Hermitage 2024 PLC: 25 July 2024

The second issue in the Hermitage series, where once again the Issuer will make payments on the Notes and the Class A Loan Notes from payments of principal and revenue received from a portfolio comprising equipment hire-purchase and lease receivables relating to equipment located in England, Wales and Scotland, originated and sold by Haydock Finance Limited.

The Provisional Portfolio comprised 6,614 Receivables contracts (5,032 obligors) with an aggregate Outstanding Principal Balance and accrued interest of £347.7mln. The Average Current Principal Balance is £52,573. Product Type: Hire Purchase – 94.0%, Finance Lease – 6.0%. Obligor concentration: Top 1 – 0.64%, top 5 – 2.50%, top 20 – 6.89%. The WA seasoning is 9.58 months. Regional (obligor) concentration: Greater London – 15%, North West – 14%, South East – 14% & Scotland – 12.0%.

UK & EU Risk Retention: On the Closing Date and until all of the Debt has been redeemed in full, Haydock Finance Limited, as originator (the Retention Holder), will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6 of Regulation (EU) 2017/2402 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and Article 6 of Regulation (EU) 2017/2402. As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in the Class E Notes.

US Risk Retention: The Seller does not intend to retain at least 5% of the “credit risk” of the “securitized assets” for purposes of compliance with the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Hermitage 2023 plc