Silver Arrow Merfina 2019-1 S.r.l.: 05 July 2019

The principal source of funds available to the Issuer for payment of interest and repayment of principal in respect of the Notes and payment of any Variable Return in respect of the Class B Notes will be the Collections made in respect of the Loan Receivables arising out of the Loan Agreements, being auto loans agreements executed between Mercedes-Benz Financial Services Italia S.p.A. (MBFSI), as lender, and its customers, as Obligors.

Eligibility criteria (includes): the relevant Obligor is not insolvent; it has an original term of no longer than 96 months; the relevant Obligor is resident of Italy; it is not in arrears and not defaulted; it is denominated in euro; it is governed by the laws of Italy; it amortises on a monthly basis and provides monthly instalment payments; if the relevant Loan Agreement provides for a final balloon instalment, such balloon instalment is mandatory.

At the cut-off date (31 May 2019) the provisional pool consisted of 38,053 advanced to 37,617 obligors, where the average outstanding loan principal amount was Eur14,681. Client type (by current balances): private – 66.77%, commercial – 33.23%. Financing type (by current balances): New Private Balloon – 42.19%, New Commercial Balloon – 20.23%, New Private Amortizing – 9.80%, Used Private Amortizing – 8.95%, New Commercial Amortizing – 7.21%, others – 11.62%. The WA seasoning is 16.62 months.

EU Risk Retention: The Originator will retain on an ongoing basis a material net economic interest in the Securitisation of not less than 5% in accordance with Article 6 of the Securitisation Regulation. As of the Issue Date such interest will, in accordance with Article 6 paragraph 3 sub-paragraph (d) of the Securitisation Regulation, be retained through the holding of the Class B Notes and the Subordinated Loan.

US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section 20 of the U.S. Risk Retention Rules, and no other steps have been taken by the Issuer, the Originator, the Arranger, the Joint Lead Managers and Joint Bookrunners and the Managers or any of their affiliates or any other party to accomplish such compliance.

STS: The Securitisation meets the requirements for simple, transparent and standardised non-ABCP securitisations provided for by Articles 19 to 22 of the Securitisation Regulation, and the Originator has notified ESMA that the Securitisation meets the STS Requirements in accordance with Article 27 of the Securitisation Regulation.

Compare/contrast: Silver Arrow S.A. Compartment 9, Silver Arrow S.A. Compartment UK 2018-1, Sunrise SPV Z70 (2019-1)