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Civitas SPV (Series 2019-1) S.r.l: 18 October 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 the Receivables arising out of commercial mortgage or non-mortgage loan agreements with small-medium enterprise debtors. The Portfolio was purchased by the Issuer from the Originator pursuant to the terms of the Transfer Agreement on 9 October 2019.

BP Cividale was one of the first credit institutions to be established in the province of Udine, located in north-east Italy, and opened its first branch in 1886. BP Cividale has traditionally concentrated on a customer base of individuals and SME businesses in Friuli Venezia Giulia, offering corporate and retail banking in addition to asset management, securities trading and insurance services.

Eligibility criteria for the Portfolio (includes): have been granted exclusively by Banca di Cividale S.C.p.A., Banca di Cividale S.p.A. or Nord Est Banca S.p.A. (the latter two were subsequently merged by incorporation into Banca di Cividale S.C.p.A.) as a lender; have been granted pursuant to loan agreements governed by Italian law; have been drawn-down in full starting from 1 January 2004 and before 1 September 2019; are denominated in Euro and the relevant loan agreements do not contain provisions allowing conversion into any other currency; in case of mortgage loans and fondiari loans, are secured by mortgages over assets located in Italy; at least one instalment is past due and has been paid by the relevant Debtor. As at the Valuation Date, the Portfolio comprised debt obligations owed by 2,488 Debtors under 3,072 Loans.

EU Risk Retention: The Originator has undertaken that it will retain on the Issue Date and maintain on an on-going basis at least 5% of net economic interest in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation.

US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section 20 of the U.S. Risk Retention Rules, and no other steps have been taken by the Issuer, the Originator, the Arranger, the Joint Lead Managers and Joint Bookrunners, the Managers or any of their affiliates or any other party to accomplish such compliance.

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

Compare/contrast: Civitas SPV (Series 2017-1) S.r.l.