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ProSil Acquisition S.A. : 01 August 2019

The main source of funds for the payment of principal, interest and other amounts due under the notes will be the right of the issuer to receive payments in respect of receivables originated in Spain by Abanca Corporación Bancaria, S.A. and Abanca Corporación División Immobilaria S.L. (the Original Lenders), consisting primarily of defaulted and non-performing term loans granted by the Original Lenders to Borrowers, certain of which are secured, and all serviced by HipoGes Iberia S.L.U.

At the cut-off date (31 March 2019), the portfolio consisted of 2,924 loans which have been advanced to 2,612 borrowers. The average open balance per borrower is Eur189,399. Borrower concentration: top 1 – 0.95%, top 50 – 16.31%, top 100 – 22.43%. Borrower type: individual – 65.96%, corporate – 34.04%.

EU Risk Retention: The Retention Holder, being the originator for the purposes of Regulation (EU) No. 2017/2402 of the European Parliament and of the Council of 12 December 2017 will undertake that it will retain on an ongoing basis a material net economic interest, until the Principal Amount Outstanding of the Notes is reduced to zero, of not less than 5% in the securitisation as required by Article 6 of the Securitisation Regulation. As at the Issue Date, such interest will comprise the retention of the Class Z Notes, and will be equal to at least 5% of the nominal value of the securitised exposures.

US Risk Retention: The Retention Holder intends to rely on an exemption provided for in Section 20 of the Dodd-Frank Act (the "U.S. Risk Retention Rules") regarding non-U.S. transactions that meet certain requirements.

Compare/contrast: Sagrantino Italy S.R.L