Paragraph 2: Provisions specific to securitisation undertakings

The securitisation undertaking's custodian is responsible for the safekeeping of the cash and of the original deeds, or, failing this, copies, from which the undertaking's receivables arise.

However, the assignor or the entity responsible for collecting the receivables assigned to the securitisation undertaking may ensure the safekeeping of the deeds from which the receivables referred to in 1° of Article D. 214-219 arise, subject to the following cumulative conditions:

1° The entity's custodian is responsible for keeping the documents transferring these receivables to the entity and the acceptance documents referred to in Article D. 214-227-1;

2° The assignor or the person or institution responsible for collecting the receivables assigned to the undertaking shall, under its responsibility, keep the contracts and other documents relating to these receivables and to the securities, guarantees and ancillaries attached thereto, and to this end shall put in place documented safekeeping procedures and regular independent internal controls to ensure that these procedures are complied with;

3° In accordance with the procedures defined in an agreement between the assignor or the person or entity responsible for collecting the receivables assigned to the undertaking, the custodian and the undertaking's management company:

a) The organisation's custodian ensures, on the basis of a declaration from the assignor or the entity responsible for collection, that the procedures referred to in 2° have been put in place. This declaration must enable the entity's custodian to verify that the assignor or the entity responsible for collecting the receivables has put in place procedures guaranteeing the reality of the receivables assigned and the securities, guarantees and accessories attached thereto and the security of their safekeeping and that these receivables are collected for the sole benefit of the entity;

b) At the request of the entity's management company or custodian, the assignor or the entity responsible for collecting the receivables assigned to the entity must promptly provide the custodian or any other entity designated by the custodian and the entity's management company with the originals or, failing this, copies of the contracts and media referred to in 2°.

The fund rules or articles of association shall specify the procedures for the safekeeping of the documents giving rise to the claims.