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Criterion B10: Payment Priorities and Observability (Conduit Level)
No: 44047144
Date(g): 27/12/2022 | Date(h): 4/6/1444
Effective from Jan 01 2023 - Dec 31 2022 To view other versions open the versions tab on the right
18.137
The commercial paper issued by the ABCP programme should not include extension options or other features which may extend the final maturity of the asset-backed commercial paper, where the right of trigger does not belong exclusively to investors. The sponsor should:
(1)
Make representations and warranties to investors that the criterion set out in 18.138 to 18.143 is met and in particular, that it has the ability to appropriately analyze the cash flow waterfall for each transaction which qualifies as a securitization; and
(2)
Make available to investors a summary (illustrating the functioning) of these waterfalls and of the credit enhancement available at programme level and transaction level.
