Special purpose vehicle (SPV)
An entity established for a defined project, asset pool or transaction.
Why the distinction matters
Separate legal identity, permitted activities and debt from the wider group. An SPV label alone does not establish bankruptcy remoteness or non-recourse treatment.
Read the structure
A practical reading of securitised data-centre cash flows, triggers and expected repayment.
Data centre ABS: follow the pool and the waterfall ↗In the filed deals
Each CoreWeave DDTL is borrowed by its own ring-fenced subsidiary, such as CoreWeave Compute Acquisition Co. VIII for DDTL 4.0.
For in-house counsel
Special purpose vehicle in the filed documents
Where the term turns up in filed contracts and what is market, for the lender’s or the borrower’s side. Previews are open; the full text is free with InfraCompute Weekly.
- Contract library: The guarantee in the SPV’s bankruptcyDoes the guarantee hold if the SPV files, rejects the lease or has payments clawed back?
- Contract library: Compute SPVs: ring-fencing the lab’s compute dealsCan an AI lab put its data centre and GPU commitments in special purpose vehicles outside its main loan?
- Bond protections: who stands behind the notesThe GPU delayed draw loans sit in special purpose vehicles that do not guarantee the corporate notes, so their lenders are paid…
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Related terms
Explanatory definition, not a statement that a particular transaction contains this term or a substitute for its contractual definition.
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