HILL FL 2023-1 B.V.: 24 May 2023
As per the original deal (closed 18 May 2022) the ultimate source of funds for the payment of principal and interest on the Notes will be the right of the Issuer to receive (i) lease collections from a portfolio of financial car lease agreements between corporate lessees in the Netherlands and Hiltermann Lease BV and (ii) vehicle realisation proceeds from the associated vehicles
At the cut-off date (30 April 2023) the pool consisted of 24,586 vehicle contracts, advanced to 23,524 lessee groups. The pool is highly granular, with the Lessee Group 1 accounting for just 0.1% ADB, the top 8 for 0.5% and the top 12 for 0.6%. Client Type: Retail – 100.0%. Vehicle Status: Used – 94.4%, new – 5.6%. The WA seasoning is 7.6 months.
EU & UK Risk Retention: Hiltermann Lease Groep Holding BV, as originator, has undertaken that, for as long as the Notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the transaction in accordance with Article 6 of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in not less than 5% of the nominal value of each Class of Notes sold or transferred to investors.
US Risk Retention: The Seller and the Originator intend to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.
STS: The transaction is intended to qualify as an STS securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402.
Compare/contrast: HILL FL 2022-1 BV, Bumper DE 2023 SA