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Brignole CQ 2019-1 S.r.l.: 11 October 2019


As per the earlier transaction, 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 a portfolio of monetary claims and connected rights arising out of consumer loan agreements and entered into by Creditis Servizi Finanziari S.p.A. (the Originator) and the relevant debtors, and purchased and to be purchased from time to time by the Issuer from the Originator pursuant to a master receivables purchase agreement.

The Aggregate Portfolio does not consist, in whole or in part, actually or potentially, of (a) tranches of other asset-backed securities or (b) credit-linked notes, swaps or other derivatives instruments, or synthetic securities.

The Initial Portfolio as of the relevant Valuation Date is made of 15,222 loans (advanced to 15,068 debtors) with an average current loan amount equal to Eur11,325, and a WA seasoning of 30.4 months. Regional distribution: North – 68.2%, Centre – 24.0%, South – 7.8%.

EU Risk Retention: Creditis, in its capacity as originator, has undertaken that it will retain, on an on-going basis until the Notes are redeemed or repaid in full, a material net economic interest of not less than 5% in the nominal value of the Securitisation in accordance with Article 6 of Regulation (EU) no. 2017/2402 of the European Parliament and of the Council of 12 December 2017. As at the Issue Date, such interest will be comprised of the retention of not less than 5% of the nominal value of each of the tranches sold or transferred to investors.

US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 246.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

STS: The Securitisation is intended to qualify as a STS-securitisation within the meaning of Article 18 of Regulation (EU) no. 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Brignole CO 2019-1, Autoflorence 1 SRL