82,891
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 23: | Line 23: | ||
==Multi-issuance [[repackaging]] vehicles: secured, limited recourse== | ==Multi-issuance [[repackaging]] vehicles: secured, limited recourse== | ||
{{Repackaging limited recourse capsule}} | {{Repackaging limited recourse capsule}} | ||
===Extinction versus no debt due?=== | |||
{{extinction vs no debt due}} | {{extinction vs no debt due}} | ||
Line 63: | Line 63: | ||
**'''Corporate structure''': by means of a specialist corporate structure providing for segregation of the [[corporate personality]] into little cells which may<ref>such a company and [[incorporated cell company]].</ref> or may not<ref>Such a company a [[segregated portfolio company]].</ref> have their own [[legal personality]] (if the [[SPV]] is a [[segregated portfolio company]] or an [[incorporated cell company]]); | **'''Corporate structure''': by means of a specialist corporate structure providing for segregation of the [[corporate personality]] into little cells which may<ref>such a company and [[incorporated cell company]].</ref> or may not<ref>Such a company a [[segregated portfolio company]].</ref> have their own [[legal personality]] (if the [[SPV]] is a [[segregated portfolio company]] or an [[incorporated cell company]]); | ||
*'''No set-off or netting between cells''': [[Netting]] and [[set-off]] will be limited to the specific [[cell]] you are facing: this means if your deal goes down, others issued from the same [[SPV]] can continue unaffected — boo — ''and vice versa'' — hooray. | *'''No set-off or netting between cells''': [[Netting]] and [[set-off]] will be limited to the specific [[cell]] you are facing: this means if your deal goes down, others issued from the same [[SPV]] can continue unaffected — boo — ''and vice versa'' — hooray. | ||
*'''Extinction (or non-existence) of outstanding debt''': Following total exhaustion of all assets after enforcement, appropriation, liquidation and distribution, and realisation of all claims subsequently arising form those assets, your outstanding unpaid debt will be | *'''Extinction (or non-existence) of outstanding debt''': Following total exhaustion of all assets after enforcement, appropriation, liquidation and distribution, and realisation of all claims subsequently arising form those assets, your outstanding unpaid debt will be “[[Extinction|extinguished]]” — or (sigh) will [[No debt due|not be due]]. Here the intention is that you will never have legal grounds for seeking judgment, and thereafter commencing bankruptcy proceedings, for that unpaid amount once your own cell is fully unwound and its proceeds distributed. | ||
*'''A proceedings covenant''': You must solemnly promise never to set to put the [[SPV]] into [[insolvency]] proceedings. If you agree to all the foregoing, you should have concluded you have no literal right to do so, so this shouldn’t tax your conscience too greatly. | *'''A proceedings covenant''': You must solemnly promise never to set to put the [[SPV]] into [[insolvency]] proceedings. If you agree to all the foregoing, you should have concluded you have no literal right to do so, so this shouldn’t tax your conscience too greatly. | ||