Secondary Market Tax-exempt Asset Securitization for Sponsors, Investors, Other Market Participants, and Their CounselThis book is a valuable tool that provides a comprehensive and in-depth analysis of business considerations as well as legal issues for secondary market securitization of tax-exempt assets, including the securitized TOB market. It discusses and analyzes solely the securitization of state and local government obligations, interest on which is federally tax-exempt, using partnerships, custodial arrangements, trusts and other structures that pass through to investors the interest income without changing its character for federal income tax purposes. |
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... Terms and Concepts Accrual Period Annual Appropriation Asset Level Capital Share Certificates of Beneficial Interest or COBIS Conduit Conduit Level De Minimis Market Discount Distributions Distributive Share Expandable Federally Tax ...
... Terms and Concepts Accrual Period Annual Appropriation Asset Level Capital Share Certificates of Beneficial Interest or COBIS Conduit Conduit Level De Minimis Market Discount Distributions Distributive Share Expandable Federally Tax ...
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..82 Roles and Relationships of Trustee and Other Parties ..66 Unique Characteristics of a Securitization Program ..67 Cash Flow Considerations ..68 TOTEs , Automatic Liquidity Termination , Sale , and Distribution ..73 Stated Trust ...
..82 Roles and Relationships of Trustee and Other Parties ..66 Unique Characteristics of a Securitization Program ..67 Cash Flow Considerations ..68 TOTEs , Automatic Liquidity Termination , Sale , and Distribution ..73 Stated Trust ...
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Contenido
Acknowledgments | xiii |
Chapter 2 | xviii |
What This Book Is Not About | xxiii |
Understanding Secondary Market TEA Securitization | 33 |
Type and Creation of Conduit | 34 |
Basic Terms and Concepts 6 | 38 |
Structuring a Securitization Program 25 | 40 |
Liquidity for Variable COBIS | 51 |
Securities Law Considerations | 195 |
Antifraud and the Securities Exchange Act of 1934 | 207 |
The Investment Company Act of 1940 | 214 |
Other Securities Laws | 228 |
Investment Objectives and Policies | 234 |
Conclusion | 247 |
Bankruptcy Law Considerations | 249 |
Bankruptcy Risks From Without | 283 |
Placement and Remarketing of Variable COBIS | 59 |
Roles and Relationships of Trustee and Other Parties | 66 |
Rating COBIs Issued by a Conduit | 86 |
Ownership of Securitized Assets by a Conduit | 115 |
Income Allocations | 131 |
Tax Shelter Provisions and Regulations | 142 |
State Income Tax Considerations | 148 |
State Law Considerations at the Conduit Level | 161 |
Sections 23A and 23B of the Federal Reserve Act | 290 |
Regulatory Capital Requirements | 303 |
Section 4c6 of the Bank Holding Company Act | 310 |
Shortfall Obligation of Residual Certificate Owner | 316 |
Federal Income Tax Law and Policy | 322 |
| 329 | |
Términos y frases comunes
addition affiliate agreement allocation amount applicable Article 9 authority bank bankruptcy benefit capital Chapter COBI owners Code conduit corporation court debt demand described determining discussed distributions documents effect enhancement entity equity event example exemption facility federal federal income tax financing funds government obligations holding interest Internal Revenue Code Investment Company investors issuance issued issuer Letter limited liquidity local government obligations loss ment muni equipment lease municipal municipal bond obligor offering option original owners ownership participation parties partnership payment percent person pool primary principal purchase qualified receive referred registered regulations remarketing represent requirements residual certificates respect result Revised Article risk Rule Section securities securitization programs securitization transaction securitized assets servicer share specified sponsor structured tax-exempt taxable tender term termination tion transaction transfer treated trust variable COBIs York
Información bibliográfica
| Título | Secondary Market Tax-exempt Asset Securitization for Sponsors, Investors, Other Market Participants, and Their Counsel Hein's ABA Archive Microfiche Collection |
| Autor | Darrell R. Larsen |
| Editor | Darrell R. Larsen |
| Edición | ilustrada |
| Editor | American Bar Association, 2005 |
| ISBN | 1590315138, 9781590315132 |
| Largo | 341 páginas |
| Exportar cita | BiBTeX EndNote RefMan |