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AB Finco 1 (RF) Limited
AB Finco 1 (RF) Limited Series 1, 3, 4, 5 and 7 (2021-12)
The claims of Noteholders in respect of each Transaction are secured though a limited recourse guarantee issued by the Security SPV, which has been established for the sole purpose of holding and realising security for the benefit of the Noteholders. In turn, the Participating Assets serve as collateral in a cession and indemnity arrangement between the Issuer and the Security SPV. Although there is only one Security SPV established for all of the Issuer’s Transactions, the Noteholders’ recourse will be limited to the Participating Assets of the specific Transaction and Noteholders will have no recourse to the Participating Assets that relate to any other Transaction.
The ratings assigned to the Notes issued in respect of each Transaction reflect 1) the credit linkage of the Notes to the underlying Borrower, and 2) the ability of the Issuer to pay for the Programme’s senior expenses via each of its Series. For each Transaction, the Issuer’s ability to make payments due in respect of the Notes is reliant on the ability of the respective Borrower to make to make payments due in accordance with the terms of its Loan Agreement with Absa CIB.