Q3.8 - What are the estimated enforcement and recovery costs, and how would they be funded? - FAQ
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Q3.8

What are the estimated enforcement and recovery costs, and how would they be funded?

Guarantees and Collateral 31/12/2025
Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer/project level and/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.
Autres questions dans "Guarantees and Collateral"
Q3.1

Which Costa Rican real estate assets will be pledged as collateral for the Luxembourg bonds?
Q3.2

How will these parcels be valued for collateral purposes?
Q3.3

Is a first-ranking mortgage on the land feasible and legally enforceable?
Q3.4

Are there any other debts or encumbrances that could dilute investor protection?
Q3.5

What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land?
Q3.6

What is the rationale for using 66% of the official fiscal value, rather than an independent market valuation, as the reference for collateral coverage?
Q3.7

Who will be the legal holder of the first-ranking mortgage in Costa Rica (bondholders directly, a security agent, or a trustee)?
Q3.8 Actuelle

What are the estimated enforcement and recovery costs, and how would they be funded?
Q3.9

Upon enforcement, would bondholders become direct owners of the land, or would ownership pass through a local SPV or fiduciary structure?
Q3.10

Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?
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