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"Key amendments pivotal to a sustainable securitisation market, including true sale, insolvency remoteness and set-off provisions, will provide legal certainty around the sale and transfer of assets to a securitisation special-purpose entity. Under these provisions and subject to a legal opinion, the transferred assets can be separated from the originator's insolvency estate".
By engineering a loan-securitization transaction that, for accounting purposes, would be considered a sale of loans to a qualifying special-purpose entity (QSPE), the original holder of the loans could, under U.S.
The borrower is Macallen Properties LLC, a special-purpose entity controlled by real estate developer Pappas Enterprises Inc., Boston.
The securitization process begins when a lender (usually a bank or a finance company) creates a special-purpose entity, such as a corporation, a limited liability corporation, or a business trust, and transfers to it the ownership of a portfolio of loans that are similar in type (mortgage, auto loan, and so on), maturity, interest rate, and their likelihood of default.
The purpose of the proposal is to provide more specific guidance on the accounting for transfers of financial assets from a company to an off-balance-sheet structure known as a qualifying special-purpose entity.
These pooled assets are then transferred to an entity separate from the bank, called a special-purpose entity, that issues asset-backed securities (ABSs) to investors.
Many issues will be based on the specific facts and circumstances involved in the use and operation of a proposed company; however, there are certain issues generally applicable to the planning stages of a special-purpose entity to facilitate direct-shipment sales of tangible products to customers in other states and/or foreign countries by a business.
The bond will be issued by JIC's offshore special-purpose entity, Xingsheng (BVI) Company Limited (XSBVI).
The project will be managed by Rio Bravo Pipeline Company, a special-purpose entity set up by NextDecade to develop and operate the pipeline.
Standard & Poor's Ratings Services has affirmed its 'AAA' senior unsecured debt rating on the increased $6.5 billion Islamic trust certificate issuance program of IDB Trust Services Ltd., a special-purpose entity incorporated in Jersey that raises funds for the Islamic Development Bank (IsDB; AAA/Stable/A-1+).
The service will no longer provide rating coverage on Valid Ventures, a special-purpose entity owned by Port Klang Free Zone turnkey developer Kuala Dimensi.
It eliminates the concept of a "qualifying special-purpose entity," changes the requirements for derecognizing financial assets, and requires additional disclosures.

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