The present Memorandum is intended to set-forth the more relevant features of the Law relating to Securitisation (see the attached Italian text) in order to permit an immediate evaluation of the practical-operative and legal aspects.
The Law and the related benefits are applicable to the assignment, upon compensation, of existing and future receivable/credit-transactions to be identified en bloc, effected by an Italian assignee in respect of which the provisions of financial entities are applicable (Articles 106-107 - Section V, of the Unified Tax of Banking Law).
The standard structure of the securitisation contemplates that the assignee (or a different company – S.P.V.), for the purposes to purchase the credits, issues financial instruments – qualified as such by the Legislative Decree No. 58 of February 4, 1998 and Article 129 of the Banking Law – the repayment of which as well as any other payment shall be secured by the flows of payments deriving from
