Together Asset Backed Securitisation 2021 - CRE2

The second transaction from lender Together via the CRE “label”.

Once again, the transaction is supported by a portfolio of first and second charge mortgages secured against small value commercial, residential and mixed use properties located in England, Wales and Scotland.

UK & EU Risk Retention: The Seller will, as originator for the purposes of (i) the UK Securitisation Regulation and (ii) the EU Securitisation Regulation as if it were applicable to it, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 6(1) of the UK Securitisation Regulation and (ii) Article 6(1) of the EU Securitisation Regulation. As at the Closing Date, such interest will be satisfied by the Seller holding the first loss tranche, in this case an interest in the Class Z Notes.

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

Compare/contrast: Together Asset Backed Securitisation 2021 - CRE1