# Eligibility Critera

Eligibility Criteria must be approved by the Credit Committee and all Eligible Assets must adhere to the Eligibility Criteria. If an Eligible Asset meets the Eligibility Criteria as verified by an independent 3rd party verification agent, the Eligible Asset can be considered for inclusion as a collateral asset.

### Current Eligibility Criteria for [Private Securitizations](/private-credit/private-securitizations.md) approved by the Credit Committee as of January 31, 2022

1. The [distinct asset pool](/private-credit/private-securitizations/deal-structures/diversification.md) has a [perfected security interest](/private-credit/private-securitizations/deal-structures/bankruptcy-remoteness.md) by a first or second lien in favor of the entity selling the [debt instrument](/private-credit/private-securitizations/deal-structures/debt-instrument.md) purchased by [investors](/private-credit/private-securitizations/transaction-parties/investors.md)
2. The debt instrument purchased by investors and/or the underlying agreement affecting a [true sale](/private-credit/private-securitizations/deal-structures/bankruptcy-remoteness.md) of the distinct asset pool in favor of the entity selling the debt instrument purchased by investors must:
   1. Require surveillance reporting at least biweekly that is readily available to investors
   2. Have defined delinquency criteria to measure the performance of the distinct asset pool
   3. Require all collections to be deposited directly (or [swept](/private-credit/private-securitizations/deal-structures/cash-control.md) within at least 5 business days into a non-commingled collections account that is subject to a [DACA ](/private-credit/private-securitizations/deal-structures/cash-control.md)in favor of the secured party and other cash management provisions are in effect
   4. Require [overcollateralization](/private-credit/private-securitizations/deal-structures/credit-enhancements.md) to be tested at least on a biweekly basis with no breach of minimum overcollateralization occurring at the time [Eligible Sponsor](broken://pages/WkJLLkLUM7u9hhxKWh26) presents an Eligible Transaction through the moment Anzen coverage is approved
   5. Require quarterly compliance attestations and ensure they are completed no greater than 45 days past due
   6. Do not permit a grace period for payments in excess of five (5) Business Days
3. Each [Originator ](/private-credit/private-securitizations/transaction-parties/originators.md)associated with the debt instrument purchased by investors must:
   1. Have at least 2 years of origination history
   2. Is required to provide sufficient data to generate surveillance reports
   3. Is in good standing and has never defaulted historically with the Eligible Sponsor
   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 the Credit Committee and all changes will be posted here. All changes published on this page will go into effect within 10 business days.


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