Posted on 2 February, 2015 - 11:44 | Category : .
I – The units or obligations issued by a securitization vehicle or a similar entity referred to in article L.513-5 can only be refinanced by sources of funds that benefit from the privilege within the limit of the smallest of the sums presented below:
1. the outstanding units or obligations issued by a securitization vehicle or a similar entity and held by the SCF, excluding the specific units and obligations that support the risk of default by the debtors;
2. the sum of the principals due from loans in the assets of the securitization vehicle or similar entity, plus the cash in this securitization vehicle or similar entity as defined in article R.214-95;
3. the value of the property financed or mortgaged as collateral for loans recorded in the assets of the securitization vehicleor similar entity in the proportions specified in article R.515-2 in function of the nature of the fund’s assets. Income is complemented by cash and cash equivalents in the securitization vehicle or similar entity as defined in article R.214-95. These amounts are the sums recognized at the creation of a special purpose vehicle (fonds commun de créances) or similar entity, if appropriate upon subsequent reloading or when the units or obligations are booked by the SCF.
II.-The units or obligations mentioned in article L.515-16 issued by securitization vehicles or similar entities mentioned in the aforementioned article, of which the assets consist for at least 90% of loans granted to individuals to finance the construction or acquisition of housing or to finance at the same time the acquisition of land on which to build and the cost of construction of the dwelling as mentioned in the third paragraph of article R.515-2, may only be refinanced by obligations foncières and other resources benefiting from the privilege mentioned in paragraph 2 of part I of article L.513-2, issued by the SCF, within the limit of 10% of the nominal amount of obligations foncières and other privileged resources.
III.-The units or obligations mentioned in article L.513-5 issued by securitization vehicles or similar entities mentioned in the aforementioned article, of which the assets consist for at least 90% of loans mentioned in article L.513-3 and which are not concerned by part 2 above, may only be refinanced by obligations foncièresand other resources benefiting from the privilege mentioned in paragraph 2 of part I of article L.513-2, issued by the SCF, within the limit of 10% of the nominal amount of obligations foncières and other privileged resources.
IV.-Until December 31, 2013, the limit of 10% mentioned in parts II and III above is not applicable under the double condition that:
a) the loans that make up at least 90% of the assets of the securitization vehicle or similar entity mentioned in article L.513-5 have been sold by a company belonging to the same group, or by an organization affiliated to the same central entity as the SCF that issued the obligations foncières, with the equity interest being determined at the moment the units or securities mentioned in article L.513-5 effectively guarantee the obligations foncières.
b) a company belonging to the same group or to an organization affiliated to the same central entity as the SCF that issued the obligations foncières continues to hold units subordinated to the other types of units, in accordance with the modalities stipulated in article L.214-43.
V.-In the event that the units or obligations issued by a securitization vehicle or similar entity mentioned in article L.513-5 were financed by the SCF using privileged resources, the specific controller mentioned in article L.513-23 verifies that the assets underlying these units or obligations are at any time made up for at least 90% of receivables of the same nature as those mentioned in articles L.513-3 and L.513-4 and he checks that these units or obligations do not exceed the limits set in parts II and III.