RevoCar 2018: 26 May 2018

As per the previous transaction, the payments of interest and principal on the notes are from the collections on a portfolio of fixed rate auto loan receivables originated by Bank11 für Privatkunden und Handel GmbH (Bank11) with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany. All are governed by German law and are denominated in Euros.

At the cut-off date (31 March 2018) the portfolio consists of 36,742 contracts, where the WA outstanding loan amount is Eur10,886, and all are payable via direct debit. Client Type: private 96.11%, commercial 3.89%. Borrower concentration (by current balances): top 1 – 0.03%, top 5 – 0.15%, top 15 – 0.42%. Loan Type (by current balances): EvoClassic 87.31% and EvoSmart 12.69%. Vehicle Type: Used 59.22%, New 40.78%. The WA seasoning is 7.63 months. Regional concentration: North Rhine-Westphalia 21.49%, Bavaria 13.78%, Baden-Wurttemberg 11.56% and Lower Saxony 9.41%.

CRR/405: The Originator will covenant under the Trust Agreement to retain, on an on-going basis, a material net economic interest in the form of randomly selected exposures, equivalent to no less than 5% of the nominal value of the securitised exposures set out in Article 405 Sec.1 (c) CRR, Article 51 Sec. 1 (c) AIFMR and Article 254 Paragraph 2 (c) Solvency II Delegated Regulation.

Compare/contrast: RevoCar 2017, Bavarian Sky S.A German Auto Loans (Compartment 8)