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Bumper DE 2019-1: 26 October 2019

The Notes are backed by the German-originated Purchased Lease Receivables, the Purchased Expectancy Rights and the respective Ancillary Rights as described in the prospectus and as acquired by the Issuer in accordance with the Lease Receivables Purchase Agreements and the Expectancy Rights Purchase Agreement (please see the prospectus).

As at 30 September 2019 the portfolio consisted of 33,758 lease agreements. Sector type (by current balances): Corporate – 85.16%, SMe/Retail – 13.34% and Public Sector – 1.50%. Product Type: Closed Calculation – 62.64%, Open Calculation – 37.26%, Open Calculation with Client Risk – 0.08% and Sale and Lease Back – 0.01%. New vs Used Cars: New – 99.91%, Used – 0.09%. Geographic Region: Nordrhein-Westfalen – 30.40%, Baden-Württemberg – 18.54%, Hessen – 18.27% and Bayern – 10.39%.

EU Risk Retention: LeasePlan Deutschland GmbH in its capacity as Junior Subordinated Lender will retain, on an ongoing basis until the earlier of the redemption of the Notes in full and the Legal Maturity Date, a first loss tranche constituted by the claim for repayment of a loan advance in an initial principal amount of EUR 35,300,000 made available by LeasePlan Deutschland GmbH in its capacity as Junior Subordinated Lender to the Issuer under the Junior Subordinated Loan Agreement as of the Closing Date, so that the principal amount of the Junior Subordinated Loan is equal to at least 5% of the nominal value of the securitised exposures.

US Risk Retention: The Originator and the Issuer agreed that the issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules and that the Originator does not intend to retain at least 5% of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on a safe harbour provided for in Rule 20 of the U.S. Risk Retention Rules regarding certain non-U.S. related transactions.

STS: This transaction meets the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the Securitisation Regulation.

Compare/contrast: Bumper 7 Finance plc, RevoCar 2019-2