Article 6-1. Legal regime of allocated assets The Law on Project Financing and Securitization

Home / RLA / Article 6-1. Legal regime of allocated assets The Law on Project Financing and Securitization

1. The formation of allocated assets is carried out as a result of the assignment of the rights of claim of the contractor under the basic contract for project financing, as well as as a result of the assignment of the rights of claim of the originator during securitization in favor of a special financial company and as a result of the conclusion of other agreements to create additional collateral in transactions of project financing and securitization.

2. The allocated assets are separated from the special financial company's own funds and any other assets owned by any other person or related to any other securitization transaction, until the special financial company fulfills its obligations secured by the allocated assets.

3. The allocated assets are used in the interests of protecting creditors' rights in project financing and securitization. The use of the allocated assets for other purposes is not allowed.

4. Foreclosure on allocated assets may be levied only by the originator and (or) bondholders of a special financial company (a representative of the bondholders of a special financial company) to fulfill the obligations of a special financial company in the framework of project financing or securitization transactions.

The Law of the Republic of Kazakhstan dated February 20, 2006 No. 126.

This Law establishes the legal basis and conditions for project financing and securitization in the Republic of Kazakhstan, defines the specifics of the assignment of claims and the legal regime of property in project financing and securitization, the legal status of a special financial company, as well as the legal basis and conditions for syndicated financing.

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