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Orphan structure or Orphan SPV or orphaning are terms used in structured finance closely associated with creating SPVs ("Special Purpose Vehicles") for securitisation transactions where the notional equity of the SPV is deliberately handed over to an unconnected 3rd party who themselves have no control over the SPV; thus the SPV becomes an "orphan" whose equity is controlled by no one.
A formal definition is "The Special Purpose Entity is a fenced organization having limited predefined purposes and a legal personality". [ 1 ] Normally a company will transfer assets to the SPE for management or use the SPE to finance a large project thereby achieving a narrow set of goals without putting the entire firm at risk.
Here is a simplified example to demonstrate the principle: For example: A bank transfers risk in its loan portfolio by entering into a default swap with a ring-fenced special purpose vehicle (SPV). The SPV buys gilts (UK government bonds). The SPV sells 4 tranches of credit linked notes with a waterfall structure whereby:
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
The platform is owned by GeM SPV (Special Purpose Vehicle) which is a 100 percent Government-owned, non-profit company under the Ministry of Commerce and Industries, Government of India. [ 4 ] GeM is a contactless, paperless and cashless online marketplace that replaced the Directorate General of Supplies and Disposals (DGS&D) in 2016.
Budd SPV-2000 rail car; Orange SPV, 2002 smartphone; Irish Section 110 Special Purpose Vehicle (SPV), type of company; Special purpose vehicle or special-purpose entity; Spectrum Pursuit Vehicle, a fictional vehicle; SPV GmbH, a German record label; Surface photovoltage, of a semiconductor; Simple payment verification of a Bitcoin transaction
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
An Irish Section 110 special purpose vehicle (SPV) or section 110 company is an Irish tax resident company, which qualifies under Section 110 of the Irish Taxes Consolidation Act 1997 (TCA) for a special tax regime that enables the SPV to attain "tax neutrality": i.e. the SPV pays no Irish taxes, VAT, or duties.