The following Banking & Finance guidance note Produced in partnership with Ed Bellamy, Victoria Morton and Charlie How of Paul Hastings LLP provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Brexit planning and impact—financial services, Brexit—impact on finance transactions—Key issues for securitisation transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.
This Practice Note examines the documents which are required for a residential mortgage backed securities (RMBS) transaction from pricing to closing, including the key parties of each document and the main points to consider in each document.
The key documents are:
subscription agreement/note purchase agreement
agreed upon procedures letter
deed of charge
paying agency agreement
mortgage sale agreement
mortgage administration agreement
standby mortgage administration agreement
cash management agreement
liquidity facility agreement
master definitions schedule
corporate services agreement
bank account agreement
risk retention memorandum
risk retention letter, and
reporting designation letter
Each of these will be considered in turn below.
The following documents will be agreed and signed prior to the announcement and pricing of the RMBS transaction.
Parties involved in the preparation:
The offering document is the key regulatory disclosure and marketing document in connection with the issuance of the RMBS. Adequate disclosure
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