medium · Asset-Backed Securities abs-core
Which characteristic of an SPE prevents it from being considered the 'alter ego' of the originator?
- The SPE's board of directors is composed of exactly the same individuals who sit on the originator's own board.
- The SPE maintains corporate formalities, such as holding its own board meetings and keeping separate minutes.
- The SPE's sole source of ongoing funding is a direct, uncollateralized revolving loan extended by the originator itself.
- The SPE prominently displays the originator's own logo and branding on all of its investor reports.
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