Glossary / finance terms
Back-up manager (back-up servicer)
A third party appointed at closing to take over managing the assets if the sponsor-manager fails or is removed. A standing back-up reassures investors and rating agencies that the cash flow can continue without the sponsor.
In the filed deals
Vantage Cardiff's offering circular names a Back-Up Manager among the transaction parties paid ahead of noteholders.
For in-house counsel
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Explanatory definition, not a statement that a particular transaction contains this term or a substitute for its contractual definition.
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