A Guide to the Law of Securitisation in Australia - Clayton Utz

12.7.3 Euroentitlements................................................................................................................................................................ 6912.7.4 Dematerialised Securities.................................................................................................................................................. 6912.8 The settlement of transactions through Austraclear......................................................................................................................6912.8.1 Cash Account and Security Record.................................................................................................................................... 6912.8.2 Payment.............................................................................................................................................................................. 7012.8.3 Back-up settlement facility................................................................................................................................................. 7012.9 Conclusion....................................................................................................................................................................................... 7013 Commercial mortgage–backed securities......................................................................................................................................7113.1 Overview of CMBS..........................................................................................................................................................................7113.2 Structural features.......................................................................................................................................................................... 7113.2.1 Further indebtedness ........................................................................................................................................................ 7113.2.2 Amortisation and refinancing.............................................................................................................................................7113.2.3 Cross-collateralisation .......................................................................................................................................................7113.2.4 Right to deal in properties..................................................................................................................................................7113.3 Other relevant considerations for CMBS....................................................................................................................................... 7213.3.1 Insurance.............................................................................................................................................................................7213.3.2 Capital expenditure............................................................................................................................................................ 7214 Synthetic securitisations .................................................................................................................................................................. 7314.1 Introduction..................................................................................................................................................................................... 7314.2 Insurance contract........................................................................................................................................................................... 7314.3 Gaming........................................................................................................................................................................................... 7414.4 Conclusion....................................................................................................................................................................................... 7415 Conclusion .........................................................................................................................................................................................................7516 Clayton Utz .........................................................................................................................................................................................................765