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Clara Sec S.r.l: 26 June 2020

The net proceeds of the offering of the notes will be applied by the Issuer to fund the purchase of (i) a portfolio of monetary claims and connected rights arising under consumer loan agreements between Intesa Sanpaolo S.p.A. (the Originator) and the relevant Debtors and (ii) a portfolio of Receivables between ISP and the relevant Debtors purchased by the Issuer under the terms of the Master Receivables Purchase Agreement.

General criteria (includes): receivables arising from consumer loan agreements (contratti di credito) executed by ISP; receivables arising from consumer loan agreements which are governed by Italian law; receivables arising from consumer loan agreements denominated in Euro; receivables arising from consumer loan agreements not providing for any further disbursement obligations as the relevant consumer loan has been fully disbursed; receivables arising from consumer loans that are not guaranteed by the so-called “fideiussioni omnibus”; receivables arising from consumer loan agreements whose debtors have made, as at the relevant Transfer Date, at least one payment.

At the cut-off date the portfolio consists of 435,260 loans, advanced to 424,316 borrowers. All loans are French amortization type. The average outstanding loan size is Eur16,481 and the largest is Eur74,546. Product type (by outstanding balance): PerTe Prestito Facile – 75.46%, PerTe Prestito Giovani – 13.83%, PerTe Prestito Facile Monorata – 10.39% and PerTe Presito Giovani Monorata – 0.31%. Interest Rate Type: fixed – 98.69%, floating – 1.31%. The WA seasoning is 17.8 mnths. Regional Concentration: Lombardia – 16.55%, Campania – 11.31%, Veneto – 11.09% and Piemonte – 10.45%.

EU Risk Retention: The Originator has undertaken that it will retain for the life of the transaction a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Regulation (EU) No. 2017/2402 of the European Parliament. As at the Issue Date, such material net economic interest is represented by the retention of not less than 5% of the total nominal value of each of the tranches sold or transferred to investors (i.e. the Senior Notes and the Junior Notes), as required by the text of Article 6(3)(a) of the Securitisation Regulation.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, in reliance on an exemption provided for in Rule 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 the Securitisation Regulation and Articles 243 and 270 of Regulation (EU) No. 575 of 26 June 2013. Consequently, the securitisation meets, as at the date of the Prospectus, the requirements of Articles 19 to 22 of the Securitisation Regulation and, after the Issue Date, is intended to be notified by the Originator to ESMA to be included in the list published by ESMA.

Compare/contrast: Quarzo S.r.l. (2020), Sunrise SPV Z90 (2020-1)