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Gedesco Trade Receivables 2020-1 DAC: 13 March 2020

The Issuer will make payments on the Notes from payments received from a portfolio of receivables subscribed for or acquired or originated by Toro Finance, S.L.U., Gedesco Factoring, S.L.U., Pagaralia, S.L.U. and Gedesco Services Spain, S.A.U. from certain funding documents which confer rights to receive payment of principal, interest (where applicable), costs and other amounts due in connection with such receivables in accordance with such funding documents, including any interest amounts.

On the Issue Date, the Issuer will purchase an initial sub-portfolio of Eligible Receivables from each Seller (each such sub-portfolio of Eligible Receivables of a relevant Seller, an "Initial Receivables Sub-Portfolio” and all Initial Receivables Sub-Portfolios sold by the Sellers on the Issue Date, the "Initial Receivables Portfolio") . In addition, on each Additional Purchase Date during the Revolving Period (ending in December 2022), each Seller may offer to sell to the Issuer Eligible Receivables subscribed, acquired or originated, as applicable, by such Seller which have not been sold to the Issuer as Receivables prior to such Additional Purchase Date (each such sub-portfolio of Eligible Receivables of a relevant Seller an "Additional Receivables Sub-Portfolio") and all Additional Receivables Sub-Portfolios sold on an Additional Purchase Date, an "Additional Receivables Portfolio”.

The sellers:
Toro Finance, which also trades under the brand name “Bravo Capital”. Toro Finance, S.L.U.'s corporate purpose covers secured and unsecured direct-lending through the following primary activities: (a) granting loans and financing large and medium-size companies through promissory notes (up to 3-years); (b) discounting trade receivables; (c) issuing private programs of promissory notes; and (d) giving economic, legal, financial, and tax advisory in relation to commercial transactions.
Gedesco Factoring, S.L.U. is a player in the Spanish alternative finance market, specialising in factoring, and covers the activity of domestic factoring with or without recourse.
Pagaralia, S.L.U. is a player in the Spanish alternative finance market, specialised in direct-lending business.
Gedesco Services Spain, S.A.U.'s corporate purpose covers the following main activities: (a) granting loans and financing medium and little-size companies through promissory notes (up to 1-year); (b) the discount of short-dated promissory notes and receivables through notarized domestic and international factoring; (c) the common activities of a commission agent of other natural or legal person, excluding in any event those mediation activities subject to special regulation; and (d) the economic, legal and tax advisory to any natural or legal person in relation to the regular commercial trading activities in order to provide services through the applicable intermediation activity.

The Provisional Initial Receivables Portfolio as at 31 July 2019:

……….. Outstanding Balance …….. WA Remaining Term to Maturity
(Euro) (days)
Factoring …………….. 35,749,504 … ………………....... 55
PN ………………........108,786,510 ………………………. 68
Direct Lending … ...….213,148,259 ……… ………..…… 128
Total ……………… ......357,684,273 …………………... . 251
EU Risk Retention: Gedesco Factoring, S.L.U. (the Retention Holder) will retain, as originator under the Securitisation Regulation, on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the Securitisation Regulation. As at the Issue Date, such interest will be comprised of the Retention Holder holding the Class Z Notes.

STS: Within 15 Business Days of the Issue Date, it is intended that a notification will be submitted to ESMA and the Spanish Securities Market Commission by the Sellers, as originators, in accordance with Article 27 of the Securitisation Regulation, confirming that the requirements of Article 18 and Articles 19 to 22 of the Securitisation Regulation for designation as STS securitisation have been satisfied with respect to the Notes.

Compare/contrast: Prunelli Issuer (Compartment 2018-1), IM Auriga PYMES Euro 1, FTdA