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A. Definitions

C 52/2017 STA Effective from 1/12/2022
  1. (a)Asset-backed commercial paper (ABCP) conduit is a special purpose vehicle that can issue commercial paper against claims on underlying assets.
  2. (b)ABCP program is a program of commercial paper issued by an ABCP conduit.
  3. (c)Assets or asset pool means the credit claims and/or receivables underlying a transaction in which the ABCP conduit holds a beneficial interest.
  4. (d)The investor is the holder of commercial paper issued under an ABCP program, or of any type of exposure to the conduit representing a financing liability of the conduit, such as loans.
  5. (e)The obligor is the borrower or counterparty who is obliged to make payments on the underlying credit claim or a receivable that is part of an asset pool.
  6. (f)The seller is the party that (i) concluded (in its capacity as original lender) the original agreement that created the obligations or potential obligations (under a credit claim or a receivable) of an obligor or purchased the obligations or potential obligations from the original lender(s), and (ii) transferred those assets through a transaction or passed on the interest to the ABCP conduit.
  7. (g)The sponsor means the sponsor of an ABCP conduit; other relevant parties with a fiduciary responsibility in the management and administration of the ABCP conduit may bear some of the responsibilities of a sponsor.
  8. (h)A transaction means an individual transaction in which the ABCP conduit holds a beneficial interest. A transaction may qualify as a securitisation, but may also be a direct asset purchase, the acquisition of undivided interest in a revolving pool of asset, a secured loan etc.