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Valsabbina SME SPV S.r.l: 22 July 2019

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 the portfolio of receivables arising out of commercial mortgage or non-mortgage loan agreements to Small and Medium Enterprise debtors.

The Issuer purchased the First Initial Portfolio on 5 July 2019 and has undertaken to purchase the Second Initial Portfolio by no later than 30 September 2019 and, subject to certain conditions set forth under the Transfer Agreement, shall purchase from the Originator Further Portfolios during the Revolving Period.

As at the First Initial Portfolio Valuation Date, the First Initial Portfolio comprised debt obligations owed by 2,116 Debtors (which qualify as Small and Medium Enterprises) under 2,186 Loans. As at the Identification Date, the Second Initial Portfolio will comprise debt obligations owed by 3,630 Debtors (which qualify as Small and Medium Enterprises) under 3,987 Loans. All Loan Agreements are governed by Italian Law.

Common criteria (includes): have been granted pursuant to loan agreements governed by Italian law and there are no obligations of further disbursement; have been granted by Banca Valsabbina as a lender or by Credito Veronese; as at the relevant Valuation Date are (1) entities with a registered office in the Republic of Italy or (2) natural persons which are resident in the Republic of Italy and have entered into the relevant loan within the context of their business and/or professional activity; are denominated in Euro and the relevant loan agreement does not contain provisions allowing conversion into any other currency; at least one instalment is past due and has been paid by the relevant debtor; are not classified as "defaulted".

EU Risk Retention: Banca Valsabbina, in its capacity as Originator, has undertaken that it will retain, on an on-going basis, a material net economic interest of not less than 5% in the Securitisation in accordance with option (d) of Article 6(3) of the EU Securitisation Regulation and the applicable Regulatory Technical Standards.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of Regulation (EU) No. 2402 of 12 December 2017.

Compare/contrast: Valsabbina SPV 1 S.r.l (2016), Siena PMI 2016 series 2-2019