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Eligible Transactions
Eligible Transactions are presented by an Eligible Sponsor to the veANZ holders and must meet Eligibility Criteria. All Eligible Transactions are deemed to meet Eligibility Criteria from an independent 3rd party verification agent before automatically approved by veANZ holders. Once approved, the Eligible Sponsor will coordinate with the Eligible Transaction's borrowers and/or investors to execute a Reserve Agreement with Anzen that will allow for Reserve Payments to accrue and stipulate the conditions in which Anzen coverage will apply. The process by which an Eligible Transaction obtains Anzen coverage is as follows:
  1. 1.
    Eligible Sponsor identifies a transaction that it believes meets the Eligibility Criteria and is therefore a prospective Eligible Transaction
  2. 2.
    Eligible Sponsor submits the prospective Eligible Transaction and all of its supporting documentation to Anzen
  3. 3.
    Anzen's independent 3rd party verification agent will review the Eligible Sponsor's submission, may ask clarifying questions or follow up information, and make a determination and communicate with the Eligible Sponsor within 5 business days whether or not the prospective Eligible Transaction meets the Eligibility Criteria
    1. 1.
      If the independent 3rd party verification agent concludes that the prospective Eligible Transaction does not meet Eligibility Criteria, it will provide a Statement of Ineligibility outlining the reasons why the prospective Eligible Transaction does not meet the Eligibility Criteria
    2. 2.
      If the independent 3rd party verification agent concludes that the prospective Eligible Transaction does meet Eligibility Criteria, it will provide a Statement of Eligibility outlining the steps it took to verify that the prospective Eligible Transaction meets the Eligibility Criteria and is therefore an Approved Eligible Transaction
  4. 4.
    veANZ holders will be notified by the Anzen submission system on all Approved Eligible Transactions and will initiate coverage by executing the Reserve Agreement with whomever the Eligible Sponsor elects to be the counterparty - typically the Eligible Transaction's borrowers or investors - and the Anzen team
  5. 5.
    Reserve Payments will begin to accrue per the outlined schedule in the Reserve Agreement that coincides with the Approved Eligible Transaction's payment dates, with collections directed into the Anzen treasury
  6. 6.
    The Eligible Sponsor, as a party to the Reserve Agreement, will be responsible for ensuring ongoing reporting requirements to the independent 3rd party verification agent, as another party to the Reserve Agreement, to ensure adherence to Eligibility Criteria and coordinate the process in the event of a Covered Default

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