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\pard\sb0\sl-240{\bkmkstart Pg1}{\bkmkend Pg1}\par\pard\li1080\sb0\sl-368\slmult
0\par\pard\li1080\sb285\sl-368\slmult0\fi180\tx8971 \up0 \expndtw0\charscalex100
\ul0\nosupersub\cf1\f2\fs32 STRUCTURED FINANCE\tab \up0 \expndtw0\charscalex110
Special Report\par\pard\li1080\sb434\sl-506\slmult0\fi0 \up0 \expndtw0\charscal
ex112 \ul0\nosupersub\cf2\f3\fs44 Understanding Structured Liquidity Facilities
in\par\pard\li1080\sb1\sl-426\slmult0\fi0 \up0 \expndtw0\charscalex109 Asset-Bac
ked Commercial Paper Programs\par\pard\sect\sectd\sbknone\cols2\colno1\colw3439\
colsr160\colno2\colw8501\colsr160\ql \li1080\sb0\sl-251\slmult0 \par\pard\ql \li
1080\sb0\sl-251\slmult0 \par\pard\ql \li1080\ri937\sb80\sl-251\slmult0 \up0 \exp
ndtw-1\charscalex100 \ul0\nosupersub\cf3\f4\fs22 AUTHORS: \line \up0 \expndtw-4\
charscalex100 Sam Pilcer \line \up0 \expndtw-7\charscalex100 Vice President \lin
e \up0 \expndtw-10\charscalex92 (212) 553-7418\par\pard\qj \li1080\ri616\sb58\sl
-240\slmult0 \up0 \expndtw-3\charscalex100 Mary D. Dierdorff \up0 \expndtw-7\cha
rscalex100 Vice President\par\pard\ql \li1080\sb0\sl-240\slmult0 \up0 \expndtw-1
0\charscalex96 (212) 553-7942\par\pard\ql \li1080\ri560\sb244\sl-255\slmult0 \up

0 \expndtw-1\charscalex100 CONTACTS: \line \up0 \expndtw-4\charscalex100 Mark H.
Adelson \line \up0 \expndtw-6\charscalex100 Managing Director \line \up0 \expnd
tw-7\charscalex100 (212) 553-4454 \line \up0 \expndtw-6\charscalex100 Alicia J.
Furman \line \up0 \expndtw-8\charscalex100 Investor Relations \line \up0 \expndt
w-10\charscalex95 (212) 553-7941\par\pard\column \ql \li3600\sb0\sl-253\slmult0
\par\pard\ql \li3600\sb0\sl-253\slmult0 \par\pard\ql \li21\sb74\sl-253\slmult0 \
up0 \expndtw0\charscalex100 CONTENTS:\par\pard\ql \li21\sb123\sl-276\slmult0 \up
0 \expndtw0\charscalex112 \ul0\nosupersub\cf4\f5\fs24 \u8226? Overview\par\pard
\qj \li21\ri791\sb120\sl-300\slmult0\tx391 \up0 \expndtw0\charscalex105 \u8226?
Structured Liquidity is Different than Liquidity in the Paradigmatic \line\tab
\up0 \expndtw0\charscalex101 Partially Supported ABCP Program\par\pard\qj \li21\
ri949\sb115\sl-300\slmult0\tx391 \up0 \expndtw0\charscalex104 \u8226? Liquidity
Funding Formulas Shift Credit Risk Between the Credit \line\tab \up0 \expndtw0\
charscalex101 Enhancement and Liquidity Facilities\par\pard\ql \li21\sb135\sl-27
6\slmult0 \up0 \expndtw0\charscalex103 \u8226? Structured Liquidity Devices are
the Ultimate Case of Risk Shifting\par\pard\ql \li21\sb139\sl-276\slmult0 \up0
\expndtw0\charscalex105 \u8226? The Bottom Line on Structured Liquidity\par\par
d\ql \li3600\sb0\sl-276\slmult0 \par\pard\ql \li3600\sb0\sl-276\slmult0 \par\par
d\ql \li3600\sb0\sl-276\slmult0 \par\pard\ql \li21\sb84\sl-276\slmult0 \up0 \exp
ndtw-3\charscalex100 OVERVIEW\par\pard\ql \li20\ri764\sb0\sl-260\slmult0\fi0 \up
0 \expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22 Structured liquidity faci
lities\ul0\nosupersub\cf5\f6\fs16 1\ul0\nosupersub\cf3\f4\fs22 are becoming inc
reasingly common in asset-backed \up0 \expndtw-5\charscalex100 commercial paper
(ABCP) programs. This report explores the background and \up0 \expndtw-5\charsca
lex100 evolution of structured liquidity and describes several methods used in s
tructuring \up0 \expndtw-7\charscalex100 these liquidity facilities.\par\pard\qj
\li20\ri683\sb115\sl-263\slmult0 \up0 \expndtw-5\charscalex100 For purposes of
this report, structured liquidity will be defined as an arrangement, \line \up0
\expndtw-6\charscalex100 labeled as a \u8220?liquidity facility,\u8221? which is
intended to provide a full wrap that insulates \line \up0 \expndtw-5\charscalex
100 ABCP investors from all credit and liquidity risks of an associated pool of
receiv-\line \up0 \expndtw-5\charscalex100 ables. In short, structured liquidity
is credit enhancement. As one might expect, the \line \up0 \expndtw-5\charscale
x100 rating of an ABCP program that uses structured liquidity may be based entir
ely on \line \up0 \expndtw-5\charscalex100 the structural liquidity devices rath
er than on the quality of the assets financed\par\pard\ql \li20\ri501\sb1\sl-263
\slmult0 \up0 \expndtw-5\charscalex100 through the program. It follows then that
use of structured liquidity is of interest to \up0 \expndtw-6\charscalex100 inv
estors because it may have implications for investors\u8217? ability to recover
their ABCP \up0 \expndtw-5\charscalex100 investment in a post-default environmen
t. Although post-default recoveries are not \up0 \expndtw-6\charscalex100 factor
ed into Moody\u8217?s short-term ratings, investors reasonably have an interest
in the \up0 \expndtw-6\charscalex100 post-default scenario.\ul0\nosupersub\cf5\f
6\fs16 2 \par\pard\sect\sectd\sbknone \ql \li1080\sb0\sl-184\slmult0 \par\pard\q
l\li1080\sb0\sl-184\slmult0 \par\pard\ql\li1080\sb0\sl-184\slmult0 \par\pard\ql\
li1080\sb125\sl-184\slmult0\tx1296 \up0 \expndtw-2\charscalex100 1 \tab \up0 \ex
pndtw-3\charscalex100 Bankers sometimes refer to structured liquidity facilities
as trick liquidity. In the past, the use of the term trick was more common. How
ever, because \par\pard\ql \li1296\sb1\sl-154\slmult0 \up0 \expndtw-2\charscalex
100 of pejorative connotations associated with the word \u8220?trick,\u8221? the
term \u8220?structured liquidity\u8221? has come into vogue. \par\pard\ql \li10
80\sb6\sl-154\slmult0\tx1296 \up0 \expndtw-2\charscalex100 2 \tab \up0 \expndtw3\charscalex100 Moody\u8217?s rating philosophy is different for long-term ratin
gs and short-term ratings. For long-term ratings, Moody\u8217?s focuses on the f
requency and \par\pard\qj \li1296\ri539\sb2\sl-160\slmult0 \up0 \expndtw-3\chars
calex100 severity of defaults that are expected to occur on rated bonds. For sho
rt-term ratings, Moody\u8217?s focuses only on the frequency of expected default
s, \up0 \expndtw-3\charscalex100 without regard to severity. \par\pard\qj \li792

0\sb0\sl-240\slmult0 \par\pard\qj\li7920\ri682\sb94\sl-240\slmult0 \up0 \expndtw
0\charscalex111 \ul0\nosupersub\cf6\f7\fs20 Reprinted from the Asset-Backed \up0
\expndtw0\charscalex110 Commercial Paper Market Review, \up0 \expndtw0\charscal
ex111 First Quarter 1997 \par\pard\sect\sectd\fs24\paperw12240\paperh15840\pard\
sb0\sl-240{\bkmkstart Pg2}{\bkmkend Pg2}\par\pard\qj \li2160\sb0\sl-280\slmult0
\par\pard\qj\li2160\ri1121\sb108\sl-280\slmult0 \up0 \expndtw-5\charscalex100 \u
l0\nosupersub\cf3\f4\fs22 A variety of techniques are used by program administra
tors to create structured liquidity facili\up0 \expndtw-6\charscalex100 ties. Th
e four examined in this report are: \par\pard\ql \li2160\sb23\sl-253\slmult0 \up
0 \expndtw-4\charscalex100 \u8226? the \u8220?cover page\u8221? method \par\pard
\ql \li2160\sb27\sl-253\slmult0 \up0 \expndtw-4\charscalex100 \u8226? the \u8220
?calendar\u8221? or \u8220?look back\u8221? method \par\pard\ql \li2160\sb27\sl253\slmult0 \up0 \expndtw-3\charscalex100 \u8226? the \u8220?bucket\u8221? metho
d \par\pard\ql \li2160\sb27\sl-253\slmult0 \up0 \expndtw-4\charscalex100 \u8226?
the \u8220?formula\u8221? or \u8220?add back\u8221? method \par\pard\qj \li2160
\ri808\sb37\sl-266\slmult0 \up0 \expndtw-6\charscalex100 If the provider of a pr
ogram\u8217?s liquidity facility defaults, investors\u8217? prospects for ultima
te recovery \up0 \expndtw-5\charscalex100 of their investment may be better in a
program that does not use structured liquidity than in one \up0 \expndtw-5\char
scalex100 that does. For that reason, investors should understand what types of
structured liquidity facili\up0 \expndtw-6\charscalex100 ties are being used, if
any, for any given program. \par\pard\qj \li2160\sb0\sl-260\slmult0 \par\pard\q
j\li2160\ri960\sb99\sl-260\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\
cf4\f5\fs24 STRUCTURED LIQUIDITY IS DIFFERENT THAN LIQUIDITY IN THE PARADIG\up0
\expndtw0\charscalex100 MATIC PARTIALLY SUPPORTED ABCP PROGRAM \par\pard\ql \li2
160\sb1\sl-235\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22
Structured liquidity facilities represent a step in the continuing evolution of
ABCP as a short-\par\pard\qj \li2160\ri790\sb25\sl-260\slmult0 \up0 \expndtw-6\
charscalex100 term capital markets product. To really understand structured liqu
idity facilities, it is necessary to \up0 \expndtw-7\charscalex100 examine them
against a historical backdrop. \par\pard\ql \li2160\ri1073\sb80\sl-260\slmult0 \
up0 \expndtw-5\charscalex100 The basic components of a representative partially
supported program are separate liquidity \up0 \expndtw-6\charscalex100 and credi
t enhancement facilities. The program\u8217?s liquidity facility is an essential
element, \line \up0 \expndtw-5\charscalex100 because it provides most if not al
l of the funds necessary to pay maturing ABCP if new ABCP \up0 \expndtw-6\charsc
alex100 cannot be issued. For the ABCP program to obtain a \ul0\nosupersub\cf7\f
8\fs22 Prime-1\ul0\nosupersub\cf3\f4\fs22 rating, the liquidity facility must \
up0 \expndtw-6\charscalex100 come from a \ul0\nosupersub\cf7\f8\fs22 Prime-1\ul0
\nosupersub\cf3\f4\fs22 -rated entity. \par\pard\ql \li2160\ri1048\sb116\sl-265\
slmult0 \up0 \expndtw-7\charscalex100 In the representative case, the liquidity
facility is large (e.g., 100% of the program\u8217?s size) but the \line \up0 \e
xpndtw-6\charscalex100 availability of funds is conditional. That is, the maximu
m amount available from the liquidity \line \up0 \expndtw-5\charscalex100 facili
ty in the representative program is determined by a liquidity funding formula th
at \u8220?funds \line \up0 \expndtw-4\charscalex100 against\u8221?\ul0\nosupersu
b\cf7\f8\fs22 the assets financed\ul0\nosupersub\cf3\f4\fs22 through the progr
am rather than against \ul0\nosupersub\cf7\f8\fs22 the ABCP issued\ul0\nosupersu
b\cf3\f4\fs22 by \line \up0 \expndtw-6\charscalex100 the program. In addition,
the liquidity facility does not fund against \u8220?defaulted\u8221? assets. Thi
s type \line \up0 \expndtw-5\charscalex100 of liquidity facility is generally ap
propriate when partially supported ABCP programs purchase \line \up0 \expndtw-5\
charscalex100 short-term trade receivables from investment-grade-rated companies
, which was the original \line \up0 \expndtw-5\charscalex100 target market for p
artially supported programs in the 1980s and even early 1990s. \par\pard\ql \li2
160\ri844\sb118\sl-262\slmult0 \up0 \expndtw-6\charscalex100 In addition to its
liquidity facility, the representative ABCP program has a program-level credit \
line \up0 \expndtw-6\charscalex100 enhancement facility. But, in contrast to the
liquidity facility, the credit enhancement facility is \line \up0 \expndtw-7\ch
arscalex100 relatively small (e.g., 10% of the program\u8217?s size) and the ava
ilability of funds is unconditional. The \line \up0 \expndtw-5\charscalex100 pur
pose of the credit enhancement facility is to cover shortfalls - resulting from
\u8220?defaulted \line \up0 \expndtw-5\charscalex100 assets\u8221? - in the amou
nt of funds that are provided by the liquidity facility on ABCP maturity \line \
up0 \expndtw-6\charscalex100 dates. Those shortfalls can be caused by the condit
ional nature of the liquidity facility. The \line \up0 \expndtw-5\charscalex100
program-level credit enhancement facility provides protection above and beyond a
ny credit \line \up0 \expndtw-5\charscalex100 protection available from pool-spe
cific overcollateralization or other pool-specific credit support \line \up0 \ex
pndtw-6\charscalex100 arrangements. \par\pard\ql \li2160\ri758\sb117\sl-264\slmu
lt0 \up0 \expndtw-5\charscalex100 Perhaps the most significant feature of the re
presentative, partially supported program is this: \line \up0 \expndtw-5\charsca
lex100 investors bear some amount of performance risk associated with the underl
ying assets \line \up0 \expndtw-5\charscalex100 financed through the program. Ag
ain, it is the conditions in the liquidity funding formula, together \up0 \expnd
tw-6\charscalex100 with the limited sized of the program-level credit enhancemen
t facility, that produce this effect. In \up0 \expndtw-5\charscalex100 an ABCP p
rogram that uses structured liquidity, the conditionality is removed and the inv
estors \line \up0 \expndtw-6\charscalex100 no longer bear the asset risk. \par\p
ard\li720\sb0\sl-276\slmult0\par\pard\li720\sb0\sl-276\slmult0\par\pard\li720\sb
0\sl-276\slmult0\par\pard\li720\sb0\sl-276\slmult0\par\pard\li720\sb0\sl-276\slm
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d\li720\sb34\sl-276\slmult0\fi0\tx5283 \up0 \expndtw0\charscalex137 \ul0\nosuper
sub\cf8\f9\fs24 2\ul0\nosupersub\cf9\f10\fs20 \u8226?\tab \up0 \expndtw0\charsca
lex102 \ul0\nosupersub\cf6\f7\fs20 Understanding Structured Liquidity Facilities
in ABCP Programs
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}}\par\pard\sect\sectd\fs24\paperw12240\paperh15840\pard\sb0\sl-240{\bkmkstart P
g3}{\bkmkend Pg3}\par\pard\qj \li1080\sb0\sl-260\slmult0 \par\pard\qj\li1080\ri2
784\sb185\sl-260\slmult0 \up0 \expndtw0\charscalex101 \ul0\nosupersub\cf4\f5\fs2
4 LIQUIDITY FUNDING FORMULAS SHIFT CREDIT RISK BETWEEN THE \up0 \expndtw0\charsc
alex102 CREDIT ENHANCEMENT AND LIQUIDITY FACILITIES \par\pard\ql \li1080\ri1960\
sb0\sl-260\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22 The
liquidity funding formula of a partially supported ABCP program controls how ri
sks from the \up0 \expndtw-5\charscalex100 underlying assets financed by the pro
gram are absorbed by the program\u8217?s credit enhancement \up0 \expndtw-6\char
scalex100 facility and its liquidity facility. For example, a typical liquidity
funding formula for a partially \line \up0 \expndtw-7\charscalex100 supported AB
CP program might work as follows: \par\pard\ql \li1080\ri4739\sb14\sl-340\slmult
0\tx4860 \up0 \expndtw-5\charscalex100 maximum available liquidity amount = al
l purchased receivables \line\tab \up0 \expndtw-7\charscalex100 less defaulted r
eceivables \par\pard\ql \li4860\sb72\sl-253\slmult0 \up0 \expndtw-7\charscalex10
0 plus discount (yield) on ABCP \par\pard\qj \li4860\ri3607\sb0\sl-340\slmult0 \
up0 \expndtw-5\charscalex100 plus cash collected but not remitted \line \up0 \ex
pndtw-7\charscalex100 plus deemed collections (dilution, etc.) \par\pard\qj \li1
080\ri1950\sb98\sl-266\slmult0 \up0 \expndtw-6\charscalex100 The subtraction in

the formula for \u8220?defaulted receivables\u8221? is the classic device for sh
ifting the risk \up0 \expndtw-6\charscalex100 of obligor payment defaults away f
rom the liquidity facility and to the credit enhancement facility. \up0 \expndtw
-6\charscalex100 Conversely, the three additions in the formula allocate specifi
c risks to the liquidity facility so that \up0 \expndtw-7\charscalex100 the cred
it enhancement does not have to cover those risks. \par\pard\ql \li1080\ri1986\s
b117\sl-263\slmult0 \up0 \expndtw-6\charscalex100 All other things being equal,
the more risks that are absorbed by a program\u8217?s liquidity facility, the \l
ine \up0 \expndtw-5\charscalex100 less risk remains to be absorbed by the progra
m\u8217?s credit enhancement facility or by investors. \line \up0 \expndtw-4\cha
rscalex100 That means that the program\u8217?s credit enhancement can be smaller
than otherwise would be \line \up0 \expndtw-6\charscalex100 the case and still
maintain the program\u8217?s rating at \ul0\nosupersub\cf7\f8\fs22 Prime-1\ul0\n
osupersub\cf3\f4\fs22 . Viewed another way, if a program\u8217?s \line \up0 \exp
ndtw-6\charscalex100 credit enhancement facility remains at a constant level of,
let\u8217?s say, 10%, the program is more \line \up0 \expndtw-5\charscalex100 a
ble to finance riskier assets and still maintain a \ul0\nosupersub\cf7\f8\fs22 P
rime-1\ul0\nosupersub\cf3\f4\fs22 rating if more risk is absorbed by the \line
\up0 \expndtw-10\charscalex97 liquidity facility. \par\pard\ql \li1080\ri2099\sb
117\sl-264\slmult0 \up0 \expndtw-5\charscalex100 Today\u8217?s partially support
ed ABCP programs use their liquidity facilities to absorb much more \up0 \expndt
w-6\charscalex100 receivables performance risk than was the case just a few year
s ago. Two factors have \line \up0 \expndtw-5\charscalex100 contributed to, or c
aused, this trend. The first is banks\u8217? desire to maintain program credit \
line \up0 \expndtw-5\charscalex100 enhancement levels at 10% or less for their s
ponsored ABCP programs. The second factor is \up0 \expndtw-4\charscalex100 heigh
tened competition among ABCP programs and their sponsoring banks\u8217? desire t
o finance \up0 \expndtw-6\charscalex100 ever riskier receivables through their p
rograms.\ul0\nosupersub\cf5\f6\fs16 3 \par\pard\ql \li1080\ri1951\sb76\sl-264\sl
mult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22 Banks\u8217? mot
ivation for keeping their ABCP programs\u8217? credit enhancement levels at or b
elow 10% \line \up0 \expndtw-5\charscalex100 appears to come from the risk-based
capital regulations. In their present form, those regulations \line \up0 \expnd
tw-5\charscalex100 impose no \u8220?capital charge\u8221? for a liquidity facili
ty that qualifies as a \u8220?loan commitment.\u8221? On the \line \up0 \expndtw
-6\charscalex100 other hand, an ABCP program\u8217?s credit enhancement facility
is usually classified as a \u8220?direct \line \up0 \expndtw-5\charscalex100 cr
edit substitute,\u8221? which carries a capital charge equal to 8% of the size o
f the credit enhance-\line \up0 \expndtw-9\charscalex100 ment facility.\ul0\nosu
persub\cf5\f6\fs16 4 \par\pard\ql \li1079\ri1974\sb118\sl-262\slmult0\fi0 \up0 \
expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22 As competition among ABCP is
suers to grow outstandings has intensified, program administra-\line \up0 \expnd
tw-5\charscalex100 tors have gone down market to purchase a broader spectrum of
(riskier) assets from a broader \line \up0 \expndtw-6\charscalex100 base of (spe
culative-grade) sellers. In the earliest partially supported ABCP programs, the
\line \up0 \expndtw-5\charscalex100 liquidity facilities did not have to absorb
certain risks associated with the performance of the \line \up0 \expndtw-6\chars
calex100 underlying receivables because the sellers were typically strong, inves
tment-grade-rated \line \up0 \expndtw-5\charscalex100 companies. For example, AB
CP investors were protected from the risk that receivables might \line \up0 \exp
ndtw-5\charscalex100 suffer dilution\ul0\nosupersub\cf5\f6\fs16 5\ul0\nosupersub
\cf3\f4\fs22 by having recourse to these investment-grade-rated sellers rather
than by the \line \up0 \expndtw-6\charscalex100 liquidity facilities in most of
the early ABCP programs. Today although protection still exists via \line \up0 \
expndtw-6\charscalex100 seller recourse, virtually all partially supported ABCP
programs use their liquidity facilities to \line \up0 \expndtw-6\charscalex100 a
bsorb dilution risk because relying solely on recourse to the sellers would not
produce a \par\pard\ql \li1080\sb0\sl-184\slmult0 \par\pard\ql\li1080\sb0\sl-184
\slmult0 \par\pard\ql\li1080\sb0\sl-184\slmult0 \par\pard\ql\li1080\sb91\sl-184\
slmult0\tx1296 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf5\f6\fs16 3 \tab

\up0 \expndtw-3\charscalex100 For a more extensive discussion of riskier assets
being financed through ABCP programs see Aggregate Portfolio Exposure Levels: Ho
w Do You \par\pard\ql \li1296\sb1\sl-154\slmult0 \up0 \expndtw-3\charscalex100 H
andle ABCP?, Moody\u8217?s Asset-Backed Commercial Paper Market Review (Third Qu
arter 1996). \par\pard\li1080\sb1\sl-164\slmult0\fi0\tx1296 \up0 \expndtw-2\char
scalex100 4\tab \up0 \expndtw-3\charscalex100 Moody\u8217?s expresses no view on
how structured liquidity arrangements should be treated for risk-based capital
purposes.\par\pard\li1080\sb1\sl-159\slmult0\fi0\tx1296 \up0 \expndtw-2\charscal
ex100 5\tab \up0 \expndtw-3\charscalex100 For an in-depth discussion of dilution
see Trade Receivables Update: Concentrating on Dilution -Focus on Capital Goods
and Consumer Product\par\pard\li1080\sb1\sl-160\slmult0\fi216 \up0 \expndtw-3\c
harscalex100 Receivables, Moody\u8217?s Asset-Backed Commercial Paper Market Rev
iew (Fourth Quarter 1996).\par\pard\li1080\sb229\sl-253\slmult0\fi0\tx11244 \up0
\expndtw0\charscalex102 \ul0\nosupersub\cf6\f7\fs20 Understanding Structured Li
quidity Facilities in ABCP Programs\tab \up0 \expndtw0\charscalex133 \ul0\nosupe
rsub\cf9\f10\fs20 \u8226?\ul0\nosupersub\cf8\f9\fs24 3
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8}}
}}
5,149);(191,149);(182,143);(179,134);(176,54);(176,15);(177,6);(183,0);(137,0);(
129,21);(120,42);(98,90);(62,0);(9,0);(20,18);(20,24);(20,41);(18,86);(17,116);(
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}}
,110);(86,98);(90,63);(86,39);(78,23);(60,12);(60,0);(107,14);(126,56);(122,84);
(107,105);(63,122);(44,120);(23,111);(6,90);(0,54);(8,27);(24,11);(60,0);(60,0)}
}
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}}
4);(77,170);(85,153);(85,99);(80,84);(70,77);(56,78);(43,90);(37,108);(35,125);(
43,155);(59,173);(77,170);(85,174);(67,185);(40,188);(13,173);(1,134);(8,101);(2
8,78);(56,68);(86,68);(86,57);(85,41);(83,24);(82,15);(74,0);(74,0)}}
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0);(98,38);(99,18);(89,0);(135,0);(129,6);(122,20);(107,47);(101,68);(89,102);(7
7,135);(72,150);(66,164);(54,179);(38,192);(14,195);(3,191);(2,182);(14,173);(32
,176);(48,170);(65,134);(65,117);(59,104);(51,87);(36,59);(21,30);(15,18);(0,0);
(0,0)}}
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}}
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);(83,4);(65,1);(50,0);(17,6);(2,21);(2,39);(11,54);(23,63);(29,67);(41,75);(53,
87);(56,97);(40,106);(40,106)}}
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}}
0,9);(0,9)}}
824;1;45824;1;45824;1;45824;32768}}
}}
,110);(85,98);(90,63);(85,39);(78,23);(58,12);(58,0);(106,14);(126,56);(121,84);
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}
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824;32768}}
g4}{\bkmkend Pg4}\par\pard\qj \li2160\sb0\sl-270\slmult0 \par\pard\qj\li2160\ri7
2 Prime-1\ul0\nosupersub\cf3\f4\fs22 rating. The liquidity banks are stepping i
n to protect investors and in turn are protected \up0 \expndtw-5\charscalex100 t
hemselves by recourse to the sellers. This is a credit decision made by banks al
l the time when \up0 \expndtw-6\charscalex100 they extend unsecured credit to th
ese same borrowers. \par\pard\qj \li2160\ri995\sb119\sl-260\slmult0 \up0 \expndt
w-6\charscalex100 Driven by these forces, structured liquidity has evolved as a
means to maintain \ul0\nosupersub\cf7\f8\fs22 Prime-1\ul0\nosupersub\cf3\f4\fs22
ratings \up0 \expndtw-7\charscalex100 without having to increase program credi
t enhancement. \par\pard\qj \li2160\sb0\sl-260\slmult0 \par\pard\qj\li2160\ri153
0\sb100\sl-260\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf4\f5\fs24
STRUCTURED LIQUIDITY DEVICES ARE THE ULTIMATE CASE OF RISK \up0 \expndtw0\charsc
alex100 SHIFTING \par\pard\ql \li2160\sb1\sl-235\slmult0 \up0 \expndtw-6\charsca
lex100 \ul0\nosupersub\cf3\f4\fs22 The use of structured liquidity by an ABCP pr
ogram is, in effect, merely an extreme case of \par\pard\ql \li2160\sb31\sl-253\
slmult0 \up0 \expndtw-6\charscalex100 shifting risk from the program\u8217?s cre
dit enhancement facility (if there is one) to its liquidity facility. \par\pard\
ql \li2160\ri1106\sb118\sl-264\slmult0 \up0 \expndtw-5\charscalex100 Some ABCP p
rograms use structured liquidity on a program-wide basis. All the ABCP issued \l
ine \up0 \expndtw-6\charscalex100 by such a program is effectively fully support
ed by the structured liquidity. Other ABCP \line \up0 \expndtw-5\charscalex100 p
rograms selectively use structured liquidity on a pool-specific basis. Unless su
ch a program \line \up0 \expndtw-5\charscalex100 uses structured liquidity for e
very pool of assets that it finances, investors should view the \line \up0 \expn
dtw-4\charscalex100 program as a partially supported program which happens to fi
nance a number of fully \line \up0 \expndtw-5\charscalex100 supported pools. \pa
r\pard\qj \li2160\ri1006\sb120\sl-260\slmult0 \up0 \expndtw-5\charscalex100 Stru

ctured liquidity appears in a variety of forms. Each of the most common forms us
es one of \up0 \expndtw-6\charscalex100 the following mechanisms: (i) the cover
page method, (ii) the calendar method, (iii) the bucket \up0 \expndtw-7\charscal
ex100 method, and (iv) the formula or add back method. \par\pard\ql \li2160\ri74
Cover Page Method\ul0\nosupersub\cf3\f4\fs22 : The cover page technique is very
simple. It amounts to taking a simple, \line \up0 \expndtw-5\charscalex100 ordi
nary, 100% support agreement that funds against outstanding ABCP and calling it
a \line \up0 \expndtw-6\charscalex100 \u8220?liquidity agreement.\u8221? Several
Japanese bank-sponsored ABCP programs use this device. The \line \up0 \expndtw5\charscalex100 cover page method is most often used to make a whole program ful
ly supported. However, \line \up0 \expndtw-5\charscalex100 several examples of p
artially supported programs that sometimes uses the cover page tech-\line \up0 \
expndtw-4\charscalex100 nique to fully support a specific pool are the Banner AB
CP program sponsored by Bank of \line \up0 \expndtw-5\charscalex100 Tokyo-Mitsub
ishi, the Sheffield program sponsored by Barclays Bank, and Barton sponsored by
\line \up0 \expndtw-6\charscalex100 Societe Generale. \par\pard\ql \li2160\ri880
\sb117\sl-264\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf7\f8\fs22
Calendar (or Look-Back) Method\ul0\nosupersub\cf3\f4\fs22 : The calendar techniq
ue is based on using variables from \line \up0 \expndtw-5\charscalex100 old serv
icing reports in an otherwise normal liquidity funding formula so that the liqui
dity facility \line \up0 \expndtw-6\charscalex100 always delivers 100% of the fu
nds needed to retire maturing ABCP. In other words, the liquidity \line \up0 \ex
pndtw-5\charscalex100 funding formula funds against eligible receivables at the
point in time when the ABCP was \line \up0 \expndtw-5\charscalex100 issued -- wh
ich means by definition there were sufficient nondefaulted receivables to suppor
t \line \up0 \expndtw-6\charscalex100 that issuance. \par\pard\ql \li2160\ri1241
\sb112\sl-270\slmult0 \up0 \expndtw-5\charscalex100 NationsBank uses the calenda
r device to make its Enterprise and Kitty Hawk programs fully \up0 \expndtw-5\ch
arscalex100 supported. Atlantic, which is sponsored by Credit Lyonnais, uses thi
s technique on a deal-\line \up0 \expndtw-6\charscalex100 specific basis. \par\p
ard\ql \li2160\sb125\sl-253\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersu
b\cf7\f8\fs22 Bucket Method\ul0\nosupersub\cf3\f4\fs22 : The bucket method works
by setting the maximum tenor of ABCP to be \par\pard\ql \li2160\ri750\sb0\sl-26
2\slmult0 \up0 \expndtw-4\charscalex100 shorter than the amount of time that can
pass between the breach of a delinquency trigger and \line \up0 \expndtw-5\char
scalex100 the exclusion of the delinquent receivables from the liquidity funding
base. A bucket technique is \up0 \expndtw-5\charscalex100 relatively complex co
mpared to the cover page method and the calendar method. The \line \up0 \expndtw
-5\charscalex100 successful use of the bucket method depends on properly alignin
g the interaction of (i) the \line \up0 \expndtw-7\charscalex100 ABCP tenor limi
tation, (ii) the definitions of delinquent receivable and defaulted receivable,
(iii) a \line \up0 \expndtw-7\charscalex100 trigger based on the level of delinq
uent receivables, and (iv) the level of overcollateralization on \line \up0 \exp
ndtw-5\charscalex100 the related pool of receivables. The bucket method is gener
ally used on a pool-specific basis \line \up0 \expndtw-6\charscalex100 rather th
an on a program-wide basis. \par\pard\li720\sb0\sl-276\slmult0\par\pard\li720\sb
ult0\par\pard\li720\sb0\sl-276\slmult0\par\pard\li720\sb41\sl-276\slmult0\fi0\tx
5292 \up0 \expndtw0\charscalex137 \ul0\nosupersub\cf8\f9\fs24 4\ul0\nosupersub\c
f9\f10\fs20 \u8226?\tab \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf6\f7\fs20
Understanding Structured Liquidity Facilities in ABCP Programs
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}}
0);(97,38);(99,18);(88,0);(135,0);(129,6);(121,20);(106,45);(100,68);(88,102);(7
6,135);(72,150);(66,162);(54,179);(37,192);(13,195);(4,191);(1,182);(13,173);(31
,176);(48,170);(64,134);(64,117);(58,104);(51,87);(36,59);(21,30);(15,18);(0,0);
(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
}}
(72,114);(86,102);(90,87);(75,57);(56,42);(44,36);(36,21);(50,12);(71,16);(83,28
);(83,3);(65,1);(50,0);(17,6);(2,21);(2,39);(11,54);(23,63);(29,66);(41,75);(53,
87);(56,97);(39,106);(39,106)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
{\sp{\sn pVerticies}{\sv 8;9;(2,10);(24,0);(30,1);(32,16);(18,31);(0,39);(5,24);
(2,10);(2,10)}}
824;1;45824;1;45824;1;45824;32768}}
}}
,110);(86,98);(90,63);(86,38);(78,21);(60,12);(60,0);(107,14);(126,56);(122,84);
(107,104);(63,120);(44,119);(23,110);(6,90);(0,54);(8,27);(24,11);(60,0);(60,0)}
}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
g5}{\bkmkend Pg5}\par\pard\ql \li1080\sb0\sl-230\slmult0 \par\pard\ql\li1080\sb1
99\sl-230\slmult0 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf6\f7\fs20 An Ex
ample \par\pard\ql \li1080\ri1949\sb4\sl-262\slmult0 \up0 \expndtw-5\charscalex1
00 \ul0\nosupersub\cf3\f4\fs22 It is helpful to illustrate the workings of a buc
ket method with an example: Consider an ABCP \line \up0 \expndtw-5\charscalex100
program that finances the receivables of Company X. According to the receivable
s purchase \line \up0 \expndtw-5\charscalex100 agreement between the program and
Company X, the term \u8220?delinquent receivable\u8221? is defined to \up0 \exp
ndtw-6\charscalex100 mean any receivable which is more than 30 days past due. Si
milarly, the agreement defines the \up0 \expndtw-6\charscalex100 term \u8220?def
aulted receivable\u8221? to mean any receivable that is more than 90 days past d
ue. The core \up0 \expndtw-5\charscalex100 provisions of the receivables purchas
e agreement specify that the program will provide \line \up0 \expndtw-5\charscal
ex100 Company X with $100 million of financing provided that Company X maintains
a non-delinquent \up0 \expndtw-7\charscalex100 receivables balance of at least
$110 million. The extra $10 million provides a cushion against the \up0 \expndtw
-7\charscalex100 risk that some receivables become losses. \par\pard\ql \li1080\
sb126\sl-253\slmult0\tx8977 \up0 \expndtw-7\charscalex100 To raise the $100 mill
ion for Company X, the program sells ABCP. To cover that ABC \tab \up0 \expndtw8\charscalex100 , the \par\pard\ql \li1080\ri2069\sb18\sl-264\slmult0 \up0 \expn
dtw-5\charscalex100 program obtains a pool-specific liquidity facility from a ba
nk. Under the terms of the liquidity \line \up0 \expndtw-5\charscalex100 agreeme
nt, the program will restrict to 45 days the tenor of the ABCP sold to finance t
he \line \up0 \expndtw-6\charscalex100 Company X receivables. In addition, if th
e level of delinquent receivables ever rises above 5%, \up0 \expndtw-5\charscale
x100 the program will cease selling ABCP to finance the Company X receivables an
d the provider of \up0 \expndtw-6\charscalex100 the liquidity facility will purc
hase non-defaulted receivables from the program, at par, as the \line \up0 \expn
dtw-7\charscalex100 outstanding ABCP matures. \par\pard\ql \li1080\ri1932\sb118\
sl-262\slmult0 \up0 \expndtw-5\charscalex100 Now, suppose more than 5% of the pu
rchased receivables become delinquent receivables. The \line \up0 \expndtw-5\cha
rscalex100 ABCP program will stop purchasing receivables from Company X. On the
next ABCP maturity \line \up0 \expndtw-6\charscalex100 date, the program adminis
trator draws on the liquidity facility to repay the maturing ABCP. The \line \up
0 \expndtw-5\charscalex100 ABCP maturity date must occur within 45 days of the d
ate upon which Company X first \line \up0 \expndtw-5\charscalex100 reported that
more than 5% of the receivables were delinquent. During that 45-day period, no
\line \up0 \expndtw-5\charscalex100 more than 5% of all the purchased receivable
s can have \u8220?aged\u8221? from the delinquent category \line \up0 \expndtw-7
\charscalex100 into the defaulted category. Accordingly, the $10 million (i.e.,
10%) reserve is more than sufficient \line \up0 \expndtw-6\charscalex100 to full
y cover the amount of any receivables that become defaulted. Therefore, the liqu
idity facility \line \up0 \expndtw-6\charscalex100 will always provide 100% of t
he funds needed to retire maturing ABCP. The program\u8217?s credit \line \up0 \
expndtw-6\charscalex100 enhancement facility will never be needed to absorb loss
es on Company X receivables. \par\pard\ql \li1080\ri2049\sb115\sl-266\slmult0 \u
p0 \expndtw-5\charscalex100 The bucket technique never actually appears exactly
as described in the example because the \up0 \expndtw-6\charscalex100 definition
of \u8220?defaulted receivables\u8221? is never so simple. In practice, the def
inition generally \line \up0 \expndtw-6\charscalex100 includes obligor bankruptc
ies, which can arise at any time. When that is the case, separate \up0 \expndtw-
6\charscalex100 credit enhancement is needed to cover obligor bankruptcies. \par

\pard\ql \li1080\ri2016\sb118\sl-262\slmult0 \up0 \expndtw-4\charscalex100 Some
ABCP programs achieve a reduced extent of risk shifting through the use of a com
bina-\line \up0 \expndtw-6\charscalex100 tion of ABCP tenor limitations and trig
ger events to partially shift risk. This practice is extremely \line \up0 \expnd
tw-5\charscalex100 common and some programs rely on it very heavily. State Stree
t Bank pioneered the bucket \line \up0 \expndtw-5\charscalex100 concept in its C
lipper program. Clipper originally used the bucket technique for each and every
\line \up0 \expndtw-5\charscalex100 pool of receivables financed through the pro
gram. More recently, State Street has dropped the \line \up0 \expndtw-5\charscal
ex100 use of a pool-specific bucket devices for new pools financed through Clipp
er. However, Clipper \line \up0 \expndtw-5\charscalex100 continues to use tenor
limitations and triggers to shift substantial amounts of risk to its liquidity \
line \up0 \expndtw-5\charscalex100 facilities. Other programs that use triggers
and tenor limits to shift risk include PAR Capital, \par\pard\qj \li1080\ri2201\
sb0\sl-280\slmult0 \up0 \expndtw-5\charscalex100 sponsored by Bank of Montreal;
and Alpine, sponsored by Credit Suisse; and Eagle Funding, \up0 \expndtw-6\chars
calex100 sponsored by Bank of Boston. \par\pard\ql \li1080\ri1932\sb101\sl-260\s
lmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf7\f8\fs22 Formula (or Add
Back) Method:\ul0\nosupersub\cf3\f4\fs22 The formula method operates in the li
quidity funding formula. \up0 \expndtw-5\charscalex100 It simply subtracts \u822
0?defaulted receivables\u8221? from \u8220?purchased receivables\u8221? and then
adds back the \up0 \expndtw-6\charscalex100 amount of defaulted receivables und
er a different name. They are conceptually very simple, but \up0 \expndtw-5\char
scalex100 formula devices can become very complicated in practice, which increas
es the likelihood that \up0 \expndtw-6\charscalex100 the liquidity agreement may
be misinterpreted. \par\pard\qj \li1080\ri2445\sb104\sl-280\slmult0 \up0 \expnd
tw-5\charscalex100 ABN AMRO\u8217?s Windmill program uses the formula mechanic f
or many of the pools financed \up0 \expndtw-6\charscalex100 through the program,
as does Market Street sponsored by PNC Bank. \par\pard\li1080\sb0\sl-253\slmult
0\par\pard\li1080\sb0\sl-253\slmult0\par\pard\li1080\sb0\sl-253\slmult0\par\pard
\li1080\sb92\sl-253\slmult0\fi0\tx11244 \up0 \expndtw0\charscalex102 \ul0\nosupe
rsub\cf6\f7\fs20 Understanding Structured Liquidity Facilities in ABCP Programs\
tab \up0 \expndtw0\charscalex133 \ul0\nosupersub\cf9\f10\fs20 \u8226?\ul0\nosupe
rsub\cf8\f9\fs24 5
{\shp {\*\shpinst\shpleft1090\shptop14767\shpright11530\shpbottom14767\shpfhdr0\
shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz162\shplid0{\sp{\sn shapeType
}{\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn l
ineWidth}{\sv 11288}}
}}
8}}
}}
5,149);(191,149);(182,143);(179,134);(176,54);(176,15);(177,6);(183,0);(137,0);(
129,21);(120,42);(98,90);(62,0);(9,0);(20,18);(20,24);(20,41);(18,86);(17,116);(
15,129);(9,138);(0,149);(51,149);(41,140);(35,123);(36,87);(38,39);(84,149);(92,
149);(96,137);(108,110);(122,75);(135,45);(140,33);(141,33);(141,33)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
,110);(86,98);(90,63);(86,39);(78,23);(60,12);(60,0);(107,14);(126,56);(122,84);
(107,105);(63,122);(44,120);(23,111);(6,90);(0,54);(8,27);(24,11);(60,0);(60,0)}
}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
}}
4);(77,170);(85,153);(85,99);(80,84);(70,77);(56,78);(43,90);(37,108);(35,125);(
43,155);(59,173);(77,170);(85,174);(67,185);(40,188);(13,173);(1,134);(8,101);(2
8,78);(56,68);(86,68);(86,57);(85,41);(83,24);(82,15);(74,0);(74,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
0);(98,38);(99,18);(89,0);(135,0);(129,6);(122,20);(107,47);(101,68);(89,102);(7
7,135);(72,150);(66,164);(54,179);(38,192);(14,195);(3,191);(2,182);(14,173);(32
,176);(48,170);(65,134);(65,117);(59,104);(51,87);(36,59);(21,30);(15,18);(0,0);
(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}

}}
(73,114);(86,102);(91,87);(76,57);(56,42);(44,36);(35,21);(50,12);(71,18);(83,28
);(83,4);(65,1);(50,0);(17,6);(2,21);(2,39);(11,54);(23,63);(29,67);(41,75);(53,
87);(56,97);(40,106);(40,106)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
0,9);(0,9)}}
824;1;45824;1;45824;1;45824;32768}}
}}
,110);(85,98);(90,63);(85,39);(78,23);(58,12);(58,0);(106,14);(126,56);(121,84);
(106,105);(63,122);(43,120);(22,111);(6,90);(0,54);(7,27);(22,11);(58,0);(58,0)}
}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
g6}{\bkmkend Pg6}\par\pard\ql \li2160\sb0\sl-276\slmult0 \par\pard\ql\li2160\sb1
55\sl-276\slmult0 \up0 \expndtw0\charscalex101 \ul0\nosupersub\cf4\f5\fs24 THE B
OTTOM LINE ON STRUCTURED LIQUIDITY \par\pard\qj \li2160\ri1606\sb0\sl-260\slmult
0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf3\f4\fs22 Structured liquidity
has implications for how investors should think about different ABCP \up0 \expn
dtw-6\charscalex100 programs. \par\pard\ql \li2160\sb124\sl-253\slmult0 \up0 \ex
pndtw-5\charscalex100 Use of structured liquidity arrangements by program admini
strators shifts the emphasis of \par\pard\ql \li2160\sb7\sl-253\slmult0 \up0 \ex
pndtw-5\charscalex100 Moody\u8217?s analysis away from the assets underlying an
ABCP program. This is because struc-\par\pard\ql \li2160\ri844\sb0\sl-266\slmult

0 \up0 \expndtw-5\charscalex100 tured liquidity devices make the performance of
the assets irrelevant in determining the amount \up0 \expndtw-5\charscalex100 of
funds required to be supplied by banks under a program\u8217?s liquidity facili
ty. A program that \up0 \expndtw-5\charscalex100 uses structured liquidity can f
inance weak assets and still attain a \ul0\nosupersub\cf7\f8\fs22 Prime-1\ul0\no
supersub\cf3\f4\fs22 rating because its \up0 \expndtw-5\charscalex100 structure
d liquidity methods, rather than the assets, will be the basis of the rating. \p
ar\pard\ql \li2159\ri807\sb114\sl-263\slmult0\fi0 \up0 \expndtw-5\charscalex100
The administrator of a program that uses structured liquidity mechanisms must de
monstrate \line \up0 \expndtw-5\charscalex100 that it understands how the liquid
ity facilities for its ABCP program work. This becomes even \line \up0 \expndtw5\charscalex100 more important if liquidity is syndicated to third party liquidi
ty providers.\ul0\nosupersub\cf5\f6\fs16 6\ul0\nosupersub\cf3\f4\fs22 Because a
n ABCP \line \up0 \expndtw-5\charscalex100 program achieves its \ul0\nosupersub\
cf7\f8\fs22 Prime-1\ul0\nosupersub\cf3\f4\fs22 rating primarily based on the sh
ort-term ratings of the banks \line \up0 \expndtw-6\charscalex100 providing the
liquidity, the underlying rationale is that each financial institution will have
the same \line \up0 \expndtw-5\charscalex100 likelihood of paying its obligatio
n under the committed liquidity facility as it would paying its own \line \up0 \
expndtw-6\charscalex100 \ul0\nosupersub\cf7\f8\fs22 Prime-1\ul0\nosupersub\cf3\f
4\fs22 -rated paper. \par\pard\ql \li2159\ri768\sb117\sl-263\slmult0 \up0 \expnd
tw-5\charscalex100 In the final analysis, both the rating of a program that uses
structured liquidity arrangements and \line \up0 \expndtw-5\charscalex100 the r
ating of a program that does not will be very closely tied to the ratings of the
providers of \line \up0 \expndtw-5\charscalex100 the liquidity facilities for t
he respective programs. This fact is true because more and more \line \up0 \expn
dtw-5\charscalex100 frequently ABCP programs are tending not to finance assets t
hat produce cash flow quickly \line \up0 \expndtw-6\charscalex100 enough to pay
off maturing ABCP. Therefore, if new ABCP cannot be sold, an ABCP program \line
\up0 \expndtw-6\charscalex100 would need its liquidity facilities to retire matu
ring ABCP. But, if the provider of an ABCP \line \up0 \expndtw-6\charscalex100 p
rogram\u8217?s liquidity facility defaults, causing a default on outstanding ABC
P, the differences \line \up0 \expndtw-4\charscalex100 between a program that us
es structured liquidity and one that does not may be significant. \line \up0 \ex
pndtw-5\charscalex100 Investors\u8217? prospects for ultimate recovery of their
investment may be much better in a program \line \up0 \expndtw-4\charscalex100 t
hat does not use structured liquidity than in one that does. In a program that d
oes \ul0\nosupersub\cf7\f8\fs22 not\ul0\nosupersub\cf3\f4\fs22 use \line \up0 \
expndtw-6\charscalex100 structured liquidity, Moody\u8217?s rating will have bee
n based, at least in part, on the credit quality of \line \up0 \expndtw-5\charsc
alex100 the assets financed through the program. Investors may obtain an ultimat
e recovery from those \line \up0 \expndtw-5\charscalex100 assets. In a program t
hat uses structured liquidity, Moody\u8217?s \ul0\nosupersub\cf7\f8\fs22 Prime-1
\ul0\nosupersub\cf3\f4\fs22 rating may not be based on \line \up0 \expndtw-5\ch
arscalex100 the underlying assets, which may be of low quality. Investors should
understand what types of \line \up0 \expndtw-6\charscalex100 structured liquidi
ty facilities are being used, if any, for any given program. If structured liqui
dity is \line \up0 \expndtw-5\charscalex100 used, investors may want to go furth
er in their analysis of the specific transactions being \line \up0 \expndtw-6\ch
arscalex100 financed. \par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-1
84\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\p
ar\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li72
0\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184
\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par
\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\
sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\s
lmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\p
ard\li720\sb0\sl-184\slmult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb
ult0\par\pard\li720\sb0\sl-184\slmult0\par\pard\li720\sb35\sl-184\slmult0\fi0\tx
935 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf5\f6\fs16 6\tab \up0 \expndt
w-3\charscalex100 In only a few cases to date has structured liquidity been synd
icated by the program sponsor.\par\pard\li720\sb0\sl-310\slmult0\par\pard\li720\
sb74\sl-310\slmult0\fi0\tx5292 \dn4 \expndtw0\charscalex137 \ul0\nosupersub\cf8\
f9\fs24 6\ul0\nosupersub\cf9\f10\fs20 \u8226?\tab \up3 \expndtw0\charscalex102 \
ul0\nosupersub\cf6\f7\fs20 Understanding Structured Liquidity Facilities in ABCP
Programs
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}}
8}}
}}
5,149);(190,149);(181,141);(178,132);(175,53);(175,15);(183,0);(136,0);(129,20);
(120,42);(97,90);(61,0);(9,0);(19,18);(19,24);(19,39);(18,86);(16,116);(15,128);
(9,138);(0,149);(51,149);(40,140);(34,123);(36,87);(37,39);(84,149);(91,149);(96
,137);(108,108);(121,75);(135,45);(139,32);(141,32);(141,32)}}
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824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
,110);(85,98);(90,63);(85,38);(78,21);(60,12);(60,0);(106,14);(126,56);(121,84);
(106,104);(63,120);(43,119);(22,110);(6,90);(0,54);(7,27);(24,11);(60,0);(60,0)}
}
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824;32768}}
}}
4);(76,170);(82,153);(82,98);(78,84);(67,77);(54,78);(40,90);(34,107);(33,125);(
40,155);(57,173);(76,170);(82,174);(64,185);(37,186);(12,173);(0,132);(7,99);(27
,78);(54,68);(84,68);(84,57);(82,41);(81,24);(79,15);(73,0);(73,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
0);(97,38);(99,18);(88,0);(135,0);(129,6);(121,20);(106,45);(100,68);(88,102);(7
6,135);(72,150);(66,162);(54,179);(37,192);(13,195);(4,191);(1,182);(13,173);(31
,176);(48,170);(64,134);(64,117);(58,104);(51,87);(36,59);(21,30);(15,18);(0,0);
(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
}}
(72,114);(86,102);(90,87);(75,57);(56,42);(44,36);(36,21);(50,12);(71,16);(83,28
);(83,3);(65,1);(50,0);(17,6);(2,21);(2,39);(11,54);(23,63);(29,66);(41,75);(53,
87);(56,97);(39,106);(39,106)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;32768}}
}}
{\sp{\sn pVerticies}{\sv 8;9;(2,10);(24,0);(30,1);(32,16);(18,31);(0,39);(5,24);
(2,10);(2,10)}}
824;1;45824;1;45824;1;45824;32768}}
}}
,110);(86,98);(90,63);(86,38);(78,21);(60,12);(60,0);(107,14);(126,56);(122,84);
(107,104);(63,120);(44,119);(23,110);(6,90);(0,54);(8,27);(24,11);(60,0);(60,0)}
}
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45824;1;45
824;32768}}
}}\par\pard\sect\sectd\fs24}

Abcp 3

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Abcp 3

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{\rtf1{\fonttbl

0\charscalex96 (212) 553-7942\par\pard\ql \li1080\ri560\sb244\sl-255\slmult0 \up

s, \up0 \expndtw-3\charscalex100 without regard to severity. \par\pard\qj \li792

p{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\s

\sn geoRight}{\sv 91}}{\sp{\sn geoBottom}{\sv 122}}

080\ri1950\sb98\sl-266\slmult0 \up0 \expndtw-6\charscalex100 The subtraction in

slmult0\tx1296 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf5\f6\fs16 3 \tab

p{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\s

r\pard\qj \li2160\ri1006\sb120\sl-260\slmult0 \up0 \expndtw-5\charscalex100 Stru

p{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\s

6\charscalex100 credit enhancement is needed to cover obligor bankruptcies. \par

{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 0}}{\s

ABCP program. This is because struc-\par\pard\ql \li2160\ri844\sb0\sl-266\slmult

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