| Interest Rate Cap Strike Rate Cap · Financial Maintenance | Strike rate of each Interest Rate Cap shall not be greater than 5% | tight 5% vs financial maintenance median 10% (n=26) | source ↗ |
| Aggregate Asset Amount Deficiency · Financial Maintenance / Coverage Test | No Aggregate Asset Amount Deficiency may exist; if one occurs for 3 consecutive Business Days it constitutes an Amortization Event | | source ↗ |
| Payment of Interest on Issuer Notes · Payment Covenant | Default in payment of interest or other amounts on Issuer Notes (grace period of 3 Business Days for administrative/technical error) | | source ↗ |
| No Merger without Consent · Negative Covenant | Issuer may not merge or consolidate without prior written consent of each Committed Note Purchaser, each Conduit Investor and each Funding Agent | | source ↗ |
| No Additional Leasing Companies without Consent · Negative Covenant | Issuer shall not designate or acquire Additional Leasing Company Notes without prior written consent of each Committed Note Purchaser and each Conduit Investor | | source ↗ |
| Issuer Tax Residency · Representation / Covenant | Issuer is resident for tax purposes in Ireland and does not have a permanent establishment rendering it liable to taxation elsewhere | | source ↗ |
| Quarterly Security Confirmation · Reporting Covenant | Issuer and Issuer Administrator must furnish quarterly Officer's Certificate confirming compliance with ongoing obligations relating to validity of Issuer Security and FleetCo Security | | source ↗ |
| Certification of No Default · Reporting Covenant | Issuer and Issuer Administrator must furnish Officer's Certificate on each Payment Date certifying no Potential Amortization Event, Amortization Event or Liquidation Event is continuing | | source ↗ |
| Listing of Class B and Class C Notes · Operational Covenant | Issuer must ensure Class C Notes and (where required) Class B Notes remain listed and admitted to trading on the Vienna MTF or other approved exchange at all times after admission | | source ↗ |
| Class B Note Maximum Principal Cap · Structural Limit | Outstanding principal and commitments of all Class B Notes shall not exceed EUR 50,000,000 without 100% consent of Class A and Class B Noteholders | | source ↗ |
| Class C Note Maximum Principal Cap · Structural Limit | Outstanding principal and commitments of all Class C Notes shall not exceed EUR 100,000,000 without 100% consent of Class A, Class B and Class C Noteholders | | source ↗ |
| Class A Maximum Principal Amount Reduction Floor · Structural Limit | After reduction of Class A Maximum Principal Amount, it must equal or exceed EUR 100,000,000 unless reduced to zero | | source ↗ |
| Additional Credit Support Pari Passu · Negative Covenant / Structural | Any additional credit support granted in favour of one Class of Noteholders must concurrently be granted to all other Classes on the same terms | | source ↗ |
| Payments Free of Tax / Gross-Up · Tax Covenant | All payments by Issuer under the Agreement and Issuer Notes shall be made free and clear of Tax without deduction or withholding unless required by law; gross-up obligation applies if Tax Deduction required | | source ↗ |
