Article 199. Credit privilege and further guarantees.

1. The credits of subjects who finance or refinance, in any form, the realization of public works, works of public interest or the management of public services have general privilege, pursuant to articles 2745 et seq. of the civil code, on movable assets , including credits, of the concessionaire, of special purpose companies, of companies entrusted, in any capacity, with public-private partnership contracts, or of general contractors. 2. The privilege, under penalty of nullity of the financing contract, must appear in a written document. The deed precisely describes the original financiers of the credits, the debtor, the principal amount of the loan or line of credit, as well as the elements that constitute the loan. 3. The enforceability of the lien on the assets against third parties is subject to the transcription, in the register indicated by article 1524, second paragraph, of the civil code, of the deed from which the privilege results. Notice of the establishment of the privilege is given by publication in the Official Gazette of the Italian Republic. The notice must contain the details of the registration. The transcription and publication are carried out at the competent offices of the place where the financed company is located. 4. Without prejudice to the provisions of article 1153 of the civil code, the privilege can also be exercised against third parties who have acquired rights on the goods that are the subject of the same after the transcription provided for in paragraph 3 of this article. In the event that it is not possible to assert the privilege against the third party purchaser, the privilege is transferred to the consideration. 5. In order to facilitate the bankability of the initiatives, all credits of the special purpose company, present and future, therein including those towards the contracting entity and other public administrations, may be pledged or transferred as guarantee by the company to banks or other financing entities, without the need for the consent of the assigned debtor, even when they are not yet liquid and collectable. 6. I assets on which the special purpose company holds real rights may be mortgaged or pledged only to guarantee loans contracted to finance or refinance the investments and needs envisaged by the public-private partnership contract. EFFECTIVE FROM: 1 July 2023