Commercial mortgage-backed securities.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (2) (3) (ii) No third-party purchaser obtains financing, directly or indirectly, for the purchase of such interest from any other person that is a party to, or an affiliate of a party to, the securitization transaction (including, but not limited to, the sponsor, depositor, or servicer other than a special servicer affiliated with the third-party purchaser), other than a person that is a party to the transaction solely by reason of being an investor. (4) (5) (ii) Notwithstanding paragraph (b)(5)(i) of this section, a third-party purchaser may be affiliated with: (A) The special servicer for the securitization transaction; or (B) One or more originators of the securitized assets, as long as the assets originated by the affiliated originator or originators collectively comprise less than 10 percent of the unpaid principal balance of the securitized assets included in the securitization transaction at the cut-off date or similar date for establishing the composition of the securitized assets collateralizing the asset-backed securities issued pursuant to the securitization transaction. (6) (i) The appointment of an operating advisor (the Operating Advisor) that: (A) Is not affiliated with other parties to the securitization transaction; (B) Does not directly or indirectly have any financial interest in the securitization transaction other than in fees from its role as Operating Advisor; and (C) Is required to act in the best interest of, and for the benefit of, invest

official document · source cfr-2024 · id 12:§ 244.7