Red & Black Auto Lease Germany 3 S.A: 24 October 2020
Payments of interest and principal on the Notes are subject to available funds resulting, in particular, from the collections on (i) a portfolio of receivables purchased by Red & Black Auto Lease Germany 3 S.A. acting on behalf of and for the account of its Compartment 3 as Lease Receivables Purchaser consisting of auto lease receivables arising from auto lease agreements and (ii) a portfolio of receivables purchased by Red & Black Auto Lease Germany 3 S.A. acting on behalf of and for the account of its Compartment 3 as ER Purchaser consisting of expectancy rights with respect to the corresponding leased vehicles. Each Purchased Lease Receivable was originated by ALD AutoLeasing D GmbH with merchants or public debtors located in the Federal Republic of Germany and is governed by German law and denominated in EUR. The Issuer will purchase the Purchased Receivables from the Originator on or about the Closing Date and on any Purchase Date during the Revolving Period.
The Originator, ALD AutoLeasing D GmbH, is a German company and is fully owned by ALD International SAS & Co KG Hamburg. ALD offers finance and operating leases with a broad range of services such as maintenance and tyre services, insurance and damage handling, fuel management and road assistance.
At the cut-off date (30 September 2020) the portfolio consists of 72,196 fixed-rate commercial lease contracts granted to 33,412 lessees and 30,751 lessee groups, and all are serviced by monthly payments. The average balance is: Eur5,703 per lease contract, Eur12,324 per lessee and Eur13,391 per lessee group. Obligor type: commercial- 91.1%, private – 8.9%. Distribution by Top Lessees: Top 1 – 1.12%, Top 5 – 4.68%, Top 20 – 11.68%. Distribution by Vehicle Category (by current balances): passenger car 80.73%, light commercial vehicle 19.27%. Distribution by Industry Division: Wholesale trade, except of motor vehicles 12.62%, Specialised construction activities 9.20%, and Retail trade, except of motor vehicles 4.90%. Regional distribution: Nordrhein-Westfalen 27.10%, Baden-Wuerttemberg 14.74%, Bayern 13.96% and Hessen 10.21%. The WA seasoning is 15.29 mnths.
EU Risk Retention: ALD AutoLeasing D GmbH - in its capacity as "originator" within the meaning of the Securitisation Regulation - will, on an ongoing basis whilst any of the Class A Notes and the Class B Notes remain outstanding, retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(d) of the Securitisation Regulation. ALD AutoLeasing D GmbH will retain, on an ongoing basis until the earlier of (i) the redemption of the Class A Notes and the Class B Notes in full or (ii) the Legal Maturity Date, a first loss tranche constituted by the claim for repayment of the outstanding Subordinated Loan of EUR 2,059,000 (on the Closing Date) to be made finally and fully available by ALD AutoLeasing D GmbH in its capacity as Lender to the Issuer under the Subordinated Loan Agreement on the Closing Date.
Compare/contrast: Red & Black Auto Lease Germany 2, Red & Black Auto Germany 6 UG, abc SME Lease Germany (Compartment 7)