Activities of the Sub-Servicer

Acquisition and update of useful data and information, including biographical data related to Assigned Debtors with the purpose of having a deep and updated knowledge of the state of each Credit and of the possible guarantees covering it, of the recovery initiatives already launched and of the recovery prospects in the phase of bankrupt, virtual bankrupt (including compositions, restructuring agreements ex article 182-bis of Bankruptcy Law and recovery plans ex article 67, paragraph 3, lett. d) of Bankruptcy Law judicial or extrajudicial)
Reporting activities regarding the accounting evidences of the collections performed and of running costs regarding each Credit and constant update
Periodic update of accounting with specific but not exclusive reference to information for automatic feeding of the supplier ledger only in terms of the relations with entities directly or indirectly involved in the collection of Credits (lawyers, other entrusted professionals, real estate consultants, etc)
Verifying the documentary evidence of the credit claims raised and of the guarantees that can possibly cover the Credits; arrangement of any necessary action to keep these guarantees valid and effective
Performing any appropriate verification on the state in the course of time of judicial, bankrupt, virtually bankrupt procedures (including compositions, restructuring agreements ex article 182-bis of Bankruptcy Law and recovery plans ex article 67, paragraph 3, lett. d) of Bankruptcy Law) by means of correspondence with the lawyers entrusted, with the bodies responsible for the procedures, with the counterparties and with any relevant third party, keeping evidence of the registration of documentary evidences; appointing, replacing the lawyers entrusted with legal representation and defence of the Issuer in every competent court and/or revoke the assignment to lawyers already appointed at every stage and level of judicial proceeding
Timely reporting to Issuer, Servicer and Representative of Noteholders every useful information obtained concerning the Credits, notifying the possible divergences with the already collected data and arranging, when present, the modification elements of the Business Plan
Ensuring a constant, correct and updated flow of information in electronic format needed by Servicer and Corporate Servicer to issue notifications, periodically and not, to the other supervisory bodies, in accordance with the regulations applicable from time to time in the field of supervision, tax inspectorate and anti-money laundering relevant to the Issuer
Supporting properly the identification of the best strategies regarding management and judicial, bankrupt, virtual bankrupt actions (including compositions, restructuring agreements ex article 182-bis of Bankruptcy Law and recovery plans ex article 67, paragraph 3, lett. d) of Bankruptcy Law) or extrajudicial actions
In case of complaints from the Assigned Debtors, received directly or through the Issuer or Servicer, managing the communication with the same and supply appropriate documents and/or reports to the Servicer for its own monitoring activity, when required
Maintaining through the designated prosecutors the existing judicial, bankrupt, virtual bankrupt actions (including compositions, restructuring agreements ex article 182-bis of Bankruptcy Law and recovery plans ex article 67, paragraph 3, lett. d) of Bankruptcy Law) or extrajudicial actions or promoting through the lawyers entrusted from time to time new additional actions that may be necessary or anyway convenient to achieve a more satisfying collection of Credits reducing as much as possible collection time and cost of proceeding;
Maintaining the necessary relations with lawyers and other professionals entrusted with the procedures, with the judicial authority and the bodies responsible for the procedures, with the counterparties and every third party possibly involved
Adopting and maintaining every additional initiative considered appropriate to ensure the prompt collection of Credits even by means of negotiation of write-off payments, deferments, Credit assignments, voluntary settlements of security assets and thus by means of any other form of management of Credit collection allowing to maximize the net present value, without prejudice to the provision of following Article 6 and in compliance with the Procedures described in the sub document Annex C, submitting to the Servicer, with Issuer and Representative of Noteholders as CC, a report including terms and justifications about the convenience of any of the above mentioned transactions
By the execution of activities aimed at the collection of Credits, observing the criteria of proficiency and legality and following the procedures as mentioned in the previous point
Implementing or supporting the implementation of the quick and correct accomplishment of the fulfilments related to the actions of Credit collection, keeping Issuer, Servicer and Representative of Noteholders informed about the existing actions, timely notifying every new relevant information obtained
Submitting to Servicer and to Representative of Noteholders the proposals of definition and any other document (deferments of payment, cancellation or reduction of privileges, subrogations, credit assignments, renunciations, transactions etc.) required to improve the practices of Credit collection as well as making the appropriate assessments regarding the acceptance or not-acceptance of the above mentioned proposals
Timely reporting to Servicer, when required from the same, the justifications regarding the realization of a profit (surplus revenue) related to a credit due to revenues higher than credit claim, as mentioned in the Monthly Report of the Sub-Servicer
Performing the reconciliation of the revenues received from time to time on the Collection Account, providing the Servicer, when required, with the tools and information necessary to monitor that activity
Reporting and supplying adequate justification, on quarterly basis, regarding the discrepancies occurred in terms of expected revenues as regulated by Business Plan of Credits against the total amount of revenues actually credited on Collection Account on the end date of Collection Period.
Monitoring the sustainability over time of the Business Plan of Credits attached to this Contract and suggesting the possible changes to be applied to the same, which could be necessary or anyway advisable after achieving a deeper knowledge of Credits and of the developments of pending procedures and of existing negotiations
ooperating with Calculation Agent and Servicer to arrange the reports that have to be periodically submitted to Issuer, supplying all the required information and verifying the correspondence between data and information included in it and the ones owned by it
Cooperating with Issuer and Servicer so that all the regulations regarding the handling of data and information related to Credits, referred to in Leg. Decree of June 30th 2003 no. 196 (Privacy Act), are observed
Taking care of the files regarding Credits and any other related document and/or obtained by the Sub-Servicer regarding Credits and their management, with any inherent and ancillary document, with care and professional diligence, keeping it separated and making it easily recognizable, granting confidentiality and security, adopting adequate protection tools for all paper and digital documents (concerning this, commitment to keep copies and back-up records through computer systems and adequate disaster recovery systems)
Identifying, investigating and selecting further Credits to be submitted to the Issuer for further purchases

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