2nd edition common terms in structured finance
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COMMON TERMS in STRUCTURED FINANCE
www.tpw.com
2nd edition with definitions for Covered
Bonds, Free Writing Prospectus,Reformation, Reverse Mortgage, Rule 159
and Securities Offering Reform.
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Thacher Proffitt
is a leading
law firm to the
structured finance
and financial services
industries.
A B R I E F H I S T O RY
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B A S I C S O N H O W T H E
To securitize a loan, a special pur-
pose entity (SPE) is created. The
form of the SPE structure may vary
depending on the type of loans to be
securitized. In most cases, the owner
of each pool of loans transfers them
to a separate SPE.
Thacher Proffitt counsels lenders of
all sizes on loan pooling, creating
special purpose entities, issuing
securities and monitoring their
compliance with SEC regulations.
Lenders provide borrowers with
loans. While borrowers now use the
funds and can repay loans with
interest over time, the lenders are
left with the debt. To replenish their
coffers and continue the business of
extending new loans, lenders
periodically pool and securitize
the loans they have extended.
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Thacher Proffitt is a preeminent law firm in the
field of securitization and structured finance.
Thacher Proffitt has consistently led the industrys
evolution since its origin over 20 years ago.
Our Structured Finance Practice Group includes
more than 100 of the Firms 300+ attorneys
who provide clients with the critical mass of
resources and experience necessary to provide the
highest level of legal representation for anytransaction.
We represent issuers, underwriters, insurers,
servicers, trustees and all other transaction
participants in virtually every type of securitization
and financing transaction, throughout the
United States, Latin America, Europe and Asia.
Residential and Commercial
Mortgage Securitization
Asset-Backed Securitization
Cash and Synthetic CDOs
Financing of Financial Assets
Global Securitization and Finance
Leasing and Lease Securitization
Purchase, Sale and Servicing of
Financial Assets
Real Estate Investment Trusts
Swaps and Derivatives
Regulatory Compliance
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www.tpw.com January 2007
Thacher Proffitt & Wood LLP
CREATIVE LEGAL SOLUTIONSFor more than 150 years, Thacher Proffitt has led the way in creating andimplementing innovative, workable solutions that bring finance and businesstogether. Our strong focus and in-depth experience, combined with our
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