Erna S.R.L: 06 June 2019
An Italian commercial mortgage securitisation, where the Issuer will make payments on the Notes from payments of principal and interest received by the Issuer under a series of commercial Loans: Raissa Loan (current balance €80,606,638), Ermete Loan (€31,633,369), Aries Loan (€64,578,751) and the Excelsia Nove Loan (€138,970,716).
The Raissa Loan is secured by, amongst other things, a portfolio of 164 properties used primarily for telephony local exchange functions located throughout Italy. The Ermete Loan is secured by, amongst other things, a portfolio of 51 properties used primarily for telephony local exchange functions located throughout Italy. The Aries Loan is secured by, amongst other things, a portfolio of 167 properties used primarily for telephony local exchange functions located throughout Italy. The Excelsia Nove Loan is secured by, amongst other things, a portfolio of 266 properties used primarily for the maintenance and exchange of local electricity operations located throughout Italy.
EU Risk Retention: The Retention Notes will be acquired by the Originators on the CMBS Issue Date pursuant to the Junior Notes Subscription Agreement and, pursuant to the Risk Retention Deed, the Originators will undertake to retain the Retention Notes on an ongoing basis, with the intention of complying with the EU Retention Requirements.
US Risk Retention: Zodiac Holdings, LLC (the U.S. Retention Holder) and Nucleus Investments, LLC intend to satisfy the U.S. Credit Risk Retention Requirements by designating the U.S. Retention Holder as the sponsor that will acquire and retain - either directly, through an assignment of a pro rata portion of the Required Risk Retention Interest to an originator, or through a majority owned affiliate - the Required Risk Retention Interest in the form of an eligible horizontal residual interest ("EHRI”). The Originators are originators for the purposes of the Securitisation Regulation by virtue of holding 100% of the exposure to the credit risk of the Loans prior to the CMBS Issue Date.
Compare/contrast: Taurus 2018-1 IT S.r.l, Pietra Nera Uno S.r.l.