Valsabbina SME Platform II S.r.l.: 24 March 2023

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 loan agreements to Small and Medium Enterprise debtors and originated by Banca Valsabbina ScpA. The Issuer purchased the Initial Portfolio on 9 February 2023 and, subject to certain terms and conditions set forth under the Transfer Agreement, shall purchase from the Originator Further Portfolios during the Revolving Period.

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 Article 6 of the EU Securitisation Regulation.

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules.

STS: The Securitisation is intended to qualify as a STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: Valsabbina SME Platform SPV Srl, Giada Sec. Srl (2022)