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Project update

Vegafría II

May 24, 2023

Update from the originator: 

The originator informs you that the borrower has made the agreed partial payment + interest for the Vegafria II project . 

The work has not yet been finished due to the problems that arose in the construction and that were already exposed in the last renovation and the company did not have sufficient liquidity until the sale of these assets to make full payment in a timely manner.

Even so, with the current treasury and according to the payment plan, an amortization of 100,000 euros will be paid within the agreed term + all the interest accrued to date.


February 22, 2023

Update from the originator: 

The originator informs you that Descontia SL ( Grup Kota ) has contacted us to update us on the situation of the Vegafria II project . 

Vegafría II expires today 02.17.2023.

The developer has asked the originator for an automatic extension of 6 months maintaining the same conditions agreed in the contract and it was renewed until 02.17.2023

The work has not yet been finished due to the problems that arose in the construction and that were already exposed in the last renovation and the company does not have sufficient liquidity until the sale of these assets to fully meet the payment.

Even so, with the current treasury, a first amortization of 80,000 euros will be paid on the same day of maturity + all the interest accrued to date. The originarot is aware of the transfer made and it will be paid to investors immediately upon receipt.

A subsequent payment schedule has also been agreed, as well as an interest rate compensation.

On 05.17.2023 you will pay 100,000 euros more + the interest accrued to date at 10.5% per year
On 07.17.2023, you will make the last payment of the remaining 100,000 euros + the final interest accrued at 10.5% per year
We attach an explanatory letter from the promoter with the payment commitment acquired.

The promoter also tells the originator that if the process can advance, the cancellation will take place in advance

The originator has analyzed the evolution of the project and confirms that the circumstances exist to proceed with the automatic extension and not raise a vote so that it does not occur, therefore:

For all purposes, the new expiration date of Vegafria II is extended to 07.17.2023, but with partial amortizations on the next 05.17.2023 and the final payment on 07.17.2023.


August 03, 2022

Update from the originator:

As the originator informed you last Friday, July 29, Descontia SL ( Grup Kota ) requested an automatic extension of the Vegafria II loan contract for 6 months, as allowed and established in art. 7.4 of the signed contract. The originator informs you that this automatic extension has been granted for the 6 months requested.

As a result of this extension, there is a novation of the contract and it has been signed before a notary today, August 3, which contemplates the new expiration date of the loan, 02.17.2023, and maintaining the same conditions agreed to date.


July 29, 2022

Update from the originator:

The originator would like to inform you that Descontia SL ( Grup Kota ) has contacted them to update the situation of the Vegafria II project. 

Vegafría II expires on 17.08.2022. The art. 7.4 of the contract signed with the investors says the following:

In the event that on the Maturity Date the Promoter proves that it does not have sufficient financial capacity to satisfy the amounts pending amortization, the Loan will be automatically extended for six (6) more months, except that during the fifteen (15) days prior on the Due Date most Lenders agree otherwise. 

This decision of the Majority of Lenders not to extend the Loan will be communicated by the Promoter through the Platform, enabling voting within fifteen (15) days prior to the Expiration Date. 

For the purposes of carrying out the vote regarding the non-application of the automatic extension of this Contract, the information obtained will be provided and, among other aspects, the procedure for adopting said decision will be communicated through the Platform, all in accordance with this Agreement.

The possibility of approving the automatic extension is agreed upon a maximum of two times, so that at most the Expiration Date may be extended by virtue of this clause for a period of twelve (12) months in total. 

Taking advantage of the aforementioned clause, Descontia requests an automatic extension of 6 months, maintaining the same conditions agreed to date.

With the currently existing treasury, the first phase of Vegafria will be paid, since it has just sold an asset to meet that payment.

The project, as we mentioned in the last update, has 50% of the flats sold, there is no mortgage charge, so only with the deed of the 3 homes sold, it can deal with the debt incurred without any problem.

In this requested grace period, it is expected to finish the work and proceed with the sales mentioned above.

The promoter also tells the originator that if the process can be advanced, the cancellation will take place before those 6 months requested.

The originator has analyzed the evolution of the project and the originator confirms that the circumstances exist to proceed with the automatic extension and not raise a vote so that it does not occur, therefore:

For all purposes, the new expiration date of Vegafria II is extended to 17.02.2023.


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