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Voba Finance No 7 S.R.L: 02 June 2018

Another securitisation via the Voba name, where the principal source of payment of interest and variable return and of repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of commercial loan agreements entered into by Banca Popolare dell’Alto Adige S.C.p.A., as originator, and certain debtors.

The receivables comprised in the portfolio arise out of loans (i) governed by Italian Law, (ii) granted to companies or sole proprietorships or professional firms, (iii) classified as small and medium enterprise (SME) according to the definition published by the European Commission and (iv) classified by the originator as at the Valuation Date as performing. All the relevant loans are denominated in Euro and governed by Italian law, and have been fully disbursed.

The pool is made up of 4,473 loans (unsecured – 2,718, secured 1,754). The average current loan size per borrower is Eur167,500. Loan Amortisation Type (by current balances): French – 99.2%. The top 10 borrowers account for 9.2% and the top 20 for 13.3%. Interest rate type; Floating 86.0%, fixed 14.0%. The WA CLTV is 39.3% (for the secured loans only) and WA seasoning is 2.9yrs. Regional concentration (by current balances): Trentino Alto Adige 58.6% and Veneto 37.60%.

CRR/405: In the Intercreditor Agreement, the Originator has undertaken (i) to retain as at the Issue Date and on an ongoing basis a material net economic interest not lower than 5% in the securitisation described in the prospectus and (ii) to make available, on the Issue Date and then on a quarterly basis, through the Investor Report, certain information to prospective investors.

Compare/contrast: Voba Finance No 6, 2017 Popolare Bari SME Srl