Pulse UK 2024 Plc: 29 November 2024

A stand-alone issue, where the Issuer will make payments on the Notes from an initial portfolio comprising Lease Receivables originated by Arval UK Limited. Additional portfolios may be purchased by the Issuer during the Revolving Period in accordance with the terms described in the prospectus.

Arval UK Group Limited is 100% (indirectly) owned by Arval Service Lease SA, which is in turn 100% (indirectly) owned by the BNP Paribas group. The Arval Company Group was founded in 1989 as a specialist in full service vehicle leasing and mobility solutions for large international corporates, mid corporates, SMEs, professionals and individuals.

The initial portfolio consists of 66,436 lease agreements, with 54,026 lessees and 53,938 lessee company groups, and all leases are for new vehicles. The Average Outstanding Lease Principal Balance per Lease Agreement is £6,055 and the Average Outstanding Lease Principal Balance per Lessee Company Group is £7,458. Customer type (by outstanding lease balance): retail – 88.99%, corporate – 11.01%. The WA seasoning is 14.43 months. Regional concentration: South East – 15.81%, North West – 14.66% and East of England – 12.23%.

UK & EU Risk Retention: On the Closing Date and while any of the Notes remain outstanding, Arval will, as an originator for the purposes of the FCA Risk Retention Rules, retain a material net economic interest of not less than 5% in the securitisation as required by SECN 5.2.1R of the FCA Risk Retention Rules and Article 6(1) of the EU Securitisation Regulation. As at the Closing Date the Retention will comprise Arval holding the first loss tranche, namely the Class B Notes.

US Risk Retention: Arval does not intend to retain at least 5% of the credit risk of the securitized assets for the 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.

STS: On or about the Closing Date, it is intended that a UK STS Notification will be submitted to the FCA in accordance with the UK STS Rules, confirming that the UK STS Rules have been satisfied with respect to the Notes.

Compare/contrast: Dowson 2024-1 plc, Koromo UK 1 plc