METHOD AND SYSTEM FOR AN ASSET-BACKED COMMERCIAL PAPER CONDUIT

摘要

An asset-backed commercial paper conduit issues commercial paper backed by a receipt which corresponds to a partnership share in a trust that holds a municipal bond. A market value of the commercial paper corresponds to a market value of the receipt, and a control right of the commercial paper substantially corresponds to a control right of the receipt. The control rights of the receipt include a right to veto or direct sale or acquisition of the municipal bond. Holders of the commercial paper and receipt are entitled to distributions of tax exempt income or a second commercial paper or receipt.