FORDless STORM 2018 B.V.: 02 March 2018
The Issuer will make payments on the Notes in accordance with the relevant Priority of Payments from, inter alia, payments of principal and interest received from a portfolio comprising Mortgage Loans originated by the seller (Obvion) and secured over residential properties located in the Netherlands.
Mortgage Loan Criteria (includes): the Borrower was, at the time of origination, a resident of the Netherlands; at least one interest payment has been made in respect of the Mortgage Loan prior to the Closing Date or, in the case of Replacement Receivables purchased after the Closing Date, the relevant Notes Payment Date; the Mortgage Loan or part thereof does not qualify as a bridge loan, a Self-Certified Mortgage Loan or an Equity Release Mortgage Loan; the Mortgage Loan is denominated in euro and has a positive outstanding principal balance.
At the cut-off date, the portfolio consists of 6,402 owner-occupied mortgages (in 14,239 parts), where the average principal balance (per borrower) is Eur211,983. Redemption type (by current balances): interest-only 48.32%, annuity 31.12%, and bank savings 7.05%. Interest payment type: fixed 93.25%, floating 6.75%. Guarantee type: NHG 20.23%, non-NHG 79.77%. Regional concentration: Noord-Brabant 18.74%, Noord-Holland 16.26%, Zuid-Holland 15.74%, and Gelderland 11.66%. The WA CLTOMV is 83.54%, the WA CLTIFV is 89.03% and the WA seasoning is 6.03 years.
CRR 405: The Seller (Obvion), as originator, has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the securitisation transaction in accordance with each of Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the DR Solvency II. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche, in this case the Class E Notes and, if necessary, other tranches having the same or a more severe risk profile than those sold to investors.
US Risk Retention: 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.
Volcker Rule: The Issuer is structured so as not to constitute a "covered fund" for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Act.
Compare/contrast: Storm 2018-I B.V, Green Storm 2017 BV, Green Apple 2017-1 NHG