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Alchera SPV (2017) Ltd (re-issue): 12 February 2017

On 27 June 2013, the issuer issued a series of notes. Via this transaction, the net proceeds of the offering of the Series 1 Notes have been mainly applied to fund the purchase of the initial portfolios of monetary claims arising under mortgage and unsecured loans executed by Banca Cassa di Risparmio di Savigliano S.p.A, Banca Mediocredito del Friuli Venezia Giulia S.p.A and Cassa di Risparmio di Saluzzo S.p.A.

On 1 February 2017, CR Saluzzo repurchased from the Issuer the Initial Portfolio originally transferred through the relevant Initial Transfer Agreement, and resigned from all of its roles under the Transaction. Further to the resignation, each of Banca CR Savigliano, Banca MCFVG, Banca Alpi Marittime Credito Cooperativo Carrù Società Cooperativa per Azioni and Cassa di Risparmio di Cento S.p.A. entered into, with the issuer, on 1 February 2017, four new transfer agreements in order to transfer to the issuer additional pools of monetary claims and other connected rights consisting of mortgage and unsecured loans.

The Initial Portfolios (but excluding the outstanding balance of the Initial Portfolio repurchased by CR Saluzzo) and the subsequent portfolios will constitute, as a whole, upon issuance of the Series 2 Notes, the principal source of funds available to the Issuer for the payment of interest and the repayment of principal on the Series 2 Notes.

CRR 405: In the Intercreditor Agreement, each Originator has undertaken to retain at the subsequent issue date and maintain on an ongoing basis a material net economic interest of at least 5 % in the transaction in accordance with option (1)(d) of Article 405 of the CRR, option (1)(d) of Article 51 of the AIFM Level 2 Regulation and option (2)(d) of Article 254 of the Solvency II Regulation or, in accordance with Article 405 of the CRR, Article 51 of the AIFM Level 2 Regulation and Article 254 of the Solvency II Regulation, any alternative permitted method to the extent that adequate disclosure on such alternative method has been given to the Noteholders. As at the Subsequent Issue Date, such interest will be comprised of an interest in the first loss tranche (being the Series B-2017 Notes).

Compare/contrast: Alchera SPV S.r.l