Period No: Payment Date: Calculation Date: 39 Interest Period: Sept 11, 2020 Sept 15, 2020 Aug 17, 2020 - Collection Period: Aug 31, 2020 Aug 01, 2020 - Silver Arrow S.A., Compartment 8 Sept 14, 2020 1 Contact Information 2 Overview Dates 3 Overview Counterparties 4 Information Notes I 5 Information Notes II 6 Issuer Accounts and Set-Off Exposure 7 Swap Information 8 Collection Period 9 Available Distribution Amount 10 Calculations and Deal Level Tests 11 Priority of Payments 12 Credit Enhancement and Risk Retention 13 Delinquency Analysis 14 Default and Recovery Analysis 15 Amortisation Schedule 16 Portfolio Information - Distribution by Subportfolio 17 Portfolio Information - Distribution by Vehicle Type, Client Type, Contract Type 18 Portfolio Information - Distribution by Initial and Outstanding Loan Principal Amount 19 Portfolio Information - Distribution by Client Interest Rate and Client Postcode 20 Portfolio Information - Distribution by Remaining and Original Term and Seasoning 21 Portfolio Information - Borrower Concentration 22 Portfolio Information - Distribution by Monthly Instalment and by Balloon as Percentage of Vehicle Sale Price Section Table of Contents Page 1
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
1 Contact Information
2 Overview Dates
3 Overview Counterparties
4 Information Notes I
5 Information Notes II
6 Issuer Accounts and Set-Off Exposure
7 Swap Information
8 Collection Period
9 Available Distribution Amount
10 Calculations and Deal Level Tests
11 Priority of Payments
12 Credit Enhancement and Risk Retention
13 Delinquency Analysis
14 Default and Recovery Analysis
15 Amortisation Schedule
16 Portfolio Information - Distribution by Subportfolio
17 Portfolio Information - Distribution by Vehicle Type, Client Type, Contract Type
18 Portfolio Information - Distribution by Initial and Outstanding Loan Principal Amount
19 Portfolio Information - Distribution by Client Interest Rate and Client Postcode
20 Portfolio Information - Distribution by Remaining and Original Term and Seasoning
21 Portfolio Information - Borrower Concentration
22 Portfolio Information - Distribution by Monthly Instalment and by Balloon as Percentage of Vehicle Sale Price
Should any Transaction Party be replaced by a new transaction party during the life of the Transaction , such replacement party including the date on which such
replacement party is contracted will be shown on this page.
Trustee/Data Trustee: NA NAWilmington Trust SP Services (Frankfurt)
GmbH,TrusteeNR NANR NA
Calculation Agent /
Paying Agent / Interest
Determination Agent /
Custodian:
Elavon Financial Services Limited NA
Account Bank: Elavon Financial Services Limited NA
NA
Replacement of
Account Bank
NR NANR NA
NR NANR NA
Swap Counterparty: DZ BANK AG No Swap Counterparty
to post collateralAA (low) AR-1 (middle) NA
Page 8
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Information Notes I.
Class A Class B Subordinated LoanRating Details:
Rating at Issue Date
Current Rating
DBRS
DBRS
AAA (sf)
AAA (sf) NR
NR
NR
NR
Moody's
Moody's
Aaa(sf)
AAA (sf)
NR
NR NR
NR
Subordinated LoanClass BClass AInformation on Notes
Number of Notes:
Initial Note Principal Amount:
Initial Aggregate Outstanding Note Principal Amounts on the
Issue Date:
Legal Maturity Date:
ISIN:
1.108.500.000,00
100.000,00
83.500.000,00
835,00 11.085,00
100.000,00
XS1629013035XS1629012573
Mar 2025 Mar 2025
Common Code: 162901257 162901303
Mar 2025
NA
NA
NA
NA
Currency: EUR EUR EUR
WKN: NAA19JQEA19JQD
5.960.000,00
Subordinated LoanClass BClass AInformation on Interest
Actual/360
Fixed
Actual/360
Floating
Day Count Convention:
Interest Type:
Interest Rate: Euribor + 0,45% NA
NA
NA
1,00%
If the Aggregate Outstanding Loan Principal Amount as per Determination Date is less than 10% of the Aggregate Outstanding Loan Principal Amount at the
Cut-Off Date, the Seller will have the option (the "Clean-Up Call") under the Loan Receivables Purchase Agreement to acquire all outstanding Purchased Loan
Receivables against payment of the Repurchase Price:
Clean-Up Call Condition
Aggregate Oustanding Loan Principal Amount (Determination Date) < 10%*Aggregate Outstanding Loan Principal Amount (Cut Off Date) : No
Page 9
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Information Notes II.
Collection Period:
Interest Period (From/Until):
Payment Date:
Number of Days of Interest Period:
Currency:
Day Count Convention:
15/09/2020
17/08/2020
29
EUR
Actual/360
EURIBOR:
Aug 2020
-0,5190%
- 14/09/2020
Subordinated LoanClass BClass AInterest Payments
Total Interests Amount due for Interest Period:
Paid interest:
Unpaid Interest:
Total unpaid interest amount beginning balance
Total unpaid interest ending balance:
0,00€
0,00€
0,00€
0,00€
67.267,60€
67.267,60€
0,00€
0,00€
9.602,22€
9.602,22€
0,00€
0,00€
Principal Payments Subordinated LoanClass BClass A
Class Initial Aggregate Note Principal Amount (Issue Date):
Aggregate Outstanding Note Principal Amount (previous Payment
Date):
Principal Redemption:
Aggregate Outstanding Note Principal Amount (current Payment
Date):
1.108.500.000,00€
66.851.310,76€
17.224.830,52€
49.626.480,24€
83.500.000,00€
83.500.000,00€
0,00€
83.500.000,00€
5.960.000,00€
5.960.000,00€
0,00€
5.960.000,00€
Subordinated LoanClass BClass APayments to Investor - Per Note
Interest Paid:
Principal Paid:
Note Percentage:
80,56€ 0,00€
1.553,89€
4,48%
0,00€
100,00%
NA
NA
NA
Page 10
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Issuer Accounts - C8
(i) Operating Account-C8
Value
Opening balance before application of Priority of Payments
Less: amounts to be paid out according to the application of Priority of Payments
Closing balance after application of Priority of Payments 0,00€
23.548.199,60€
23.548.199,60€
(ii) General Reserve Account-C8
Value
Opening balance
Less: amounts credited to the Operating Account-C8
Add: Top up according to the Pre-enforcement Priority of Payments
Closing balance
5.960.000,00€
5.960.000,00€
5.960.000,00€
5.960.000,00€
General Reserve Required Amount 5.960.000,00€
(iii) Commingling Reserve Account-C8
Servicer Termination Event
Commingling Reserve Trigger Event
No
No
Value
Commingling Reserve Required Amount
Opening balance of the Commingling Reserve Account-C8
Less: Withdrawal of amount credited to the Operating Account-C8 to cover Servicer Shortfall
Less: Transfer of excess to Servicer
Closing balance of the Commingling Reserve Account-C8
0,00€
0,00€
0,00€
0,00€
0,00€
Add: Amounts credited to the Commingling Reserve Account-C8 0,00€
Page 11
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
(iv) Set Off Reserve Account-C8
Value
Set Off Reserve Required Amount
Opening balance
Add: Amount credited to Set Off Reserve Account-C8
Less: Amount credited to the Operating Account-C8 to cover set-off risk
Less: Transfer of excess of the relevant Set Off Reserve Required Amount to be paid to the Seller
Closing balance
0,00€
0,00€
0,00€
0,00€
0,00€
Aggregate
Outstanding Loan
Principal Amount
Number of
Borrowers with
depositsSet-Off Exposure
Set Off Exposure
/ Aggregate
Outstanding Loan
Principal Amount at
Cut Off Date
Set Off Reserve
TriggerTrigger Breached (Yes/No)
0,00% 0,50% No
0,00€
133.126.480,24 212,38€ 1
(v) Swap Collateral Account-C8
Required Rating Trigger on Swap Counterparty Breached No
Value
Opening balance
Less: amounts paid out to the Swap Counterparty
Add: Payments from Swap Counterparty
Closing balance
0,00€
0,00€
0,00€
0,00€
Page 12
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Swap Information
Amount (in EUR)
Interest Rate Swap
DZ BANK AGSwap Counterparty Provider
Swap Termination Event No
Swap notional amount in EUR (Class A Notes)
Fixed rate
Paying Leg (Fixed) Swap
Receiving Leg (Floating) Swap
Net Swap Receipts
Net Swap Payments
€66.851.310,76
Floating rate (EURIBOR) -0,5190%
-0,2910%
-€27.949,42
-€15.671,06
€12.278,36
€0,00
Page 13
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Collection Period
A) Aggregate Outstanding Loan Principal Amount at previous Determination Date
B) Principal Collections
Collections of Principal under the Performing Loan Receivables paid during the Collection Period
Collections of Principal under the Performing Loan Receivables prepaid during the Collection Period
Outstanding Loan Principal Amount of all Purchased Loan Receivables that became Defaulted Loan Receivables
during the Collection Period
2.462.815,65
Total Principal Collections
Repurchase Price due to repurchase option (Clean-Up Call) relating to the Collection Period
Repurchase Price due to repurchase obligation relating to the Collection Period 0,00
0,00
16.956.630,89
C) Defaulted Amount
268.199,63
D) Aggregate Outstanding Loan Principal Amount at the Current Determination Date 133.126.480,24
E) Recovery Collections
Total recoveries during the Collection Period in respect of Defaulted Loan Receivables 252.292,85
F) Interest Collections
Total Collections under the Performing Loan Receivables other than Principal Collections and Recovery Collections 379.275,86
Amount (in EUR)
Principal Collections, Recovery Collections and Interest Collection during Collection Period
150.351.310,76
14.493.815,24
Page 14
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Available Distribution Amount
(a) the Collections;
(b) the amount standing to the credit of the General Reserve Account -C8;
(d) the amount standing to the credit of the Commingling Reserve Account -C8 upon the occurrence of a Servicer
Termination Event, to the extent necessary to cover any Servicer Shortfall;
0,00(e) the amount standing to the credit of the Set Off Reserve Account -C8, if and only to the extent that the Servicer
has, as of the previous Payment Date, failed to transfer to the Issuer any Collections or indemnity payments in
relation to the set off risk related to the Seller;
23.548.199,60Available Distribution Amount
0,00
Amount (in EUR)
5.960.000,00
(c) the Net Swap Receipts payable by the Swap Counterparty to the Issuer on the Payment Date; 0,00
17.588.199,60
(f) any other amount standing to the credit of the Operating Account -C8, including any interest accrued on the
Operating Account-C8 during the relevant Collection Period.
0,00
Page 15
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Calculations and tests
(ii) Aggregate Outstanding Loan Principal Amount (current Determination Date)
(iii) Class A and Class B Aggregate Outstanding Note Principal Amount (current Payment Date)
Required Principal Redemption Amount
Implicit principal deficiency
(i) Class A and Class B Aggregate Outstanding Note Principal Amount (previous Payment Date)
€150.351.310,76
€133.126.480,24
€133.126.480,24
€17.224.830,52
€0,00
( (i) - (ii) )
( (iii) - (ii) )
Principal Redemption
Class A Aggregate Oustanding Note Principal Amount (as of the previous Payment Date or in case of the first Payment
Date, the Issue Date)
Class B Aggregate Oustanding Note Principal Amount (as of the previous Payment Date or in case of the first Payment
Date, the Issue Date)
Required Principal Redemption Amount on current Payment Date
Class A Principal Redemption Amount
Class B Principal Redemption Amount
Class A Aggregate Oustanding Note Principal Amount (as of the current Payment Date)
Class B Aggregate Oustanding Note Principal Amount (as of the current Payment Date)
66.851.310,76
83.500.000,00
49.626.480,24
83.500.000,00
17.224.830,52
Sub-Loan Required Redemption Amount 0,00
17.224.830,52
0,00
Amount (in EUR)
Deal level tests
The transaction is static, early amortisation triggers are NOT APPLICABLE.
The amortisation of the Class A and Class B Notes is fully sequential from the first Payment Date , amortisation type triggers are NOT APPLICABLE.
Interest on the Class B Notes is subordinated to interest and principal on the Class A from the first payment onwards , interest deferral triggers are NOT APPLICABLE.
Page 16
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Pre-enforcement Priority of Payments
Amount Due Amount Paid
Remaining
Available
Distribution
Shortfall to be
paid on next
Payment Date
23.548.199,60€Available Distribution Amount
Prior to the issuance of an Enforcement Notice, the Issuer will distribute the Available
Distribution Amount on each Payment Date in accordance with the Pre-Enforcement
Priority of Payments:
(a) first, any taxes owed by the Issuer; 0,00€ 0,00€ 0,00€ 23.548.199,60€
(b) second, amounts due and payable to the Trustee; 0,00€ 0,00€ 0,00€ 23.548.199,60€
(c) third, (on a pro rata and pari passu basis) amounts due and payable in respect of (a)
Administration and (b) Servicing Expenses; 132.385,62€ 132.385,62€ 0,00€ 23.415.813,98€
(d) fourth, due and payable Net Swap Payments (and certain Swap Termination
(e) fifth, (on a pro rata and pari passu basis) due and payable Class A Interest Amount; 0,00€ 0,00€ 0,00€ 23.403.535,62€
(f) sixth, General Reserve Required Amount to the General Reserve Account-C8; 5.960.000,00€ 5.960.000,00€ 0,00€ 17.443.535,62€
(g) seventh, (on a pro rata and pari passu basis) of the Class A Principal Redemption
Amount until the Class A Compartment 8 Notes is reduced to zero; 17.224.830,52€ 17.224.830,52€ 218.705,10€ 0,00€
(h) eighth, (on a pro rata and pari passu basis) due and payable Class B Interest
Amount; 67.267,60€ 67.267,60€ 0,00€ 151.437,50€
(i) ninth, (on a pro rata and pari passu basis) of the Class B Principal Redemption
Amount the Class B Compartment 8 Notes is reduced to zero; 0,00€ 0,00€ 151.437,50€ 0,00€
(j) tenth,any due and payable interest amount on the Subordinated Loan; 9.602,22€ 9.602,22€ 0,00€ 141.835,28€
(k) eleventh, the Subordinated Loan Redemption Amount until the Subordinated Loan is
reduced to zero; 0,00€ 0,00€ 141.835,28€ 0,00€
(l) twelfth, any indemnity payments to any party under the Transaction 8 Documents; 0,00€ 0,00€ 0,00€ 141.835,28€
(m) thirteenth, any payments due under the Swap Agreement other than those made
under item (d) above; and 0,00€ 0,00€ 0,00€ 141.835,28€
(n) fourteenth, the Final Success Fee to the Seller. 0,00€ 141.835,28€ 0,00€ 0,00€
Page 17
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Credit Enhancement and Risk Retention according to Article 405 CRR
Credit Enhancement at Issue Date: Value (in €) Credit Enhancement (in €) Credit Enhancement (in %)
Class A Notes
Class B Notes
Sub Loan
Current Credit Enhancement:
Sub Loan
Class B Notes
Class A Notes
Retention of Net Economic Interest
Retention by MBB
Outstanding Amount Sub Loan
Aggregate Outstanding Note Principal Amount (Class B Notes)
Minimum retention of 5% by MBB according to § 405 CRR. MBB has confirmed to the Issuer that it continues to hold the Class B notes and continues to provide
the Sub Loan to the Issuer as at the end of the Collection Period to which this report relates.
83.500.000,00
5.960.000,00
89.460.000,00
5.960.000,00
89.460.000,00 49.626.480,24
83.500.000,00
5.960.000,00
5.960.000,00
5.960.000,00
83.500.000,00
89.460.000,00
1.108.500.000,00
67,20%
4,48%
7,51
0,50
67,20%
Page 18
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Delinquency Analysis
Delinquency Analysis in % of the current Aggregate Outstanding Loan Principal Amount
Collection Period PerformingNumber of instalments in arrears
1 2 3 4 5 6
June - 17 99,56% 0,41% 0,03% 0,00% 0,00% 0,00% 0,00%
July - 17 99,36% 0,56% 0,08% 0,00% 0,00% 0,00% 0,00%
Aug - 17 99,38% 0,51% 0,11% 0,01% 0,00% 0,00% 0,00%
In response to recent developments and - as a consequence thereof- to the new law, which has come into force as of April 1st due to COVID-19 (coronavirus), the
Seller has accordingly amended its Credit and Collecton Policy in accordance with the terms of the Transacton Documents. The necessary amendments to the
Credit and Collecton Policy permit the Servicer to ofer relief to customers experiencing fnancial difculty due to Corona impact. The actons the Servicer may
take include the deferral of payment obligatons for up to 3 months from now (without an extension of the last payment due, with an increase in the amounts
required to be paid by the customer afer completon of the deferral period, to the extent required to make up all deferred payments) or an extension of the term
of the customer’s contract for up to 3 months (whereby the customer contnues making monthly payments at either the original or a reduced rate).
Page 20
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Delinquency profile of
the Aggregate
Outstanding Loan
Principal AmountLoan type
Previous Determination Date Current Determination Date
in EUR in EURNumber of
Contracts
Number of
Contracts
in % of Aggregate
Outstanding Loan
Principal Amount
in % of Aggregate
Outstanding Loan
Principal Amount
0 (Performing)
1
2
3
4
5
6
Standard Financing
Standard Financing
Standard Financing
Standard Financing
Standard Financing
Standard Financing
Standard Financing
Plus 3 Financing
Plus 3 Financing
Plus 3 Financing
Plus 3 Financing
Plus 3 Financing
Plus 3 Financing
Plus 3 Financing
Final Instalment Financing
Final Instalment Financing
Final Instalment Financing
Final Instalment Financing
Final Instalment Financing
Final Instalment Financing
Final Instalment Financing
12.051.898,44 1.030
335.725,70 24
11 119.542,78
92.822,59 10
35.419,65 4
28.062,99 2
12.095,89 2
95.668.120,14 5.621
3.360.863,48 208
997.227,20 61
385.177,45 30
277.012,14 23
110.662,94 10
98.092,45 7
19.170.959,04 3.838
251.447,26 46
79.964,15 14
17.753,72 10
25.709,02 5
2.366,36 4
5.556,85 3
13.967.827,85 1.187
339.185,71 29
120.695,34 12
52.858,89 6
90.490,62 4
111.978,88 5
23.855,79 2
108.126.921,55 6.276
3.236.137,08 176
931.947,77 63
436.498,24 35
189.157,58 13
201.588,84 15
140.110,96 14
21.984.525,58 4.253
248.667,62 44
93.714,91 20
19.963,57 5
2.382,36 4
6.037,58 4
16.685,25 2
9,29%
0,23%
0,08%
0,04%
0,06%
0,07%
0,02%
14,62%
0,17%
0,06%
0,01%
0,00%
0,00%
0,01%
71,92%
2,15%
0,62%
0,29%
0,13%
0,13%
0,09%
71,86%
2,52%
0,75%
0,29%
0,21%
0,08%
0,07%
9,05%
0,25%
0,09%
0,07%
0,03%
0,02%
0,01%
14,40%
0,19%
0,06%
0,01%
0,02%
0,00%
0,00%
Page 21
Period No:
Payment Date:
Calculation Date:
39
Interest Period:
Sept 11, 2020
Sept 15, 2020
Aug 17, 2020 -
Collection Period: Aug 31, 2020Aug 01, 2020 -
Silver Arrow S.A., Compartment 8
Sept 14, 2020
Defaulted Amounts
Collection
Period
Number of
Defaulted Loan
Agreements in
Collection Period
Defaulted
Amounts in
Collection Period
Cumulative
Defaulted
Amounts since
Cut-Off Date
Cumulative
Default Ratio
Recovery
Amount in
Collection
Cumulative
Recovery
Amount
Cumulative
Recovery
Rate
June - 17 2,91 9 3.985,36 136.867,28 136.867,28 3.985,36 0,01
July - 17 1,39 13 3.037,79 505.825,75 368.958,47 7.023,15 0,04
Aug - 17 1,90 14 7.677,98 772.876,92 267.051,17 14.701,13 0,06