EDML 2018-1 B.V.: 02 April 2018
The Issuer will make payments on the Notes in accordance with the relevant Priority of Payments from, among other things, payments of principal and interest received from a portfolio comprising of Mortgage Loans originated by the Seller (Elan Woninghypotheken B.V) and secured over residential properties located in the Netherlands. Legal title to the Mortgage Receivables resulting from such Mortgage Loans will be assigned by the Seller to the Issuer on the Closing Date. Legal title to any Further Advance Receivables and New Ported Mortgage Receivables may, subject to certain conditions being met, be assigned by the Seller to the Issuer on certain dates thereafter.
The Issuer is a special purpose vehicle, whose objectives are (a) to acquire, purchase, manage, alienate and encumber receivables that arise from or in connection with the granting of mortgage loans by any third party and to exercise any rights connected to such receivables and (b) to acquire funds to finance the acquisition of receivables mentioned under (a) by way of issuing bonds or other securities or by way of entering into loan agreements, to enter into agreements in connection thereto and to repay such bonds, securities or loan agreements.
The Seller has entered into a secured Euro revolving credit facility with Goldman Sachs Lending Partners LLC, as Elan Lender, to finance its business activities. The maximum facility limit of the Elan Credit Facility as at the Closing Date is EUR750 million and may be increased or decreased from time to time in accordance with the terms of the Elan Credit Facility.
The portfolio consists of 1,207 owner-occupied loans (in 2,551 loan parts), where the average principal balance is Eur327,660 and the largest is for Eur793,969. Redemption Type (by current balances): annuity 66.25%, interest-only 29.54%, linear 4.21%. Interest Payment Type: fixed 99.83%, floating 0.17%. The WA CLTIMV is 96.16% (the WA CLTOMV was 98.32%) and the WA seasoning is 0.27 years. Regional concentration: Zuid-Holland 22.04%, Noord-Brabant 20.14%, Noord-Holland 15.57% and Gelderland 13.23%.
CRR 405: Goldman Sachs Lending Partners LLC as the Retention Holder, in its capacity as the “originator” within the meaning of Article 405 CRR, has undertaken that for as long as the Notes are outstanding it will at all times retain a material net economic interest in the securitisation transaction which shall in any event not be less than 5% in accordance with the EU Risk Retention Requirements. As at the Closing Date, such material net economic interest will be held by holding no less than 5% of the nominal value of each of the Classes of Notes sold or transferred to investors.
U.S. Risk Retention Requirements: The Retention Holder has determined that it is a “sponsor” of the securitisation transaction for purposes of the U.S. Risk Retention Requirements and has elected to retain an “eligible vertical interest” in the securitisation transaction by acquiring not less than 5% of each Class of Notes.
Compare/contrast: EDML 2017-1, FORDless STORM 2018 B.V., Green Apple 2017-1 NHG