What entity is the “sponsor” that must sign the Issuer Certification and the Indemnity Undertaking?
The “sponsor” for purposes of the issuer certification and indemnity undertaking for non-mortgage-backed ABS, in both public and private offerings for TALF eligible non-mortgage-backed ABS, will be the legal entity that is the sponsor of the ABS issuance. The “sponsor” for purposes of the issuer certification and indemnity undertaking for CMBS, in both public and private offerings for TALF eligible CMBS, will be the legal entity that is a sponsor of the CMBS issuance and affiliated with the depositor. For both non-mortgage-backed ABS and CMBS, if the sponsor is a special purpose vehicle, the sponsor’s direct or indirect ultimate parent must also execute the indemnity undertaking.
The “sponsor” for purposes of the issuer certification and indemnity undertaking for non-mortgage-backed ABS, in both public and private offerings for TALF eligible non-mortgage-backed ABS, will be the legal entity that is the sponsor of the ABS issuance. The “sponsor” for purposes of the issuer certification and indemnity undertaking for newly issued CMBS, in both public and private offerings for newly issued TALF eligible CMBS, will be the legal entity that is a sponsor of the CMBS issuance and affiliated with the depositor. For both non-mortgage-backed ABS and newly issued CMBS, if the sponsor is a special purpose vehicle, the sponsor’s direct or indirect ultimate parent must also execute the indemnity undertaking.
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