Art. 186. Preferential credits

1. The credits of the parties that finance or refinance, in any manner, including by underwriting bonds and similar securities, the realization of public works, works of public interest or the management of public services shall have a general preference, in accordance with Articles 2745 et seq. of the Italian Civil Code, on the moveable assets, including receivables, of the licensee and project company that are licensees or the successful tenderers of public-private partnerships or general contractors, in accordance with Article 194.

2. The preference, on penalty of nullity, must be set forth in a written instrument. The act must precisely describe the original lenders of the receivables, the debtor, the amount of principal of the loan or the line of credit, as well as the elements that constitute the loan.

3. The enforcement by third parties of a preference on assets is subject to the transcription of the act from which the preference arises in the register indicated in Article 1524, paragraph 2, of the Italian Civil Code. The establishment of the preference shall be reported by publication in the Official Journal of the Italian Republic; the notice must indicate the details of the transcription made. The transcription and publication must be made care of the competent offices of the place where the financed company has its registered office.

4. Without prejudice to what is provided by Article 1153 of the Italian Civil Code, the preference can also be exercised with respect to third parties who have acquired rights to the assets that are the object of the preference after the transcription provided in paragraph 3. In the case in which it is not possible to enforce the preference with respect to a third-party buyer, the preference shall be transferred to the consideration.