Driver UK Master Prog (Compartment 4): 25 June 2018
Under this programme, Driver UK Master S.A. may from time to time issue asset backed floating rate Class A Notes and asset backed floating rate Class B Notes denominated in £sterling. The issuer will issue the relevant Class of Notes in series with the same or different issue dates, interest rates and scheduled repayment dates (but having the same interest payment dates). For each Series, the issuer will deliver a global registered note to a Common Safe-keeper for Clearstream Luxembourg and Euroclear.
The proceeds of any notes will be used to finance the purchase by the issuer of receivables arising against Obligors under financing agreements for the acquisition of vehicles granted to such Obligors by Volkswagen Financial Services (UK) Limited pursuant to the terms and under the conditions of the VWFS Receivables Purchase Agreement. The proceeds of the Initial Notes are used to finance the purchase by the Issuer of receivables from VWFS under the terms of the Receivables Purchase Agreement.
VWFS (UK) Limited is a wholly owned subsidiary of Volkswagen Financial Services AG Germany. VWFS was incorporated in November 1993 and it is currently the second largest (in terms of retail financing) finance subsidiary, after the German parent company operation.
CRR 405: The Seller will retain for the life of the Programme a material net economic interest of not less than 5% in the transaction in accordance with Article 405 of Regulation (EU) No 575/2013 of the European Parliament, Article 51 of Regulation (EU) No 231/2013 and Article 254 of Regulation (EU) 2015/35. As at the Initial Issue Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the nominal amount of the securitised exposures.
Compare/contrast: Driver UK Master Prog (Compartment 3)