The NHB would purchase from the HDFC a pool of retail housing loans that constitute the receivable 10 be securitised. The individual loans, repayable in EMIs, would then be packaged and offered to the investors by way of securities in the' form of PTCs sans recourse to the issuer. The issue proceeds would be used by the NHB to pay the HDFC part consideration, for the receivables purchased. The NHB would make an express declaration of trust (SPV Trust) in respect of the receivables, appoint itself as sole trustee and hold and administer the receivables trust property for the benefit of PTC holders. The Spy Trust would rely only collections the receivables and the credit enhancement for making payments on the PTCS The HDFC, which has originated the housing loans, would continue to administer them even after securitisation, in its capacity as Servicing and Paying Agent.