KBRA Releases Research – Spotlight on WBS Back-Up Managers

KBRA releases research examining a recent transition to a back-up manager in a whole business securitization (WBS), the first instance in KBRA-rated WBS. According to the transaction documents, a manager termination event was declared following the breach of certain transaction terms, with the back-up manager having to step in to maintain operational continuity.

Given the securitization of whole businesses entails the contribution of substantially all of a company’s revenue-generating assets to the trust, typical transaction documents require the appointment of a back-up manager if a manager cannot fulfill certain obligations.

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