Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
SEC Structured Asset Securities Corp - SASCO - Lehman Brothers Holdings Co - Lehman Securities - Off Balance Sheet Structured Asset Securities Corp "SASCO" CONDUIT Aurora Loan Services LLC "ALS"

SEC Structured Asset Securities Corp - SASCO - Lehman Brothers Holdings Co - Lehman Securities - Off Balance Sheet Structured Asset Securities Corp "SASCO" CONDUIT Aurora Loan Services LLC "ALS"

Ratings: (0)|Views: 32 |Likes:
Published by Mary Cochrane
Definition of 'Off-Balance-Sheet Financing'
A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing to keep their debt to equity (D/E) and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants.

Investopedia explains 'Off-Balance-Sheet Financing'
Contrast to loans, debt and equity , which do appear on the balance sheet. Examples of off-balance-sheet financing include joint ventures, research and development partnerships, and operating leases (rather than purchases of capital equipment).

Operating leases are one of the most common forms of off-balance-sheet financing. In these cases, the asset itself is kept on the lessor's balance sheet, and the lessee reports only the required rental expense for use of the asset. Generally Accepted Accounting Principles in the U.S. have set numerous rules for companies to follow in determining whether a lease should be capitalized (included on the balance sheet) or expensed.

This term came into popular use during the Enron bankruptcy. Many of the energy traders' problems stemmed from setting up inappropriate off-balance-sheet entities.

Definition of 'Special Purpose Vehicle/Entity - SPV/SPE'
1. Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets . The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt.

2. A subsidiary corporation designed to serve as a counterparty for swaps and other credit sensitive derivative instruments. Also called a "derivatives product company."
Investopedia explains 'Special Purpose Vehicle/Entity - SPV/SPE'
Thanks to Enron, SPVs/SPEs are household words. These entities aren't all bad though. They were originally (and still are) used to isolate financial risk .

A corporation can use such a vehicle to finance a large project without putting the entire firm at risk. Problem is, due to accounting loopholes, these vehicles became a way for CFOs to hide debt. Essentially, it looks like the company doesn't have a liability when they really do. As we saw with the Enron bankruptcy, if things go wrong, the results can be devastating.



Definition of 'Pass-Through Security'
A pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the monthly payments from issuers, and, after deducting a fee, remits or passes them through to the holders of the pass-through security.

Also known as a "pass-through certificate" or "pay-through security."

Investopedia explains 'Pass-Through Security'
The most common type of pass-through is a mortgage-backed certificate, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.



Definition of 'Sequential Pay CMO'
A type of collateralized mortgage obligation (CMO) in which there are several tranches. Each tranche's holder receives interest payments as long as the tranche's principal amount has not been completely paid off. The senior tranche receives all initial principal payments until it is completely paid off, after which the next most senior tranche receives all the principle payments, and so on.

Investopedia explains 'Sequential Pay CMO'
Investors with shorter investment horizons, such as commercial banks, can purchase bonds from senior tranches in order to protect their investments from extension risk. Investors with longer investment horizons, such as pension funds, can protect their investments from contraction risks by purchasing bonds from more junior tranches.



Definition of 'Pass-Through Security'
A pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the mo
Definition of 'Off-Balance-Sheet Financing'
A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing to keep their debt to equity (D/E) and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants.

Investopedia explains 'Off-Balance-Sheet Financing'
Contrast to loans, debt and equity , which do appear on the balance sheet. Examples of off-balance-sheet financing include joint ventures, research and development partnerships, and operating leases (rather than purchases of capital equipment).

Operating leases are one of the most common forms of off-balance-sheet financing. In these cases, the asset itself is kept on the lessor's balance sheet, and the lessee reports only the required rental expense for use of the asset. Generally Accepted Accounting Principles in the U.S. have set numerous rules for companies to follow in determining whether a lease should be capitalized (included on the balance sheet) or expensed.

This term came into popular use during the Enron bankruptcy. Many of the energy traders' problems stemmed from setting up inappropriate off-balance-sheet entities.

Definition of 'Special Purpose Vehicle/Entity - SPV/SPE'
1. Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets . The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt.

2. A subsidiary corporation designed to serve as a counterparty for swaps and other credit sensitive derivative instruments. Also called a "derivatives product company."
Investopedia explains 'Special Purpose Vehicle/Entity - SPV/SPE'
Thanks to Enron, SPVs/SPEs are household words. These entities aren't all bad though. They were originally (and still are) used to isolate financial risk .

A corporation can use such a vehicle to finance a large project without putting the entire firm at risk. Problem is, due to accounting loopholes, these vehicles became a way for CFOs to hide debt. Essentially, it looks like the company doesn't have a liability when they really do. As we saw with the Enron bankruptcy, if things go wrong, the results can be devastating.



Definition of 'Pass-Through Security'
A pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the monthly payments from issuers, and, after deducting a fee, remits or passes them through to the holders of the pass-through security.

Also known as a "pass-through certificate" or "pay-through security."

Investopedia explains 'Pass-Through Security'
The most common type of pass-through is a mortgage-backed certificate, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.



Definition of 'Sequential Pay CMO'
A type of collateralized mortgage obligation (CMO) in which there are several tranches. Each tranche's holder receives interest payments as long as the tranche's principal amount has not been completely paid off. The senior tranche receives all initial principal payments until it is completely paid off, after which the next most senior tranche receives all the principle payments, and so on.

Investopedia explains 'Sequential Pay CMO'
Investors with shorter investment horizons, such as commercial banks, can purchase bonds from senior tranches in order to protect their investments from extension risk. Investors with longer investment horizons, such as pension funds, can protect their investments from contraction risks by purchasing bonds from more junior tranches.



Definition of 'Pass-Through Security'
A pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the mo

More info:

Categories:Business/Law
Published by: Mary Cochrane on Jun 08, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less

08/01/2013

pdf

text

original

 
 
 
SEC File 033-99598
Structured Asset Securities Corp [ formerly Structured Asset Sec Corp Series 1998-2 ]
 – 
17 Filings ·
Click on a
Filing 
Type¹ to view it.
· 
 
33-99598
 
Find
 
in
the p. 1 filings below.
 
Show
Filings with "hits"
 
and
every "hit".
 
Wildcards: 
?
(any letter),
*
(many).
Logic: 
 
for Docs:
&
(and),
|
(or); for Text:
|
(anywhere),
"(&)"
(near).
 
 
Securities & Trading; 4: Accountants & Accounting; 5: Governance & Management; 6:Asset-Backed Securities; 7: Reg. FD; 8: Events; 9: Financials
 — 
 
 Pre-8/23/04...
Item 1:Control; 2: Assets; 3: Bankruptcy; 4: Accountants; 5: Events; 6: Resignations; 7: Financials; 8: Year; 9:Reg. FD; 10: Ethics; 11: Suspensions; 12: Results; 13: Notices
}.15-15D Notice of Suspension of Duty to File Reports
 — 
Form 15.424B3 Prospectus
 — 
Rule 424(b)(3).424B5 Prospectus
 — 
Rule 424(b)(5).· Top 
8-
K … 

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->