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Swiss Car ABS 2018-1 AG: 24 April 2018

The ultimate source of funds for the payment of interest and repayment of principal will be the Issuer's right to receive the collections and proceeds of the Lease Assets acquired by the Issuer from the Seller during the Revolving Period.

AMAG Leasing AG (ALAG) is a corporation organised under the laws of Switzerland and founded and registered in 1980. ALAG is part of the AMAG Group which is ultimately wholly owned by Careal Holding AG, a privately owned corporation.

At the cut-off date the portfolio consisted of 12,407 leases granted to 12,176 debtors, where the average contract balance is CHF27,037 and the maximum lease balance is CHF121,245. Borrower type (by current balances): private 79.9%, commercial 20.1%. Vehicle: new 78.1%, used 21.9%. The WA seasoning is 7 mnths.

CRR: The Seller will undertake to retain, in its capacity as the originator, on an ongoing basis, a material net economic interest in the transaction in an amount equal to at least 5% (or as may be required from time to time in accordance with the applicable Risk Retention Rules) of the nominal value of the Purchased Lease Assets as required pursuant to Article 405(1)(d) of the CRR.

Compare/contrast: Swiss Car ABS 2016-2 AG