True Sale

A transfer of assets constituting a legal sale (not a secured loan) so that the assets are excluded from the originator's insolvency estate. Requires: (1) intent of parties; (2) no obligation to repurchase at par; (3) no practical control retained; (4) supported by a true sale legal opinion. See also: VIE/ASC 810 for US GAAP consolidation consequences.

Orphan SPV

An SPV whose equity is held by a professional trustee in a purpose trust (typically Cayman Islands, Jersey, or Ireland), ensuring it is not owned by or consolidated with the originator.

SSPE (Securitisation Special Purpose Entity)

The EU Securitisation Regulation's specific term for the SPV holding securitised assets. Defined in SR Article 2(2): must not carry out any activity other than securitisation.