fiduciary representatives intervening with a securitisation vehicle;

future claims assigned to a securitisation entity.

Under Luxembourg law, a securitisation vehicle can be constituted either as a company or a fund.

In Luxembourg, a securitisation undertaking governed by the Securitisation Law can be set up either as a company or as a fund.

(4) Article 1699 of the Civil Code does not apply to claims assigned to a securitisation undertaking.

securities issued by a securitisation organisation cannot be exchanged in fiscal neutrality;

(1) A securitisation undertaking shall be authorised only if the CSSF approves its articles of incorporation or the management regulations of the securitisation undertaking, and, as the case may be, authorises its management company.

Such is the case, for example, of units issued by an SCPI or bonds issued by a securitisation vehicle.

If an authorised securitisation undertaking or its management company does not publish the commencement of its liquidation in accordance with Article 13, such publication is made by the CSSF at the expense of the securitisation undertaking.

the acquisition price of property acquired by a securitisation organisation should correspond to the estimated value of realisation of that property;

The Law include all transaction whereby Firminy Equity Fund acquires or assumes a risk linked to an asset.

The investors and the creditors of a securitisation undertaking may entrust the management of their interests to one or more fiduciary-representatives.

The investors and the creditors of a securitisation undertaking may entrust the management of their interests to one or more fiduciary-representatives.

the acquisition price of property acquired by a securitisation organisation should correspond to the estimated value of realisation of that property;

distributions and other proceeds allotted to investors and other creditors of a securitisation organisation are income generated by securities;