of contracts / current balances): partial amortisation – 5,928 / 47.28%, hire purchase – 3,441 / 32.52%, full amortisation – 4,902 / 17.43% and hire – 1,100 / 2.76%. The largest lessee accounts for 0.44% of current balances and the top 40 for 8.02%. Regional concentration: North Rhine – Westphalia 25.38%, Baden-Wuerttemberg 16.55%, Bavaria 16.02% and Hesse 8.86%. The WA seasoning is 5.78 months.

CRR 405: The seller will retain, on an ongoing basis until the earlier of (i) the redemption of the Class A, Class B and the Class C notes in full and (ii) the legal redemption date, Class D notes in an aggregate principal amount equal to at least 5% of the nominal amount of the securitised exposures as of the issue date. The seller will purchase and acquire the retained Class D notes indirectly from the issuer, through the Lead Manager.

Compare/contrast: abc SME Lease Germany (Compartment 3), KMU Portfolio S.A, Compartment 2015-1 (TAP-1)