Section 15Sec./Art. 15

Dissolution of the Special Purpose Entity (SPE). - The SPE shall be dissolved in the following cases:

(a) It fail to accept the transfer of assets or issue ABS to investors within six (6) months from the date of approval of the Plan unless extended by the Commission;

(b) Holders of at least two third (2/3) of the total amount of its ABS still outstanding have resolved to dissolve the SPE and the approval of the Commission has been obtained; in case the Originator of the assets is a bank or any other financial intermediary which under special laws, is subject to supervision of the BSP, or an entity directly or indirectly related to said bank or other financial intermediary, or in the event the SPE is constituted in the form of an SPT, an endorsement by the BSP shall be required prior to approval of the Commission;

(c) Conditions for dissolution that are specified in the Plan occur; or

(d) The Commission orders dissolution in accordance with Section 13 and 19.