# EDGAR Filing Document

**Accession Number:** 0001786930
**File Stem:** 0001786930-23-000006
**Filing Date:** 2023-3
**Character Count:** 23349
**Document Hash:** 3abe272a871f17d59735bc10ba3fa21e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001786930-23-000006.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001786930-23-000006

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Equipment leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HPE Depositor LLC
- **CENTRAL INDEX KEY:** 0001786930
- **IRS NUMBER:** 842887763
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04691
- **FILM NUMBER:** 23702917

**BUSINESS ADDRESS:**
- **STREET 1:** 6280 AMERICA CENTER DRIVE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002
- **BUSINESS PHONE:** 512-319-2282

**MAIL ADDRESS:**
- **STREET 1:** 6280 AMERICA CENTER DRIVE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HPE Depositor LLC
- **CENTRAL INDEX KEY:** 0001786930
- **IRS NUMBER:** 842887763
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 6280 AMERICA CENTER DRIVE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002
- **BUSINESS PHONE:** 512-319-2282

**MAIL ADDRESS:**
- **STREET 1:** 6280 AMERICA CENTER DRIVE
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95002

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**_______________________**

**FORM ABS-15G**

**_______________________**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF <br>THE SECURITIES EXCHANGE ACT OF 1934**

**Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:**

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _____to _____**

**_______________________**

Date of Report (Date of Earliest Event Reported):

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

⌧ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)**

**HPEFS EQUIPMENT TRUST 2023-1**

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of depositor: **0001786930**

Central Index Key Number of issuing entity (if applicable): Not Applicable

Central Index Key Number of underwriter (if applicable): Not Applicable

**_______________________**

**Brian Slattery (678) 259-9860**

Name and telephone number, including area code,

of the person to contact in connection with this filing.

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**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third-Party Due Diligence Report Obtained by the Issuer**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as <u>[Exhibit 99.1](ex991-pwcauphpefsx2023x1.htm)</u> to this Form ABS-15G.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 3, 2023

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| | |
|:---|:---|
| HPE DEPOSITOR LLC | HPE DEPOSITOR LLC |
| (Depositor) | (Depositor) |
| Hewlett-Packard Financial Services Company | Hewlett-Packard Financial Services Company |
| Its Sole Member | Its Sole Member |
| By: | /s/ Ian Fowlis |
|  | Ian Fowlis |
|  | VP, CFO and Treasurer |

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## Exhibit 99.1

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| | |
|:---|:---|
| ![capturea.jpg](capturea.jpg) | **Exhibit 99.1** |

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**Report of Independent Accountants on Applying** 

**Agreed-Upon Procedures**

Hewlett-Packard Financial Services Company

200 Connell Drive

Berkeley Heights, NJ 07922

We ("us" or "PwC") have performed the procedures enumerated below, which were agreed to by Hewlett-Packard Financial Services Company (the "Company," as the engaging party), BofA Securities, Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., and J.P. Morgan Securities LLC, who are collectively referred to herein as the "Specified Parties", solely to assist you in determining the accuracy of certain attributes for a sample of collateral assets in connection with the potential issuance of asset backed notes by HPEFS Equipment Trust 2023-1 (the "Transaction"). The Company (the "Responsible Party") is responsible for the Transaction and the accuracy of certain attributes for a sample of collateral assets to be included in the Transaction.

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

***Procedures and Findings***

In connection with the Transaction, the Specified Parties agreed on a sample size of 150 lease contracts. The Company provided a list of accounts, which the Company represents is as of November 30, 2022 (the "Preliminary Cut-off Date"). As instructed by the Responsible Party, we randomly selected 150 receivables (the "Sample Leases") from the Lease Contract ID List (defined below). The Company represents that 137 of the 150 Sample Leases will be included in the final collateral assets for the Transaction.

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of collateral securing such assets; and

![image_2a.jpg](image_2a.jpg)

*PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York, 10017*

*T: 646-471-3000, F: 813-286-6000, www.pwc.com/us*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The compliance of the originator of the assets with federal, state, and local laws and regulations.

We have not performed any procedures with respect to the fair value of the collateral or the securities to be offered in the Transaction and PwC expresses no opinion on the current fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

With respect to any terms or requirements of the Transaction offering documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction offering documents.

It should be understood that we make no representations as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reasonableness of any of the assumptions provided by the Responsible Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The adequacy of the sample size, as provided by the Specified Parties, nor do we draw any conclusions about the entire collateral pool based on the sample size and results of the procedures performed.

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

The procedures performed and results thereof are described below.

**I. Data, Information and Documents Provided** 

The Company provided the following data, information, and documents:

A.An Excel data file containing certain data points for the Sample Leases which the Company represents is as of the Preliminary Cut-off Date, and was provided on December 6, 2022 (the "Lease Contract ID List").

B.An Excel data file containing certain data points for the Sample Leases which the Company represents is as of the Preliminary Cut-off Date, and was provided on December 20, 2022 (the "Lease Contract Data Tape").

C.An Excel data file containing projected monthly cash flows for the Sample Leases which the Company represents is as of the Preliminary Cut-off Date (the "Cash Flows Data Tape").

D.An Excel data file containing the NAIC industry code and related description for each customer for the Sample Leases, which the Company represents was extracted from their Global Lease Manager system on December 14, 2022 (the "Customer Industry File").

E.A mapping file containing variations of customer names for the Sample Leases which the Company represents are acceptable variations in customer name including names of parent companies, subsidiaries, and affiliates of customers ("Customer Mapping File").

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| ![capturea.jpg](capturea.jpg) | Report of Independent Accountants on Applying Agreed Upon Procedures<br>HPEFS Equipment Trust 2023-1<br>March 1, 2023<br>Page 3 of 6 |

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F.An Excel data file containing the delinquency statuses and amounts for the Sample Leases, which the Company represents was extracted from their Global Lease Manager system as of December 14, 2022 (the "Portfolio Delinquency File").

G.The Company provided the methodology used to calculate remaining term on the Lease Contract Data Tape, which the Company represents is "Maturity Date less Preliminary Cut-off Date," where the Maturity Date is obtained from the Lease Contract Data Tape (the "Remaining Term Calculation Methodology").

H.For each Sample Lease, the master lease agreement or lease agreement, including certain supporting schedules, which pertain to the end-user and, as applicable certain modification documents, including contract amendments, maturity date extension agreements, transfer and assignment agreements or novation agreements (the "Lease Contracts").

I.For each Sample Lease, screenshots from the Company's Global Lease Manager system (the "Lease System Screenshots"), which the Company represents were pulled from the system between December 14, 2022 and December 20, 2022 containing:

Contract number, customer ID, name of lessee, residual value, lease maturity date, and primary billing address for the customer.

J.For 1 Sample Lease, a screenshot from the Company's Global Lease Manager system containing the correct contract number for a contract with an extension schedule, which the Company represents was pulled from the system on December 22, 2022 (the "Contract Number Screenshot").

K.For 1 Sample Lease, the Company provided an Excel file, which the Company represents is an exhibit to the Lease Contract for a particular customer and contains the schedule number for that particular customer (the "Schedule Number File").

L.For 1 Sample Lease, the Company provided an Excel file containing asset level detail information including buyout amount, which the Company represents, was adjusted against the monthly rent payment amount (the "Buyout Excel File").

M.For 1 Sample Lease, the Company provided an Excel file containing asset level detail information including account credit information, which the Company represents, was adjusted against the monthly rent payment amount (the "Credit Excel File").

N.For 2 Sample Leases, the Company provided account summaries, which the Company represents, contained monthly rent payment amounts adjusted for pass through amounts (the "Monthly Payment Files").

O.For 3 Sample Leases, screenshots from the Company's Simon system containing information with respect to original term, which the Company represents, were pulled from the system on December 22, 2022 (the "Simon Screenshots").

P.For 3 Sample Leases, screenshots from the Company's Global Lease Manager system containing start dates of original closed and rebooked contracts, which the Company represents were pulled from the system on January 3, 2023 (the "Original GLM Screenshots").

The data, information, and documents listed above in this Section I, are collectively referred to as the "Data, Information, and Documents".

**II. Procedures Performed**

We performed the following agreed-upon procedures on the Sample Leases. For purposes of the procedures below, in the event that information was not clear, data was missing, or there was a

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question with regard to information contained in the Data, Information and Documents relevant to the performance of these agreed-upon procedures, we contacted the Company's operations manager or a designee as identified by the Company for clarification prior to reporting any exceptions.

A.For each Sample Lease, we compared the following information from the respective field on the Lease Contract Data Tape to the corresponding information in the Lease Contracts applying the respective "Special Instructions" below which were provided by the Company and accepted by the Specified Parties:

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| | | | |
|:---|:---|:---|:---|
|  | **Description** | **Field on Lease Contract Data Tape** | **Special Instructions** |
| 1 | Contract Number | &nbsp;&nbsp;PCD_ACCT_NBR | &nbsp;&nbsp;Inclusion or omission of periods, hyphens, spaces and/or additional characters at the end of the 'PCD_ACCT_NBR' field in the Lease Contracts Data Tape (e.g., "P2" or "LW-01"), or the inclusion of "MLPA" within the Contract Number to identify master contracts, are acceptable variations of a Contract Number. <br>For Sample Lease #1, as instructed by the Company, we compared to the Schedule Number File. The Company represents that for this particular customer, their system uses the schedule number as the contract number. <br>For Sample Lease #50, as instructed by the Company, we compared to the Contract Number Screenshot. The Company represents that when a new extension is booked in the system, the last digit of the contract number will increase by 1.  |
| 2 | Name of Lessee | CustomerName | We performed this procedure for Sample Leases identified as "Direct" only per the 'LEASETYPE' field within the Lease Contract Data Tape and used the Customer Mapping File to determine acceptable variations of Name of Lessee. |
| 3 | Original Term of Lease | OrigTerm | For Sample Leases #29, #38, and #49 we used the following methodology to recalculate Original Term of Lease: equals the term listed in the Lease Contract minus the number of full months from the original contract start date listed within the Original GLM Screenshots and the start date listed within the Simon Screenshots, plus the number of months deferred as listed in the Simon Screenshots. The Company represents that these Sample Leases were subject to modification, novation, or system correction, and the original entries in the system were closed out and new entries in the system were created using the remaining term of the contracts at that point in time, as the original term. |

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In performing this procedure A, we noted no exceptions.

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B.Using the first non-zero field displayed within column D that has a value which is later than the Preliminary Cut-off Date in column C in the Cash Flows Data Tape, which the Company represents is the periodic lease payment amount due by month through the maturity date, we compared the dollar amount in this field to the respective Lease Contracts, and if the amount did not agree, to the respective Buyout Excel File, and if the amount did not agree, to the respective Credit Excel File, and if the amount did not agree, to the Monthly Payment Files.

We noted the following:

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| | |
|:---|:---|
| Source File | Number of Sample Leases Using Source File |
| Lease Contracts | 146 |
| Buyout Excel File | 1 |
| Credit Excel File | 1 |
| Monthly Payment File | 2 |

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We noted no exceptions. For purposes of this procedure B, the Company and Specified Parties agreed to note an exception if the difference in periodic lease payment amount due for a Sample Lease is greater than 10% of the periodic lease payment amount due in the Cash Flows Data Tape.

C.For each Sample Lease, we compared the following information from the respective field on the Lease Contract Data Tape to the corresponding information in the Lease System Screenshots applying the respective "Special Instructions" below which were provided by the Company and accepted by the Specified Parties, noting no exceptions.

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| | | | |
|:---|:---|:---|:---|
|  | **Description** | **Field on Lease Contract Data Tape** | **Special Instructions** |
| 1 | Contract Number | PCD_ACCT_NBR | Inclusion or omission of periods, hyphens, spaces and/or additional characters at the end of the 'PCD_ACCT_NBR' field in the Lease Contracts Data Tape (e.g., "P2" or "LW-01"), or the inclusion of "MLPA" within the Contract Number to identify master contracts, are acceptable variations of a Contract Number.  |
| 2 | Customer ID | CustomerID |  |
| 3 | Name of Lessee | CustomerName | We performed this procedure for Sample Leases identified as "Embedded" only per the 'LEASETYPE' field within the Lease Contract Data Tape and used the Customer Mapping File to determine acceptable variations of Name of Lessee. |
| 4 | State of Bill Recipient | CustState |  |
| 5 | Residual | ActResidVal |  |
| 6 | Lease Maturity Date | ContractMaturityDt |  |

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D.For each Sample Lease we compared the 'DelinqAmt' field within the Lease Contract Data Tape to the respective 'DelinqAmt' field contained within the Portfolio Delinquency File, noting no exceptions.

E.For each Sample Lease, using the 'PCD_ACCT_NBR' field in the Lease Contract Data Tape, we compared the NAIC industry code shown in the 'NAICCde' field in the Lease Contract Data Tape to the NAIC industry code listed in the Customer Industry File, noting no exceptions.

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| ![capturea.jpg](capturea.jpg) | Report of Independent Accountants on Applying Agreed Upon Procedures<br>HPEFS Equipment Trust 2023-1<br>March 1, 2023<br>Page 6 of 6 |

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F.For each Sample Lease, we recalculated "Remaining Term" using the Remaining Term Calculation Methodology, and compared our result to the remaining term shown in the 'Rem Term' field in the Lease Contract Data Tape, noting no exceptions.

\*\*\*\*

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Transaction or the accuracy of certain attributes for a sample of collateral assets for the Transaction. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the Specified Parties (including for purposes of substantiating the Specified Parties' "due diligence defense" under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is herein referred to as a "Non-Specified Party"), that Non-Specified Party cannot:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk;

ii)Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

A Non-Specified Party may not disclose or distribute this report or any of the report's contents to any other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17G-5 of the Securities Exchange Act of 1934).

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 1, 2023

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