AZZURRO SPV S.R.L.: 08 June 2017

The principal source of payments of interest and repayment of principal on the Notes will be Loan Agreements entered into between the Originator and the Debtors and classified by the originator as performing as at the relevant Valuation Date. The Loan Agreements and the relevant Loans are governed by Italian law.

Eligibility criteria (includes): Receivables arising from Loans assisted by a Salary Assignment or a Payment Delegation in favour of Fincontinuo which have been notified by Fincontinuo to the relevant Employer or Pension Authority, as the case may be, and accepted by it (through the acceptance of the Employer or Pension Authority, as the case may be, or by means of retention (trattenuta) of the relevant portion of salary or pension subject to Salary Assignment or Payment Delegation); are denominated in Euro and do not contain provisions which allow the conversion of the Receivables into another currency; have been fully disbursed by Fincontinuo as lender and in respect of which there is no obligation or possibility to make further drawings under the relevant Loan Agreement; having a fixed interest rate, whose Amortisation Plan provides for monthly Instalments having an equal fixed amount to be paid in arrears; at least one Instalment has accrued and has been paid in full.

At the valuation date (31 March 2017) the portfolio consisted of 448 loans, where the average outstanding principal is Eur19,545 and the largest is for Eur40,344. No loans were in arrears. Regional concentration: Campania 40.22%, Sicilia 20.47% and Calabria 7.93%.

CRR 405: Under the Intercreditor Agreement, Fincontinuo, in its capacity as Originator, has undertaken that it will retain a material net economic interest of not less than 5% in the Securitisation by holding a portion at least equal to 5% of the aggregate Nominal Amount of all Classes of Notes, in accordance with Article 405 of Regulation (EU) no. 575/2013.


Compare/contrast: Sunrise S.r.l. 2017, Quarzo S.r.l. (2017), Quinto Sistema SEC 2016