3/22/2023 0 Comments Mraft impact clientThe rating on the note is primarily based on the Long Term (LT) debt rating of Credit Suisse AG. Following a Note Amortization Event, each series of notes will be paid principal on a pro-rata basis. Per the transaction documents, additional series of notes can be issued in the future. While the Issuer's payment obligations on the notes are not directly guaranteed by Credit Suisse, the payment obligations of the Seller to the Issuer under the MRA match the payment obligations of the Issuer under the indenture. The notes are secured by the Issuer's rights under the MRA as well as the purchased mortgage loans and related repurchase assets. The repurchase obligation is full recourse to Credit Suisse, where Credit Suisse is responsible for any face amount shortfall that is not covered by the sale of the eligible mortgage loans. Credit Suisse AG, Cayman Islands Branch (the Seller), a branch of Credit Suisse AG (Credit Suisse, rated A1 Outlook Positive), will periodically sell eligible mortgage loans to, and simultaneously agree to repurchase the same eligible mortgage loans from the Issuer pursuant to a master repurchase agreement (the MRA). Similar to prior MRAFT series, MRAFT 2020-3 series of notes issued will be used to finance the purchase of agency eligible, first lien residential mortgage loans from Credit Suisse AG, Cayman Islands Branch under a master repurchase agreement. In addition, Class A (Category A-1) and Class A (Category A-2) notes of MRAFT 2020-3 will be paid principal and interest on a pro-rata basis. Noteholders' consent will not be required for Rebalancing of notes.įollowing a Note Amortization Event, each series of note will be paid principal on a pro-rata basis. Rebalancing of notes will be allowed only if it is permitted under its respective indenture supplement and any alteration to the capital structure will preserve the pro-rata pari-passu feature of the notes and series outstanding in the Mortgage Repurchase Agreement Financing Trust. In addition, the Buyer's Administrator (Credit Suisse First Boston Mortgage Capital LLC) will also have the right to alter the capital structure of the Issuer in order to divide a series of notes into one or more classes or categories ("Rebalancing"). Similar to other series issued by MRAFT, in the future, the issuer may increase the principal balance ("Upsize") of MRAFT 2020-3 subject to a number of conditions including (i) the Indenture Trustee receiving prior written notice of the Upsize (ii) the Indenture Trustee receiving certain opinions of counsel required under the Indenture. Mortgage Repurchase Agreement Financing Trust (MRAFT, Issuer), has issued its tenth series (MRAFT 2020-3) backed by a revolving warehouse facility with an expected repayment date of July 23, 2021. Issuer: Mortgage Repurchase Agreement Financing Trust, Series 2020-3Ĭlass A Notes (Category A-1), Definitive Rating Assigned A1Ĭlass A Notes (Category A-2), Definitive Rating Assigned A1 The complete rating actions are as follows:
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