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Eligibility Criteria
Eligibility Criteria must be approved by veANZ holders and all Eligible Transactions must adhere to the Eligibility Criteria. If an Eligible Transaction meets the Eligibility Criteria as verified by an independent 3rd party verification agent, the Eligible Transaction's borrower or investor must begin to pay Reserve Payments.
If the Eligible Transaction breaches Eligibility Criteria once active, the Reserve Payment due in arrears at the time of breach will be the last Reserve Payment until the breach is cured. Once a breach in Eligibility Criteria is cured, Reserve Payments will begin to accrue as of the last expected Reserve Payment had no breach occurred.

Current Eligibility Criteria for Private Securitizations approved by veANZ holders as of January 31, 2022

  1. 1.
    The distinct asset pool has a perfected security interest by a first or second lien in favor of the entity selling the debt instrument purchased by investors
  2. 2.
    The debt instrument purchased by investors and/or the underlying agreement affecting a true sale of the distinct asset pool in favor of the entity selling the debt instrument purchased by investors must:
    1. 1.
      Require surveillance reporting at least weekly that is readily available to investors
    2. 2.
      Have defined delinquency criteria to measure the performance of the distinct asset pool
    3. 3.
      Require all collections to be deposited directly (or swept within at least 5 business days into a non-commingled collections account that is subject to a DACA in favor of the secured party and other cash management provisions are in effect
    4. 4.
      Require overcollateralization to be tested at least on a weekly basis with no breach of minimum overcollateralization occurring at the time Eligible Sponsor presents an Eligible Transaction through the moment Anzen coverage is approved
    5. 5.
      Require quarterly compliance attestations and ensure they are completed no greater than 45 days past due
    6. 6.
      Do not permit a grace period for payments in excess of five (5) Business Days
  3. 3.
    Each Originator associated with the debt instrument purchased by investors must:
    1. 1.
      Have at least 2 years of origination history
    2. 2.
      Is required to provide sufficient data to generate surveillance reports
    3. 3.
      Is in good standing and has never defaulted historically with the Eligible Sponsor
    4. 4.
      Have not missed any payments outside of the 5 business day grace period in the last 6 months with the Eligible Sponsor

Note: The Eligibility Criteria above is subject to change per veANZ holder voting and all changes will be posted here. All changes published on this page will go into effect within 10 business days.