CLOSING DATE Definition

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CLOSING DATE is the date the purchase of the asset becomes final and you, the new owner, obtain title.

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REFURBISH is to renovate or clean up.

SPECIAL PURPOSE VEHICLE (SPV) is an organization constructed with a limited purpose or life. Frequently, these Special Purpose Vehicles serve as conduits or pass through organizations or corporations. In relation to securitisation, it means the entity which would hold the legal rights over the assets transferred by the originator.

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