Progetto Quinto S.r.l.: 10 May 2021

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 personal loans granted by Banca Progetto S.p.A. to certain debtors repayable through a Salary/Pension Assignment or, alternatively, assisted by Payment Delegation carried out in favour of the Originator by the relevant Debtor, or assisted by an Insurance Policy.

Oaktree Capital Management currently holds more than 99% of Banca Progetto share capital. The business model of the bank is focused on SME lending and salary/pension assignment and payment delegation loans.

Eligibility Criteria (includes): have been granted by the Originator as lender and have not been redeemed in full; are denominated in Euro and the related loan agreements do not contain any provision allowing for the conversion into another currency; have been drawn in full and there are no obligations or possibilities for more drawings to be made; the amortisation plan provides for fixed amount monthly instalments with a fixed interest rate; are not subject to any right of revocation, set-off or counter-claim of the debtors; at least one instalment has been paid; have not more than two due and unpaid instalments.

The portfolio consists of 19,362 loans, where the average balance is Eur18,750 and the largest is for Eur88,760. The WA seasoning is 1.5 years. Regional concentration (by current balances): South – 67.9%, North – 18.4%, Centre – 13.7%.

EU Risk Retention: The Originator has undertaken to retain, on an on-going basis, a material net economic in the Securitisation of not less than 5% in compliance with Article 6(3)(d) of the EU Securitisation Regulation only and not in compliance with Article 6 of the UK 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.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament.

Compare/contrast: Florence SPV S.r.l. (2020), Rocky 2021-1 SPV S.r.l.