Definitions
 1. (1) In this Regulation, “authorized name” means, in relation to a brokerage, any name in which the brokerage is licensed; (“nom autorisé”) “authorized trust account” means, in relation to a brokerage, its mortgage brokerage trust account established in accordance with section 50; (“compte en fiducie autorisé”) “business day” means a day that is not a Saturday or holiday within the meaning of section 87 of the Legislation Act, 2006; (“jour ouvrable”) “deemed trust funds” means, in relation to a brokerage, money that is deemed by section 49 to be held in trust by the brokerage; (“fonds réputés détenus en fiducie”) “investor” means a person or entity who makes an investment in a mortgage through the purchase or exchange of a loan or an interest in a loan on the security of real estate; (“investisseur”) “permitted client” has the same meaning as in section 1.1 of National Instrument 31-103 (“Registration Requirements, Exemptions and Ongoing Registrant Obligations”), being a rule of the Ontario Securities Commission, as that rule read on February 18, 2021; (“client autorisé”) “public relations materials” means, in relation to a brokerage, (a)  any advertisement by the brokerage in connection with its business as a brokerage that is published, circulated or broadcast by any means, or (b)  any material that a brokerage makes available to the public in connection with its business as a brokerage; (“document de relations publiques”) “qualified syndicated mortgage” has the meaning set out in subsection (2); (“hypothèque syndiquée admissible”) “syndicated mortgage” means a mortgage in which two or more persons participate, directly or indirectly, as a lender or investor in a debt obligation that is secured by the mortgage; (“hypothèque syndiquée”) “trade completion date” means, in relation to a mortgage, the earlier of, (a)  the date on which an investor, or a brokerage on behalf of an investor, enters into an agreement to trade in the mortgage, or (b)  the date on which the trade in the mortgage is completed. (“date de conclusion de l’opération”)  O. Reg. 188/08, s. 1; O. Reg. 96/18, s. 1 (1); O. Reg. 695/20, s. 1 (1-3); O. Reg. 36/22, s. 1. (2) A syndicated mortgage is a qualified syndicated mortgage if all of following criteria are satisfied in respect of the syndicated mortgage: 1.  The syndicated mortgage secures a debt obligation on property that, i.  is used primarily for residential purposes, ii.  includes no more than four units, and iii.  includes no more than one unit that is used for non-residential purposes. 2.  The syndicated mortgage does not secure a debt obligation incurred for the construction or development of property. 3.  At the time the syndicated mortgage is arranged, the amount of the debt it secures, together with all other debt secured by mortgages on the property that have priority over, or the same priority as, the syndicated mortgage, assuming in all cases that the maximum amounts of any such mortgages are fully drawn, does not exceed 90 per cent of the fair market value of the property relating to the mortgage, excluding any value that may be attributed to proposed or pending development of the property. 4.  The syndicated mortgage cannot be subordinated to future financing without the consent of each lender. 5.  There is no existing agreement that requires any lender of the syndicated mortgage to consent to future subordination of the syndicated mortgage. 6.  No person has the ability to consent to future subordination of the syndicated mortgage on behalf of the lenders of the syndicated mortgage without obtaining the consent of each lender. O. Reg. 695/20, s. 1 (4). (3) Revoked: O. Reg. 695/20, s. 1 (4).