| 1. | Under this structure , the hkmc acquires mortgage loans from a bank and sells them directly to a bankruptcy - remote special purpose company
该计划采用背对背和按揭收入通递结构。 |
| 2. | Thirdly , the unique techniques , such as asset packaging , true sale , bankruptcy - remote , credit enhancement , reduces the financing risk
3 .企业资产证券化特有的风险隔离机制和信用增级技术,保证了企业融资与企业整体信用风险相分离,降低了企业融资风险。 |
| 3. | The author points out that " bankruptcy - remote " of assets is primarily achieved by " true sale " of assets and constructing spv featuring " bankruptcy - remote "
阐述了资产的“破产隔离”主要通过资产的“真实销售”和组建具有“破产隔离”属性的spv来实现。 |
| 4. | Bauhinia mbs limited is a bankruptcy - remote special purpose company formed by the hkmc to act as the vehicle for issuance of mbs under the programme
Bauhinia mbs limited是一间由按揭证券公司专为依据该计划发行按揭证券而并不受其他公司破产影响的特设公司。 |
| 5. | Bauhinia mbs limited is a bankruptcy - remote special purpose company established to act under the programme as the issuing vehicle of mbs for hkmc s mortgage portfolio
是一间不受任何公司破产影响的特设公司，在该计划下专为按揭证券公司的按揭组合发行按揭证券而设立。 |
| 6. | Bauhinia mbs limited bauhinia is a bankruptcy - remote special purpose company formed by the hkmc to act as the vehicle for issuance of mortgage backed securities under the programme
Bauhinia mbs limited “ bauhinia ”是一间由按揭证券公司专为发行按揭证券而成立，不受破产影的特设公司。 |
| 7. | The explanations include the legal problems about the underlying assets , the setting up and operating of spv , the bankruptcy - remote and the publishing of the securities
主要包括基础资产的法律问题、 spv组建及运作的法律问题、有关破产隔离的法律问题及发行证券过程中会遇到的法律问题。 |
| 8. | Spv is a new legal entity created purely for the purpose of bankruptcy - remote . true sale is the legal means of segregating the assets from the originator ' s credit condition . credit enhancement tools are employed to accomplish a high credit rating
特殊目的载体是为了实现破产隔离而创设的一个新型法律实体；真实出售是将证券化的资产与发起人信用相隔离的法律手段；各种信用增级手段则被用来提高资产支持证券的信用等级。 |
| 9. | Asset securitization is one of the most important financial innovations in the international finance field in recent several decades . its most core device is the mechanism of risk - remote , the special purpose vehicle ( spv ) is the core medium of asset securitization , through which securitization realizes bankruptcy - remote
资产证券化是近几十年来国际金融领域中最重要的一种金融创新，其最核心之处是风险隔离机制的设计，而特殊目的机构( spv )作为证券化的中介和核心机构，充分发挥着“破产隔离”的重要作用。 |
| 10. | " true sale " requires that all rights , risks or control rights be transferred altogether to spv from the originator , in the process of which due attention should be paid to avoid the occurrence of the revocable transaction risk , the recharacterisation risk and the commingling risk . the constructing of spv featuring " bankruptcy - remote " requires that efforts should be made to isolate spv from both the risk of bankruptcy of itself and that of the originator , and prevent the occurrence of " substantive consolidation " , which re - categorizes the transferred assets into bankrupt assets , while disregarding the form of spv being company , partnership or trust
资产的“真实销售” ，要求将资产池的权益和风险或控制权一并从发起人处转移给spv ，并注意防范可撤销风险、重新定性风险、资产混合风险的发生： “破产隔离” spv的组建，要求无论spv采用公司、合伙或者信托形式，都要注意隔离自身破产风险和发起人破产风险，防止发生“实体合并” ，使已转移的资产重新归并到发起人的破产财产中。 |
