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Directive 2006/48/EC of the European Parliament and of the council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) (repealed)
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The securitisation documentation reflects the economic substance of the transaction;
The credit protection by which the credit risk is transferred complies with the eligibility and other requirements under Articles 90 to 93 for the recognition of such credit protection. For the purposes of this point, special purpose entities shall not be recognised as eligible unfunded protection providers.
The instruments used to transfer credit risk do not contain terms or conditions that:
impose significant materiality thresholds below which credit protection is deemed not to be triggered if a credit event occurs;
allow for the termination of the protection due to deterioration of the credit quality of the underlying exposures;
other than in the case of early amortisation provisions, require positions in the securitisation to be improved by the originator credit institution;
increase the credit institutions' cost of credit protection or the yield payable to holders of positions in the securitisation in response to a deterioration in the credit quality of the underlying pool; and
An opinion is obtained from qualified legal counsel confirming the enforceability of the credit protection in all relevant jurisdictions.
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