(a) the exercise of the
Clean-Up Call must not be mandatory, in form or substance;
Clean-Up Call must not be structured to avoid allocating losses to Credit Enhancements, or positions held by investors or in any way structured to provide Credit Enhancement; and
Clean-Up Call must only be exercisable when 10% or less of the original underlying Exposures or Securities issued in that securitisation remains, or in the case of a Synthetic Securitisation, when 10% or less of the original reference portfolio value remains.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]