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The trust, at its creation, issued a class A certificate to the private sector investor evidencing its ownership interest in the Trust, and a class B certificate to the RTC evidencing its ownership interest.The class A certificate holder exercised those management powers typically associated with a general partner (that is, it controlled the operation of the trust), and the RTC, as the class B certificate holder, had a passive interest typical of a limited partner.

The following is a summary description of RTC Equity Partnership Programs: Under the Multiple Investor Funds (MIF) program, the RTC established limited partnerships (each known as a Multiple Investor Fund) and selected private sector entities to be the general partner of each MIF.

The RTC conveyed to the MIF a portfolio of assets (principally commercial non- and sub-performing mortgage loans) which were described generically, but which had not been identified at the time the MIF general partners were selected.

Prior to introducing the equity partnership program, the RTC had engaged in outright individual and bulk sales of its asset portfolios.

The pricing on certain types of assets often proved to be disappointing because the purchasers discounted heavily for unknowns regarding the assets, and to reflect uncertainty at the time regarding the real estate market.

While a number of different structures were used, all of the equity partnerships involved a private sector partner acquiring a partial interest in a pool of assets, controlling the management and sale of the assets in the pool, and making distributions to the RTC based on the RTC's retained interest.

The equity partnerships allowed the RTC to participate in any gains from the portfolios.The MIF general partner, on behalf of the MIF, engaged an asset manager (one or more entities of the MIF general partner team) to manage and liquidate the asset pool.The asset manager was paid a servicing fee out of MIF funds, and used MIF funds to improve, manage and market the assets.The RTC retained a limited partnership interest in the MIF.The MIF asset portfolio was leveraged by RTC-provided seller financing.Typically, the asset manager was a joint venture partner in the class A certificate holder.

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