专利名称:Asset backed commercial paper program发明人:Hans Bald申请号:US11323967申请日:20051229
公开号:US20060184439A1公开日:20060817
专利附图:
摘要:In general, in one aspect, the invention includes an asset backed securitiesstructure. The structure includes a first and second liquidity and/or credit provider and anentity structured to acquire interest in financial assets from sellers (and to issue to aplurality of investors notes backed by the financial assets). The structure also includes a
liquidity and/or credit agreement between the entity and the liquidity and/or creditproviders. The agreement provides that when funding is required, the first (i.e.,subordinate) liquidity and/or credit provider contributes an amount up to a
predetermined commitment level and the second (i.e., senior) liquidity and/or creditprovider contributes an additional amount only if the amount contributed by the firstliquidity and/or credit provider is less than the required funding amount. Contributions bythe liquidity and/or credit provider may be realized by a purchase of an interest in thefinancial assets acquired by the Company from the sellers. In some implementations, theagreement is also structured such that upon a repayment to the liquidity and/or creditproviders, the second provider receives payments in an amount sufficient to repay theamount contributed by the second provider and, only if sufficient repayment funds exist,the first provider receives repayment up to a lesser of the amount of funds available oran amount contributed by the first provider. In general, in another aspect, the inventionincludes a method of issuing asset backed securities by an issuing entity. The methodincludes (i) acquiring interests in financial assets of sellers; (ii) issuing to investors Noteswhere the acquired interest in the financial assets back the issued Notes; (iii) payinginterest on the Notes to the investors; and (iv) when additional liquidity is required,drawing funds from liquidity and/or credit providers. Drawing funds includes drawingfrom a first liquidity and/or credit provider up to a maximum amount of a commitment bythat liquidity and/or credit provider and then drawing from an additional liquidity and/orcredit provider only after the maximum amount of the commitment by the first liquidityand/or credit provider has been drawn.
申请人:Hans Bald
地址:New York NY US
国籍:US
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