CmaBylaw
Executive Bylaws
11-55 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
Assets of Special Purpose Vehicle Company shall be transferred by a real sale in accordance with the following provisions: 1. Contracted assets shall be separate from the originator’s assets and shall not be related any third party’s rights. 2. The Originator shall transfer all its rights and obligations related to the contracted assets to the Issuer and therefore the Originator shall not reserve any rights or benefits related thereto that may affect their transfer. 3. The Originator shall not own any share in the Issuer’s capital, either directly or indirectly. 4. The Originator shall not be in a position that enables it to exercise any control over the Issuer’s decisions. 5. The Issuer shall not have recourse against the Originator, unless the Originator provides credit enhancements to Sukuk structure. 6. Concerning the structure of Asset-Backed Sukuk, where the Originator acts in its capacity as a Servicer, the Servicer shall offer such services entirely on a commercial basis, taking into consideration the terms and conditions of such services at that time.
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