FACT S.A. Compartment 2024-1: 22 September 2024

The Notes are backed by a portfolio of (a) lease receivables arising from lease agreements for vehicles; (b) certain other receivables arising out of, or in connection with, such lease agreements; (c) receivables arising out of the future sale of the Leased Vehicles; and (d) loan receivables arising from loans granted in order to finance the purchase of vehicles, including any ownership rights retained by Porsche Bank Aktiengesellschaft in such Financed Vehicles in order to secure such loan receivables.

Eligibility criteria (includes): the Purchased Receivables exist, are governed by Austrian law and are valid, binding and enforceable obligations of the respective Debtor; the Asset Agreements allow for payment in monthly instalments only; the Purchased Receivables are freely assignable; none of the Debtors is an Affiliate or employee of Porsche Bank; the respective Asset Agreement exists for at least two months since its origination and the respective Purchased Receivable has not been overdue for more than one month; the Lease Agreements and the Loan Agreements have been entered into exclusively with Lessees and Borrowers which, if they are corporate entities, have their registered office or, if they are individuals, have their place of residence, in Austria.

At the cut-off date (6 September 2024) the portfolio consists of 27,881 contracts, advanced to 24,562 obligors (and 24,382 obligor groups). The Average Amount per Contract is Eur19,396 and per obligor is Eur22,017. Obligor type: individual – 44.02%, corporate – 55.98%. Credit type: Finance Lease – 72.30%, loan – 14.02% and operating lease – 13.68%. Interest rate type: fixed – 65.50%, variable – 34.50%. Car type: new – 42.62%, used – 57.38%. The WA seasoning is 14.47 months. Regional concentration: Steiermark / some parts of Burgenland – 16.72%, Tirol / Vorarlberg – 16.37%, Wien – 14.70% and Oberösterreich / some parts of Niederösterreich – 13.56%.

EU Risk Retention: The Seller (Porsche Bank) will, in its capacity as originator, whilst any of the 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 Regulation (EU) 2017/2042, such net economic interest being through investment in the Class C Notes and the Subordinated Loan.

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules.

Compare/contrast: FACT – 2021-1, ROOF Leasing Austria SA (Compartment 2024)