Our subsidiary company, CSC Entity Services provides qualified, truly independent directors,
managers, and springing members for special purpose entities (SPEs) used
in structured finance, credit, and securitization transactions. These entities
provide the structure by which a group of assets is isolated from the risk
of bankruptcy by (or against) the transferor of those assets, thus enhancing
the credit quality of the isolated assets. Generally, lenders and/or rating
agencies require that the SPE appoint at least one independent director
(or independent manager in the case of an SPE using a limited liability
company structure). This person is usually not permitted to be affiliated
with the parent company. The SPE's organizational documents typically require
the vote of greater than a simple majority of the directors (including the
vote of the independent directors) for the board to approve any bankruptcy
filing.
Our unique approach to risk management enables us to provide you with an unmatched level of precision, flexibility, speed, and value. Our "flat" organizational structure allows us to make critical decisions about desired language in your formation and transaction documents in hours, not days. Your deals are done when you need them, because we've set our business hours to be the same as yours. And, unlike other service providers, CSC Entity Services does not always require that you obtain costly D&O insurance for each transaction.
Our service fee is based on each entity's particular circumstances and is also impacted by the number of SPE's involved. Prior to accepting an appointment as independent director, the SPE's formation documents are reviewed to ensure the duties and indemnification provisions are consistent with the agreed upon services.
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