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Civitas SPV (Series 2017-1) S.r.l: 23 July 2017

The principal source of payment of interest and of repayment of principal on the notes will be the collections and recoveries made in respect of residential mortgage loan agreements entered into between Banca Popolare di Cividale S.c.p.A. and the relevant Debtors. Please note, during the Ramp-Up Period the Issuer may purchase Further Portfolios, subject to and in accordance with the provisions of the Transaction Documents.

BP Cividale was one of the first credit institutions to be established in the province of Udine, located in north-east Italy, and opened its first branch in 1886. BP Cividale has traditionally concentrated on a customer base of individuals and SME businesses in Friuli Venezia Giulia, offering corporate and retail banking in addition to asset management, securities trading and insurance services.

Common Criteria for the Aggregate Portfolio (includes): are governed by Italian Law; have been granted exclusively by BP Cividale or Banca di Cividale S.p.A. or Nord Est Banca S.p.A. as lender and are fully owned by BP Cividale at the relevant Valuation Date; are denominated in Euro and do not contain any provisions allowing the conversion into any other currency; are secured by mortgages over real estate assets located in Italy; are secured by a mortgage of "economic" first ranking priority; the mortgage loan agreements provide for the repayment in monthly, quarterly or semi-annual instalments; are not mortgage loans classifiable as non-performing; at least one instalment is past due and has been paid by the relevant Debtor.

As at the Valuation Date, the portfolio comprised 3,059 debt obligations owed by 3,003 debtors, where the average outstanding principal was Eur82,677. Repayment type: French Amortisation – 90.93%, Fixed Instalments – 9.07%. Interest rate type: Floating – 47.84%, Mixed – 30.30%, Fixed – 21.87%. Borrower concentration: top 1 – 0.72%, top 10 – 3.44%, top 20 – 4.75%. The WA current LTV is 63.16% (original LTV was 71.85%) and the WA seasoning is 3.16 years. Regional concentration: Northern Italy – 99.56%.

The Notes will be issued on a partly paid basis by the Issuer.

CRR 405: The Originator has undertaken that it will retain on the Issue Date and maintain on an ongoing basis at least 5% of net economic interest in accordance with (a) Article 405 of the CRR, (b) Article 51 of the AIFM Regulation and (c) Article 254 of the Solvency II Regulation. As of the Issue Date such net economic interest will be comprised of the retention by the Originator of the Junior Notes.

Compare/contrast: Civitas SPV (Series 2012-2A) S.r.l, Berica (15) ABS 5 S.r.l