MIK Asset *** SPC LLC issues RMBS consisting of senior and junior tranches.
The junior tranche shall be retained by each originator in an amount proportionate to the mortgage loans sold by it to the issuer in the period of time in accordance with the Residential Mortgage Financing Procedure approved by the Bank of Mongolia on June 14, 2013, whilst the senior tranche shall be delivered by the originators to BoM as partial repayment for the soft loans granted by BoM to the originators.
The monthly installments of the mortgage loans in the portfolios will be received from the originators at least on a monthly basis and utilized by MIK Asset *** SPC LLC for interest payments on and redemptions of the RMBS
The originators, in their capacity as servicers, will continue to administer their respective portfolios after the securitization exercise.
MIK has been appointed as the transaction administrator, the fiduciary manager, and the security agent for the transaction. The transaction administrator will receive the servicer's monthly reports on the portfolios from the originators (in their capacity as servicers) and reconcile, amongst others, the amounts received against the amounts expected to be received.
MIK Asset *** SPC LLC issues RMBS consisting of senior and junior tranches.
The junior tranche shall be retained by each originator in an amount proportionate to the mortgage loans sold by it to the issuer in the period of time in accordance with the Residential Mortgage Financing Procedure approved by the Bank of Mongolia on June 14, 2013, whilst the senior tranche shall be delivered by the originators to BoM as partial repayment for the soft loans granted by BoM to the originators.
The monthly installments of the mortgage loans in the portfolios will be received from the originators at least on a monthly basis and utilized by MIK Asset *** SPC LLC for interest payments on and redemptions of the RMBS
The originators, in their capacity as servicers, will continue to administer their respective portfolios after the securitization exercise.
MIK has been appointed as the transaction administrator, the fiduciary manager, and the security agent for the transaction. The transaction administrator will receive the servicer's monthly reports on the portfolios from the originators (in their capacity as servicers) and reconcile, amongst others, the amounts received against the amounts expected to be received.
