Section 8Sec./Art. 8

Submission of SVP Plan. After the establishment of an SPV pursuant to Section 4 hereof, an SPV Plan shall be submitted to the Commission for approval, which shall include the following:

(a) Investment policies of the SPV;

(b) Contribution plan including the amounts and draft of subscription documents;

(c) Features of the IUIs including the specific amounts issued and/or to be issued;

(d) Rights of the holders of the IUIs;

(e) Draft agreements for the appointment of trustees and agents with respect to the IUIs and the NPLs acquired from an FI;

(f) Name of the external auditor of the SPV;

(g) Roles and responsibilities of the trustees, advisors, loan servicers and property managers;

(h) Draft form of financial reports of the SPV;

(i) Details of distribution policies;

(j) Methods for the increase and decrease of future fund contribution;

(k) Methods for the alteration or modification of the approved SPV Plan;

(l) Methods for the liquidation and distribution of assets to the holders of IUIs;

(m) Details of credit enhancements like guarantees or standby letters of credit or advances that may be extended to the SPV by an entity which shall not be the selling FI, its parent, subsidiaries or affiliates; and

(n) Such other documents or information as may be required by the Commission.