Skip to main content

SPV settings

SPV settings and inputs are split into three tabs and are similar between creating a new SPV and editing an existing one. The following sections describe each tab in detail.

This card contains essential information about the legal entity that can usually be found in the company's registration documents.

Company type​

In Japan, SPVs are generally created as either a Kabushiki Kaisha (KK) or, more commonly, as a Godo Kaisha (GK) in a so-called GK-TK construct. The latter is a special form of a GK that is used to separate the assets of the GK from the liabilities of the GK. The GK-TK construct is the most common form of SPV in Japan and is also the default option when creating a new SPV on Tensor Cloud.

Enter the full legal entity name in Japanese and English. The name will be used in the financial statements and in the SPV list.

Financial year starting month​

Enter the month in which the financial year of the SPV starts. This is usually the month in which the SPV was founded. The starting month plays an important role when generating financial statements for the SPV.

Delete SPV​

You can delete an SPV by clicking the delete button at the bottom of the legal entity tab. Deleting an SPV is irreversible but will not delete any assets contained in the SPV.

Corporate number​

Enter the corporate number of the SPV. This is a unique 13-digit number that is assigned to each company in Japan. You can find the corporate number of a company by searching for the company name on the National Tax Agency website.

Enter the date on which the SPV was registered. This is usually the date on which the SPV was founded.

Financial settings​

This tab contains information about the financials of the SPV, including equity and debt details, and coupon payment settings. The information entered here is used to generate the financial statements of the SPV.

Equity list​

The equity list contains all equity investments into the SPV. Each equity investment is represented by a separate row in the list. The equity list is empty by default and can be filled by clicking the "Add line" button at the top of the list.

Coupon payment settings​

Coupon payment settings are used to calculate the coupon payments to the equity investors.

Debt list​

The debt list contains all debt the SPV has taken on. Each row in the list represents a loan that the SPV has taken on. The debt list is empty by default and can be filled by clicking the "Add line" button at the top of the list.

Target DSCR​

Enter the target debt service coverage ratio (DSCR) of the SPV. The target DSCR is used to calculate the maximum amount of debt the SPV can take on. The maximum amount of debt is calculated as the sum of all cash flows from the assets in the SPV divided by the target DSCR. This setting is used to generate financial indicators in the financial statements of the SPV.

Assets​

You can add assets to the SPV with the Add button and remove assets by selecting them and pressing the Remove button.