MORNBFI Vol. 1 - Planters Development Bank

§§ 4651Q.1 - 4651Q.408.12.31h. Issuer shall refer to the SPT thatissues the ABS.i. Originator shall refer to a QB and/or its subsidiary or affiliate engaged in alliedactivities that grants or purchases loans orreceivables and assembles them into a poolfor securitization.j. Residual certificates shall refer tocertificates issued representing claims on theremaining value of the asset pool after allABS holders are paid.k. Seller shall refer to the entity whichconveys to the SPT the assets that constitutethe asset pool.l. Servicer shall refer to the entitydesignated by the issuer primarily tocollect and record payments received onthe assets, to remit such collections to theissuer and perform such other services asmay be specifically required by the issuerexcluding asset management oradministration.m. Special purpose trust shall refer toa trust administered by a trustee and createdsolely for the purpose of issuing andadministering an ABS.n. Trustee shall refer to the entitydesignated to administer the SPT.o. Underwriter shall refer to the entityengaged in the act or process of distributingand selling of the ABS either on guaranteedor best-efforts basis.§ 4651Q.2 (2008 - 4626Q.2) AuthorityAny QB including its subsidiaries andaffiliates engaged in allied activities,may securitize its assets upon priorapproval of the BSP.§ 4651Q.3 (2008 - 4626Q.3) Managementoversight. The originator/seller shall havethe securitization program approved by itsboard of directors. The originator/seller shallintegrate such securitization program intoits corporate strategic plan. The board ofdirectors shall ensure that the securitizationof assets is consistent with such program.§ 4651Q.4 (2008 - 4626Q.4) Minimumdocuments required. The application tosecuritize must be accompanied by thefollowing documents as a minimumrequirement:a. Trust indenture evidencing theconveyance of the assets from the seller tothe issuer or SPT, the features of which shallinclude the following:(1) Title or nature of the contract innoticeable print;(2) The parties involved, indicating innoticeable print, their respective legalcapacities, responsibilities and functions;(3) Features and amount of ABS;(4) Purposes and objectives;(5) Description and amount of assetscomprising the asset pool;(6) Representation and warranties;(7) Credit enhancements;(8) Distribution of funds;(9) Authorized investment ofinvestible funds;(10) Rights of the investor;(11) Reports to investors; and(12) Termination and final settlement.The trust indenture shall include asannexes the servicing agreement betweenthe trustee and the servicer and theunderwriting agreement between the sellerand the underwriter.b. Prospectus. As a minimumrequirement, it shall contain the following:(1) Summary of the contents of theprospectus;(2) Description of each class ofcertificates, including such matters asprobable yields, payment dates and priorityof payments;(3) Description of the assetscomprising the asset pool as well as therepresentations and warranties set forth bythe originator and/or seller;(4) Assumptions underlying the cashflow projections for each class of certificate;(5) Description of any creditenhancement;Manual of Regulations for Non-Bank Financial Institutions Q RegulationsPart VI - Page 9