Past version: effective from 21/10/2015 - 20/10/2015
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(1) An off balance sheet SE Exposure will receive a 100% CCF unless:
(a) the Exposure qualifies as an eligible liquidity facility, or
(b) the Exposure is an eligible Servicer cash advance facility.
(2) In relation to (1), an eligible Servicer cash advance facility is a facility provided to a securitisation in order to ensure uninterrupted flow of payments to investors. As long as the Servicer is entitled to full reimbursement and this right is senior to all other claims on cash flows from the underlying pool of Exposures, and where these facilities meet the requirements of 4.14.44 and are unconditionally cancellable at any time, any undrawn commitments can then have a 0% CCF applied.