Secondary Market Tax-exempt Asset Securitization for Sponsors, Investors, Other Market Participants, and Their CounselAmerican Bar Association, 2005 - 341 páginas This 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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... Servicer Advances Generally Accrued Interest Advances Scheduled Payment Advances Minimizing Conduit's Exposure to Servicer Credit Risks ..61 .62 63 64 · .65 Roles and Relationships of Trustee and Other Parties Unique Characteristics vi ...
... Servicer Advances Generally Accrued Interest Advances Scheduled Payment Advances Minimizing Conduit's Exposure to Servicer Credit Risks ..61 .62 63 64 · .65 Roles and Relationships of Trustee and Other Parties Unique Characteristics vi ...
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Contenido
Acknowledgments | xiii |
Chapter 2 | xviii |
What This Book Is Not About | xxiii |
Understanding Secondary Market TEA Securitization 1 | 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 |
Conclusion | 247 |
Bankruptcy Law Considerations | 249 |
Trustee | 282 |
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
affiliate aggregate capital share allocation amount applicable Article 9 bank Bankr Bankruptcy Code business trust Chapter chattel paper COBI owners COBIS and residual court credit enhancement debt debtor demand feature equity exemption federal income tax federally tax-exempt financing governing documents government obligations grantor trust income tax purposes interest rate interest rate risk Investment Company Act investors issuance issuer liquidity facility liquidity provider local government obligations mandatory tender market TEA securitization ment money market funds muni equipment lease municipal bond market municipal securities obligor ownership parties partners partnership payment percent pool conduit Private Letter Ruling purchase qualified registered regulations remarketing agent requirements residual certificates issued respect Rule SEC No-Action Letter secondary market TEA Securities Act securitization programs securitization transaction securitized assets security interest seller special purpose entity sponsor structured tax-exempt obligations tender option tion transfer Treas true sale UCC Revised Article variable COBIS York