{"investor_group_id":"1","date_received":"2026-02-27","question_original":"4. Collateral valuation and monitoring : Beyond the initial conservative valuation (66% of fiscal value), is there any form of periodic reassessment or monitoring of collateral coverage for reporting purposes, even if no automatic top-up mechanism is foreseen?","internal_owner_id":"3","draft_answer":"Yes. Even though no automatic top-up or dynamic over-collateralization mechanism is currently foreseen, collateral coverage will be subject to periodic monitoring and reporting.\r\n\r\nAt closing, the pledged assets will reflect a conservative valuation approach (approximately 150% collateral coverage, i.e., ~66% LTV based on fiscal values). Beyond that initial position:\r\n- The status of pledged parcels (ownership, encumbrances, zoning) will be periodically verified through updated registry extracts;\r\n- Sales progress and remaining secured inventory will be reported to investors on a quarterly basis;\r\n- The estimated market positioning of remaining lots will be reviewed internally and may be benchmarked against comparable transactions in the area.\r\n\r\nShould a material and sustained decline in collateral coverage occur due to extraordinary circumstances, appropriate structural adjustments (e.g., substitution of parcels, additional pledges, or reallocation of unsold inventory) may be implemented to preserve overall security integrity.\r\n\r\nThis approach ensures ongoing transparency and prudent asset monitoring, even in the absence of an automatic top-up trigger.","final_answer":"","status":"In progress","priority":"Medium","version":"V1 2026-02-27","update_date":"2026-02-27","linked_faq_id":"3","notes":"Ici l\u2019investisseur teste si nous avons une logique de surveillance active du collateral, m\u00eame sans m\u00e9canisme automatique de top-up.","updated_at":"2026-02-27 11:32:08"}