The investors may be in the form of individuals or institutional investors like mutual funds. provident funds, pension funds, insurance companies and so on. They buy a participating interest in the total' pool of receivables and receive their payment in the form of interest and principal as per agreed pattern.
The obligors are the originator debtors (borrowers of the original loan). This amount outstanding from an obligor is the asset that is transferred to an SPV. The credit standing of an obligor is of paramount importance in a securitisation transaction.