Bumper 10 Finance B.V.: 16 February 2018
The first “French” securitisation from Leaseplan, where 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 40,817 lease agreements (13,519 lessees). Business sector (by no. of lease agreements / percentage of discounted balance): Corporate 32,809/75.66%; SME 7,355/22.36%; Retail 541/1.81% and Govt 112/0.18%. Product Type: Closed calculation 37,448/91.24%; Open Calculation 3,369/9.37%. The top 1 client accounts for 1.90% of discounted balances, and the top 10 for 15.41%.Vehicle age: New 40,786/99.91%; Used 31/0.09%. The WA seasoning is 14.83 months. Geographic Region by discounted balance): HAUTS-DE-SEINE 19.97%, PARIS 11.94%, YVELINES 5.89%.
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, for as long as the Notes are outstanding, 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 Class C notes.
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 9, Sapphireone Auto FCT 2017-1, Titrisocram Compartment 2017